Britain’s local currencies These local initiatives have proved that alternatives to pound sterling can support small business owners and help protect local high streets. __________________________________________________________________________________ Even the Baby Boomer generation (aged 53 to 69) could see the end of cash in sight, with half also having encountered difficulties paying by card or mobile. Among all three demographics, the most popular reason for embracing electronic payments was the added security it gave. Other factors for the move away from cash included the weight of notes and coins and general limitations. Commenting on the findings, Lucy Crossfield, lead researcher for Expert Market said consumers had made their feelings clear ? cash is already on the way out, and retailers failing to offer an alternative have started to forfeit sales. ?This survey clearly suggests that card payment options are essential for the modern market with the majority of people surveyed saying that cash only stores had prevented them from purchasing goods,? Crossfield said. ?This is a wake up call for cash only businesses to future proof their services.?
Cash-only retailers pay the priceFurther research has confirmed that cash-only retailers are not only about to lose sales of up to ?2bn this Christmas, but also risk losing loyal customers for good unless they invest in electronic payment methods immediately. Paymentsense?found that almost half would walk out of an independent caf?, restaurant or retailer if electronic payment methods were not available. More worryingly, one in four would never return to an outlet if it was cash only. Past?studies have shown that shoppers equate in-store technology with the type of convenience they find online, with hand-written receipts a further indicator of a business lagging behind expectations. Meanwhile, small business owners investing in payment technology have benefited from the?raised payment ceiling of ?30, and a majority of UK retailers have backed lifting the limit further to ?50. Deadline for spending old ?10 notes announced (and how to spot a fake)
Sign up to our newsletter to get the latest from Business Advice.