Cash only stores losing out on sales

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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.

Readers' comments (2)

  • When the processing charges come down more of my colleagues will take cards. When 50% of the PROFIT is taken for taking a card do you blame small shops for not taking cards? This card payment has been encouraged by the supermarkets as they do not want cash as this cost to clear and bank, where as a small shop will pay by cash for purchases."The Big Bussiness again pushing the small man out".

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  • Sorry Richard.... just take card payments , plenty of competitve deals around.... and you can always put a surcharge on payments to cover the transaction fees... we do 25p if under £20 sale..... 99% of our customers do not have a problem with this.

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