Survey: Cash Payments Cost UK Retailers Billions Each Year

About The Authors

6th May 2014 14:57 - Retail

UK retailers are spending approximately £17.8 billion a year on processing cash payments. As a result, these businesses are looking to cut costs by embracing a wider range of payment options, moving Britain towards a ‘cashless’ future.

The Payments Landscape Benchmark, compiled by Sage Pay, surveyed 1,124 business leaders. It found that the average cost of handling cash has reach £3,638.75 per retailer, as businesses shoulder security costs, and lose money on counterfeit notes and theft. Some fifty-two per cent of respondents said that cash carried the most accounting inaccuracies of all the payment methods.

Furthermore, cash has lost is standing  among customers, with a third (36%) of the 1,042 consumers polled saying that they are more likely to shop with retailers that offer a range of payment methods. It was also noted that a further third (31%) would put back items if their preferred method of payment is not accepted.

Simon Black, the chief executive of Sage Pay, said:

“We’re living through a payments revolution...  Just as many find cheques alien now, for the next generation, the notion of cash will seem strange.”

Sign up for free insights from your sector…

Antispam code: 8265

Support Us..

We hope that you have found this article useful. This section is freely available for all to use. Please help support it by liking us or following us on our social media platforms:

Share this article..

For updated Retail insights please follow us on @DJS_Retail or use our RSS feed

Other Retail Research Findings

Other Latest Market Research Insights

© DJS Research 2017