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Businesses not allowing card payments risking their future

People like paying with plastic, and those businesses that don't enable easy card payment methods risk destroying themselves, a new survey suggests.

According to a report by Worldpay, 60,000 of small and medium-sized businesses (SMB) in the UK are 'making life difficult' for those that dislike carrying cash around, and they're risking ruining their own businesses because of it.

A quarter (25 per cent) of consumers have started avoiding businesses that don't take cards, the report says, with a further 30 per cent saying they only use cash when it's 'absolutely necessary'.

Almost two thirds (60 per cent) of people aged 24 – 34 do not prefer to carry any cash around. Still, 10 per cent of businesses don't take card payments, and further 10 per cent impose a lower limit on non-cash payments.

“For today’s digitally driven shoppers, cash has become a relic. It’s easy to see why that’s the case, as innovations like contactless and mobile payments continue to raise the bar in terms of speed, simplicity and convenience,” says Dave Hobday UK Managing Director at Worldpay.

“For consumers, being able to pay by which ever method they choose is a minimum requirement of what it means to be a modern retailer.”

The problem extends beyond just credit cards, it was also said. Less than a quarter (20 per cent) of businesses offer the flexibility of paying online and in-store, as well.

“Consumers take for granted the ability to flit between in-store and online channels - and they expect retailers to provide the same flexibility, regardless of their size,” continued Hobday.

“Our national High Street to iStreet (opens in new tab)campaign is designed to help small and independent retailers embrace technology to enable them to offer the type of experience that modern consumers expect and has, until now, largely been the preserve of larger high-street stores.”

Image Credit: alice-photo / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.