tomato pay research: Many Brits turned off by cash only businesses
Cash only small businesses risk losing customers by not offering alternative payment options, according to research from tomato pay.
The venture, which has developed a QR code based payments and invoice app, surveyed 2,007 Brits and 500 500 senior decision makers in soletrader, SME businesses.
35% of the former said they now decide where they shop based on whether or not the business accepts non-cash payments and one in five people would be put off from using a small business if they could only pay in cash.
Six in ten have used less notes and coins during the pandemic due to hygiene concerns. Whilst 53% of cash only businesses admit they’ve lost customers through not offering alternative payment options.
42%, however, find it difficult to justify the costs of offering contactless card payments while 50% have concerns about security.
tomato pay’s founder and CEO Nicholas Heller says: “Community has never been as important as it is today and watching the business and sole trader community struggle throughout the pandemic has spurred many of us to support our local communities and businesses, but people still want to be able to pay how they choose.”
“Many small businesses can’t justify the costs of offering card payments, but there is clear support for QR code based payments which are far cheaper for small businesses to implement, with four in ten people saying they’d find it easier to pay a small business using a QR code.”
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