UK small businesses lose £9.4bn a year in cash payments
Posted on in Business News , Cycles News , Creative News, Outdoor News
24% of business owners claim to have been the victim of theft by a staff member, while 34% have lost cash due to human error.
Cash payments are costing the UK's small and medium-sized businesses £9.4bn a year, according to research that polled businesses and consumers from payment software provider Sage.
24% of businesses surveyed said members of staff were guilty of stealing cash, while 34% admitted they had lost cash as a result of human error. 56% claimed they spent up to an hour or more every week counting and transporting cash to the bank.
34% of respondents believed that the next 20 years could see a decline in the use of cash, with contactless growing to become the most popular form of payment by 2020.
Of consumers surveyed, 90% said that it's important for businesses to offer a variety of payment methods, with 58% saying they are more likely to shop at retailers with multiple payment options. The survey found that older generations are keener to move away from cash with 59% of over 50s claiming they either don't or have little dealings in cash.
Seamus Smith, CEO of Sage Pay, commented: "Our research proves that cash is bad for business. It's costly and inconvenient, and appetite is growing for more innovative and flexible payment methods.
"Payments should be seamless, frictionless - and more often than not, cashless. Innovation in the sector has never been greater but small & medium businesses must keep pace with change. They are the lifeblood of the UK economy, and their success is critical to our national growth."
Looking for a card payment provider?
Over 500 outlets are using ActSmart's exclusive package with Global Payments,
generating over 1 million card transactions annually, worth over £150m.
Every new terminal issued comes equipped to accept contactless and mobile payments.
Our market knowledge combined with significant negotiating power and
long-term relationship with Global Payments enables us to ensure we
continue to give our subscribers the best possible rates available.
If you are currently an ActSmart subscriber contact us or click here to find out more about switching to Global Payments or getting a rate review.
If you aren't currently a subscriber, click here to see the full range of services you could benefit from by joining, in addition to benefiting from preferential card processing rates.
Call Global Payments on 0800 731 8921 or request a call back using the button below.
Request a call back