Philip McHugh, Chief Executive Officer at Barclaycard Business Solutions, explains how a cash only approach can mean a £7.5 billion loss in sales per year.
SME’s lose £7.5 billion in sales per year
We’ve conducted some research across quite a large cohort of merchants, small and medium size in emerging businesses across the UK, with a great representation of all industries.
What we found. We asked them a lot of questions about how they sell, what were their attitudes to cards or other types of payments and how does it impact their business. Some of the research was really surprising.
First of all, as high as six out of ten merchants are actually still on cash only approaches. They don’t accept credit cards or debit cards, but then when we explored further with them many of them readily admitted they had actually lost a sale because they didn’t offer that option to a potential customer.
When you take a step back you actually see that about £7.5 billion in sales are lost a year for small merchants in the UK.
That’s a big amount of money.
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