Boosting the bottom line: How digital payments are empowering UK small businesses like Bon Tot

In today's fast-paced business environment, secure and convenient digital payments are fundamental to businesses’ bottom line, providing them with better customer experiences, improved cash flow and protection from fraud. Since Visa was founded 60 years ago, we have played an active role in transforming payment processes and have been witness to the positive impact digital payments is having on lives and livelihoods.
As part of our longstanding commitment to supporting small businesses, we are working tirelessly to ensure UK businesses are plugged in and ready for the next generation of payments so that they can continue to benefit from advancements. With 57% of businesses saying that customers spend more when they use cards, the power of digital payments is clear to see.

An easy way to pay and be paid
Digital payments offer a convenient and flexible way for consumers to pay and for small businesses to be paid. With solutions like contactless payments and tokens, Visa’s innovations mean that businesses can focus on the things they’re good at – their products and services.
Bon Tot, a children’s clothing retailer, founded in 2014 and located in the heart of Edinburgh, has experienced the transformative power of digital payments firsthand. Making the strategic shift from a bricks-and-mortar store to a thriving fully online business, Bon Tot has been able to reduce overhead costs and continue serving customers effectively, even amidst challenging economic conditions.
Kristina Currie, co-founder of Bon Tot, emphasised how digital payments played a critical role in the survival and success of their business: "The flexibility of digital payment solutions has been really critical for the survival and success of our business. By being able to adapt our business model and embracing multiple digital payment methods, we have been able to thrive in a turbulent environment."

Security
What’s more, with incidents of fraud occurring on less than 0.1% of Visa’s transactions, digital payments offer peace of mind to both consumers and small businesses, knowing that their money is safe even if things go wrong. At Bon Tot, they believe that Visa's unwavering commitment to security has played a pivotal role in creating a secure shopping environment, where their customers can make purchases with high levels of confidence.
Cara Leo, Director & Co-Founder of Bon Tot, emphasizes the significance of Visa's name and reputation, stating: "We trust that fraudulent activity can and will be stopped. The Visa name and reputation gives our customers and us confidence. Since working with Visa, we’ve seen a noticeable decline in fraudulent payments which six years ago was very prevalent in the retail industry.”

Agility to adapt
Card payments have been the cornerstone of Bon Tot's growth strategy, driving increased sales and revenue, providing a solid foundation for business expansion and success. Delving into their data, Bon Tot shared how digital payments fuelled the growth of their online sales, increasing from 60% to an impressive 80% of their total revenue in recent years.
Bon Tot is not alone in this success. Recent research conducted for Visa demonstrates the positive impact of card payments on small and medium-sized businesses (SMBs) with almost half (45%) of the SMBs reporting an increase in their turnover after beginning to accept card payments¹.

New opportunities
Small businesses owners like Cara and Kristina never stand still; to reap the rewards of running a business, adapting to changing customer behaviours and preferences has been key to their ability to thrive. The pace of technological change, and the way this is impacting our social and commercial interactions, provides challenges for small businesses but even bigger opportunities, and Visa will be supporting them every step of the way. Visa Instalments and Click to Pay are just two recent innovations introduced to help businesses seize this moment of change, whilst initiatives like recently expanded Practical Business Skills platform are giving small business owners the confidence to make informed decisions and grow their businesses.
The transformative power of digital payments continues to revolutionise the business landscape, providing businesses like Bon Tot with a competitive edge and empowering them to meet customer needs effectively. Visa's secure, reliable, and innovative payment solutions have played a vital role in driving growth and success for businesses across the globe, and by embracing digital payments, businesses unlock enhanced convenience, security, and the agility to adapt to a changing economic landscape.