But are small businesses ready for it? New report says UK cash shortages are threatening traders
Whether we like it or not, cashless payments are the future. And for small business owners in parts of the UK it’s time to adapt, or get left behind.
Running out of cash
Closures of more than 680 UK bank branches last year and the loss of the cash machines that went with them have left some towns and villages low on cash.
Today, the Federation of Small Businesses published findings from a study they conducted to show how heavily the 5 million small businesses they represent are being hit by the loss of banks and in-service ATMs. Independent shops, small firms and traders are said to be some of the most frequent visitors to bank branch counters. In some cases, business owners would make daily trips to their local bank. It’s how they pay their taxes and their staff.
Moving into a new era
These businesses now face the very real threat of being caught up creek without a paddle if they don’t get on board with cashless payments.
Sometimes it only takes a few lost customers to bring businesses like these to their knees. What happens if one of your regular customers doesn’t have any cash on them one day, and you don’t accept card? If they pop into your competitor’s shop, garage or salon where card payments are accepted, they might never come back. Customers are fickle. They’ll take their money wherever the service is good and the price is right.
So ask yourself: Can you afford to not accept card?
It’s time to get serious about card
Burying your head in the sand really isn’t an option anymore. By accepting card payment you’ll be future proofing your business as well as retaining and attracting customers.
For information on XLN card processing solutions, go to our website: www.xln.co.uk/pay