Cash only stores losing out on sales
Nearly a third (30%) of UK shoppers claim to have been “inconvenienced” by retailers who do not accept cards in the past year.
According to the YouGov survey of more than 2000 people, conducted for small business payments specialists CardSave, 16% of shoppers have walked out of a store in the past year without making a purchase because the retailer didn’t accept cards. In addition, 22% have been forced to leave to seek out a cash point, while 7% have bought less than they intended, due to retailers’ only accepting cash.
The survey, also claims that the days where shoppers carried large amounts of cash on their person are over. More than 60% of people carry no more than £20 on them at any one time, while 48% carry £15 or less, and 35% carry up to £10. However, 93% of shoppers carry a credit or debit card it says.
Clive Kahn, chief executive of CardSave, said retailers who still refused card payments were missing out. “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,” he added.