Keeping up with technology and gaining more popularity for their service require taxi drivers to have a card payment system. Cash on hand is no longer necessary in the age of Uber and app payments, so expecting customers to have cash could result in a potential fare being lost. The good news is that taxi drivers can use several mobile card machines, and some companies even offer specialised taxicab bundles. Taxi drivers in the UK (or those planning to start one) must find a way to accept card payments if they want to stay in business.
Cash dependence is expected to decrease as more businesses adopt contactless technology by the end of 2023 with card payments expected to grow by 11.4%. To accept card payments, people use card machines or card machines are devices that facilitate card payments in businesses. According to the European Union, the UK saw the highest increase (10%) in contactless payments in 2021. In other words, if you don’t already accept contactless taxi card payments, you should if you want to keep up with the competition and accept card payments in your taxi, but how can you do that? The process is quite straightforward.
It is only necessary to answer three questions: how do you accept taxi card payments? Which machines should you use? What are the benefits?
The following are some of the key features and functions to look out for when choosing a mobile card machine for your taxi business:
- The types of cards and payment methods the mobile card machine you choose accepts
- How long mobile card machine takes to charge and how long does its battery life is
- How long your chosen card machine for business takes for payments to be processed
- Is it easy to set up and use
- What connectivity options card reader offers
- Receipt printing capability
When making business decisions, price is always a major factor. The device itself will cost you a one-time fee, and you will be charged a transaction fee each time you process a payment. Cash is the only form of payment accepted by taxis traditionally. To stay on trend and attract as many customers as possible, taxi firms need to accept card payments as technology progresses and society becomes less dependent on cash.
Have you been carrying large sums of cash around all the time? Do you have to visit the bank frequently to deposit fares? Are you having trouble turning away customers who only pay by credit card? These are just some of the problems you may be experiencing with your taxi business that can be solved by accepting card payments. As a convenient and secure payment method, accepting card payments is beneficial for a solo owner-operator setup. With your firm growing, accepting card payments becomes even more vital – just imagine how time-consuming and risky it would be to handle cash payments for a fleet of cabs.
In the following paragraphs, we will explore all the benefits of card machines for taxi businesses.
Benefits of using card machines for taxi drivers
It’s more hygienic and cleaner than cash
People – both customers and drivers – have become increasingly concerned about issues of health and hygiene in the past few years. Taxi drivers in the UK had some of the highest death rates from COVID-19 during the pandemic. Those frightening statistics explain why card payments have become so popular among drivers. Taking precautions is the safest and most reasonable thing you can do for yourself, your customers, and your family.
Consider what might happen if you received a note or coin from a passenger with an infectious disease. There is no doubt that cash is one of the most fertile breeding grounds for bacteria and viruses. This could put both your health and your earnings at risk. In the event of another possible pandemic outbreak, you might become infected and forced to restrict your work hours and self-isolate at home if you handle cash as a medium of payment. The mobile card machine, on the other hand, allows your passengers to simply pass their cards over the machine without any contact necessary. Paying can be done without passing money or an infection between you.
In this way the taxi service you provide is probably a lifeline for many vulnerable people; you never want to be responsible for their serious illness. Paying with a contactless card is safer than paying with cash during a time when everyone is focusing on their health.
Compared to carrying cash, it’s less risky
There are some hazards involved with being a taxi driver. Late at night and early in the morning, you are more vulnerable to drunk and abusive passengers, along with criminals looking to steal your earnings. You may be carrying around hundreds of pounds in cash in your taxi after a successful night behind the wheel. It is likely that you feel anxious when you leave your taxi at the end of a shift or drive through a dangerous area.
Customers and businesses both benefit from the cash, but it also leaves you vulnerable to theft and worse. In contrast, a card machine for business won’t completely protect you, but it will make you less of a target for thieves since there will be less cash to take.
Time and effort can both be saved by using it
Taxi drivers who work for themselves enjoy many benefits, including the freedom to choose where, when, and how long they want to work. It can be time-consuming to count out and deposit your fares at the bank, let alone make sure passengers have enough change.
Your daily life becomes much easier when you accept card payments because all the money goes straight into your business account. As well as simplifying the filing process of a self-assessment tax return, it will also simplify the process of using the system. Maintaining a bank statement that includes all your fares will allow you to track your income easily. So, you don’t have to worry about your self-assessment tax return deadline.
Provide more payment options
Accepting taxi card payments is a great first step, but consumers are also increasingly turning to digital wallets like Google Pay and Apple Pay. Depending on the modern mobile card machines, you may be able to accept these alternative payment methods in your taxi.
Additionally, modern mobile card machines allow you to customise customer relationships by offering discounts and accepting gift cards. Every type of business needs to be versatile when it comes to payment modes. There is no exception to this rule when it comes to taxi services.
