Cash Only Businesses in the UK Lose Out on Total of £7.5 Billion


According to Barclays Bank in the UK, only 42% of SMEs across the nation are offering card payments to their customers. This means that 58% of small to medium enterprises in the UK are missing out on potential sales.


The press release published on the Barclays Bank website, goes on to explain that these businesses are potentially losing hundreds of pounds each week by not offering card payment to their customers and as a grand total across the large 58% of businesses, it amounts to around £7.5 billion.


But What about the Cost of Card Payments?


Most retailers will accept card payments in store these days – or so that is what we are led to believe. For many years, major cities across the world have been accepting chip and pin payments, and we now have some retailers moving onto the contactless payment method. But with small local businesses, whether it’s a small restaurant or an independent boutique, there are still many who accept cash-only. With the alarming statistics from Barclays, it’s now clear how much business is being lost without this offering.


With so many customers choosing to pay by credit or debit card, it’s important for business owners to offer this option no matter how big or small their business. Customer satisfaction is extremely important if you want return business, and a convenient customer experience from start to end is essential for this. But the cost of accepting card payments isn’t exactly cheap.


In the past, the costs associated with credit and debit card payments have been a financial strain, especially for smaller businesses. So where can business owners find a cost-effective solution to get card payments implemented seamlessly into their day to day business transactions?


Are Card Machine Rentals the Answer?


There are many vendors offering card machines. You will find a whole range of machines to suit your business needs, including desk machines, portable machines and mobile machines. Some suppliers can also offering tailored solutions so if you have niche requirements, you won’t struggle to find a card machine that works in your premises.


But for many small businesses or start-ups, card machines are an expensive investment. Before you take the leap, you can test the water with a card machine rental. Machine rental is ideal for businesses who don’t want to interrupt a healthy cashflow with large payments, or businesses who don’t need a permanent payment solution. Companies such as Card Cutters can offer a risk-free solution for card payments by providing small businesses with a short term rental.


If you’re interested in card machine rental for your business, make sure you check out this guide for small businesses on Business News Daily.