A recent report revealed that retailers who only accept cash payments are losing valuable business. The report shows that the average amount of money which is carried by the majority of people is £20, although the average amount spent at small retailers using credit and debit cards amounts to £64. The survey was conducted using the data of card payments for more than 40,000 businesses.
The survey, carried out by YouGov on behalf of CardSave, shows how almost a third of shoppers have experienced difficulties making a purchase as a result of retailers only accepting cash payments. As a result of this, seven percent of shoppers have purchased less than they intended, while 22 percent have had to find a cash machine to withdraw the required amount of cash and 16 percent didn’t make a purchase and just left the shop.
Today’s consumer expects to be able to make a purchase using a credit or debit card, carrying minimal amounts of cash for convenience.
The chief executive of CardSave, Clive Kahn said:
“The days when consumers wanted to pay by cash are over. They increasingly expect to pay by card for everything-from small shops to tradespeople such as painters and window cleaners. Small businesses benefit significantly from accepting cards, winning more business, making larger sales and maintaining their competitiveness against major retailers.”
As more than half the public believe that carrying cash will become a thing of the past, future planning to accept card payments is crucial. A small business accountant will include the strategy in future plans.
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