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.

The Accountancy Partnership

We are a national firm of accountants that specialise in small and medium sized businesses. We have been trading since 2006 and have more than 1,000 clients across many different industries and areas of the UK.

Our staff has a wealth of experience and qualifications from the major accountancy and tax associations such as ACCA, AAT, ICPA, IFA, FTA.

Our clients receive many benefits including:

• Unlimited help and advice throughout the year — We offer our clients unlimited ongoing support for their business. We often find that new clients have lots of questions about running a business and about how the tax system works. We have heard every possible question many times before and therefore can offer new clients the very best advice.
• Free representation in the event of a HMRC investigation — If one of our clients is selected for a HMRC investigation then we will offer representation at no additional cost. We fight our client’s corner and ensure that our clients do not pay a penny more than necessary on the conclusion of the investigation.
• Dedicated Accountant — Our clients have their own dedicated accountant in which they can contact anytime. We feel this is important because it means our accountants can get to know their clients and build good relationships. All our accountants work from our main office and we never outsource work.
• Recommendations — With every piece of work we carry out for clients we look for recommendations that can be made. These recommendations can be anything from structuring the business in the most tax efficient way to recommending an insurance quote to reduce costs for clients.
• Free business guides — When a new client joins us we send them a free business guide. These guides outline in simple terms how the tax system works along with key dates and deadlines. Most clients find the guides to be extremely useful.
• Financial advice — We have a very reputable financial advisor who helps our clients to structure their finances in a way that best suits their needs. We always look out for circumstances where we think clients can benefit from financial advice and add it to their recommendations.

Please click here for a quotation for your business. Please also feel free to contact us if you have any questions or would like further information; 0800 0430 007, info@theaccountancy.co.uk.

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Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.