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Cash is no longer King

Cash is no longer King

As retail shops make their preparations to reopen we take a look at the way the use of cash has changed.

In 2015 The Guardian wrote an article on the number of times a note will pass through before it gets to you. It suggested that a £20 note will be used 2328 times in its 10 year lifetime. In today’s current climate before the pandemic lockdown that would have meant that a single note would have been used around 40 times.

https://www.theguardian.com/news/datablog/2015/sep/04/how-often-uk-banknotes-change-hands?CMP=share_btn_link

However, that was during normal trading but the reason I mentioned it is that every time the note is used it is an opportunity to spread the virus, which is why many retailers now are card only.

Since March and more noticeable in the following months the amount of cash being used had slowed to a trickle because of retail lockdown. Cash requires you the customer to be physically present to make the transaction and in the retail world of virtual shopping cash is not a recognised currency.

Businesses that have traded throughout the crisis have noticed a significant increase in the number of card payments. Also, during crisis 1 in 10 transactions where the customers have offered cash have been refused.

Businesses that relied heavily on cash transactions will need to adapt and adopt new methods of payment. The barriers to taking card payments are far fewer than before and more secure, also you minimise the risk of introducing the virus into your business.

The contactless limit has been increased by 50% to £45 which does have a positive influence on average transaction values in some industries. Card payments are an easier way to maintain social distancing.

So if you’re a small business that currently doesn’t take cards or you do and would like to offer more opportunities for customers to pay, click the link to find out more.

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