With the advent of the card and its convenience, the rate of cash payments has gradually declined as paying by plastic has became the norm. Hard cash being out meant a great deal of small local businesses without the means to process cards were in danger of being left out in the cold, especially with the rise of contactless.
Indeed, a survey from Expert Market, the B2B marketplace, revealed that cash-only SMEs could be missing out on over £23,000 in profit annually by not accepting card payments. Fortunately, several startups aim to help SMEs bridge the gap between themselves and the cashless society. One of them is iZettle, the payments company.
Sensing change was afoot, the startup introduced its mobile point-of-sale devices to let small businesses – such as market stalls and food vans – accept card transactions via smartphones. Now building on its real-world retail support, the company has advanced its remit with iZettle E-Commerce to help small businesses entering the digital realm.
The e-commerce service presents a selection of tools for small businesses to leverage, including the ability to customise a brand-appropriate webshop that can be integrated with existing websites, blogs and social channels. Elsewhere, clients will be able to track inventory, which will be updated after each sale to keep them on track.
Although launched out of Sweden, iZettle quickly made the UK a key market to focus on, which seems to have paid off. As the fintech firm branches into e-commerce, it’s noted the nation dominated Europe with a total sales value from online at €77bn in 2017.
Commenting on the launch, Jacob de Geer, CEO at iZettle, said: “This is iZettle’s biggest product launch since 2011 and it is a huge moment for us. Today’s consumers expect businesses to be present both offline and online, and half of iZettle’s users currently don’t have an online shop and the other half struggle with different complex online systems. iZettle E-commerce solves these problems, helping small businesses find new customers and sell more – all from one place.”
The way iZettle has broadened itself demonstrates the rate of change the retail market is experiencing. Indeed, with the news that consumer spending has declined, retail businesses must do all they can to ensure they’re meeting the needs of shoppers across all channels.