Shoppers losing patience with cash-only retailers, Paymentsense
Cash-only businesses have less than five months to switch to accepting cards before shopper expectations change, according to research from Paymentsense.
The company surveyed 1,002 Brits and found that 53% would leave a small business immediately if card payments were not available, with 30% would be less likely to return in future.
Patience levels vary regionally. Small businesses in Norwich benefit from the most forgiving population; with shoppers willing to wait an average of 6.5 months after their first visit to a business before expecting card payments to be introduced, closely followed by Cardiff (six months). The most impatient cities are Birmingham (3.5 months) and Manchester (3.6 months).
Guy Moreve, CMO at Paymentsense, comments: “Although it’s important to recognise there’s still a place for cash, it’s difficult to ignore the signals that we’re moving towards the complete digitalisation of money. Our latest report also reveals that consumers are already looking ahead towards improved payment systems in the UK, from fingerprint scanning and microchips to voice ID and biometrics.”
He adds: “This has serious implications for small business owners and startups during the critical first few months of trading. Giving consumers the shopping experience they expect is becoming increasingly important to influencing reputation and even trading longevity.”
