Is cash a dying commodity? If you look in your wallet, how much cash do you actually now carry around on your person? Contactless card payments and payments through our mobile phones are slowly, but surely, seeing the decline of physical cash and it’s important for businesses to not be stuck in the past.
Alternative payment options for business
New research shows just how important it is for pubs, bars, restaurants and any hospitality business to have alternative payment options to cash. It can be tempting for business owners to avoid changing something that has served its purpose for so long but those who fail to run with the times are in danger of losing custom.
Customer payment expectations for pubs, bars and more
The public now expects everywhere to the small off-license on the street corner to have the latest payment technologies. Even if you are a quaint village pub, can you really afford for customers to not be able to come in because you are cash only? Or have a high minimum card payment charge?
It’s unlikely that a potential customer is going to go find a cash point only to return to your establishment. They will simply take their business elsewhere. Fewer people are carrying physical money around, so don’t miss out on their custom.
Research by Ubamarket shows that so many as 20 per cent of the public will consciously avoid venues that only accept cash – a large figure to turn your back on.
What’s the most frequent payment of choice for customers?
The research also found that one in five adults prefer to buy in-app, with this figure rising to 34 per cent for 18-34 year olds.
For SMEs that have all possible payment methods in place, cash no longer features as a percentage of total sales according to research by YouGov. And 17 per cent of those surveyed predict that cash will represent less than ten per cent of their sales in the next six months.
Buy business furniture online
It’s not just the payment that will put people off coming to your establishment. The décor is just as important. To give your pub, bar or restaurant the revamp that it deserves, browse our tables and seating