How outdated payment methods can cost your business in Europe

Designed by Freepik

As technology keeps evolving, payment methods in stores are also upgrading.The rise of smartphones, contactless cards, and mobile wallets has completely changed the way people pay for goods and services.

More and more customers now prefer quick, digital payment experiences.

However, some traditional shops still stick to outdated ways of collecting payments — either to “keep the old charm” or just to save on costs. It’s understandable but the reality is that holding on to outdated payment methods can actually harm the business in the long run.

In this article, we’ll explore a few outdated payment methods you might still be using, explain how they could be hurting your business, and show how Silkpay’s integrated payment solutions can help you boost your profits.

Outdated payment methods you might still use

You might not even realize it, but some of the payment methods you’re relying on could already be turning customers away. Here are some payment methods we still see in many stores today:

• Cash only

  Some shops still only take cash and don’t even have a POS machine at the counter.It’s understandable that merchants want to save costs, and investing in a POS machine can be a significant expense for small businesses.

  Silkpay offers flexible in-store payment solutions that are simple, efficient, and cost-effective. For merchants looking to save, all it takes is a printed QR code or the Silkpay app, requiring no hardware investment at all.

• Magstripe-only card readers

  Some POS machines can’t process chip cards or contactless payments — they only swipe.

  Silkpay’s POS terminal supports both chip insertion and contactless payments, unlike magstripe-only readers that limit payment options. Whether Mastercard, Visa, Alipay+, WeChat Pay, Apple Pay, Google Pay, or any other major e-wallet, Silkpay offers flexible options to meet your needs. Whether you choose to lease or buy, Silkpay helps you accept the widest range of payment methods at the lowest cost.

• Checks

  Believe it or not, some stores still accept checks, even though it’s slow and risky.

• No mobile payments

  No support for mobile wallets like Apple Pay or Google Pay, or QR code payments like Alipay and WeChat Pay.

These methods might have been okay years ago, but times have changed. With customers’ habits changing so quickly, they’re simply no longer acceptable.

How these methods can hurt your business

Using outdated payment methods doesn’t just limit how people can pay, it also impacts how they see your store and how they feel about shopping with you. In the end, this can hurt your reputation and reduce your earnings through several key impacts:

• Lost customers

  Nowadays, more and more people don’t carry cash anymore. If you can’t take cards or digital payments, they’ll feel frustrated and just go somewhere else.

• Hurts your image

  Customers today expect modern, professional service, which includes up-to-date payment options.  Old-fashioned payment options make your store feel “behind the times”, and make it harder to attract new customers and to keep your current customers loyal.

• Slower checkout

  Traditional methods take longer than modern contactless or mobile payments. which means long queues and increased waiting times at the checkout counter. Customers facing delays can become impatient, which negatively affects their overall shopping experience.

• Missed marketing opportunities

  Modern payment systems offer far more than just transaction processing. They allow you to gather valuable customer data, which enables you to implement loyalty programs, and create personalized promotions. Old methods can’t do that.

Prevent revenue loss with Silkpay’s modern payments

So, how can you avoid losing customers and revenue due to outdated payment methods?  The answer is simple: upgrade to a smarter, more modern payment solution.

Silkpay gives you an all-in-one, up-to-date payment system that helps you keep up with what your customers expect today.

Here’s what you get when you choose Silkpay:

• Our POS solution supports all major payment methods: 

  From Mastercard and Visa to Alipay+, WeChat Pay, Apple Pay, and Google Pay, you’ll be ready to accept payments from both local customers and international visitors.

• Faster checkout experience:

  With a wireless design, you can even bring the POS terminal right to the customer’s table. This cuts down waiting time at the counter, keeps customers happy, and helps you turn tables faster by actively offering to settle the bill.

• Safer money management:

  Digital receipts, real-time monitoring, fewer mistakes. No more hassle with manual billing or messy account reconciliation.

• Stronger brand image:

  Show customers your store is modern, professional, and convenient by using advanced payment solutions.

• Easy payments:

  Silkpay provides merchant QR codes that you can print out. Your customers can scan it and pay anytime, without any extra effort from your employees.

• More marketing opportunities:

  With built-in data analytics, you will understand where your customers are coming from and more, so you can create targeted promotions and grow your business faster.

Don’t let outdated payment methods hold your business back. Upgrade with Silkpay today and give your customers the experience they want.

Conclusion

Don’t let outdated payment methods slow your business down.

As customers demand faster and more flexible ways to pay, staying up to date is no longer optional. Silkpay offers a smart, all-in-one payment solution that meets your customers’ needs, helps you manage your payments better, and unlock new marketing opportunities.

Make the switch today with Silkpay and give your customers a surprising payment experience, grow your business, and keep your revenue where it belongs.

About the author: Silkpay

Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe and the Americas accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.

Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.

Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.