Businesses Will NOT Stop Accepting Cash!

Three weeks a year handling cash?!

Wow! What a horrifying headline!

Luckily, the reality is a little less daunting.

According to the research, those running small businesses spend about a half hour a day cash handling, including actually counting takings.

They then spend around one hour a week taking their on average £1738 to the bank.

Hardly surprising, considering how few truly local bank branches there are now.

To be honest, the time use identified in this article is NOT daunting. Many people run cash accepting business and never find it a problem.

Today, there are many inexpensive ways of handling cash, including counting it, efficiently. What’s more interesting is the reason businesses won’t give up accepting cash.

According to the research, 7 in 10 of businesses still view cash as king. SME owners estimate that 29% of the payments they receive are in cash, and 58% say their business would struggle if they only accepted cards.

29% of the payments they receive are in cash?

That really deserves a BIG WOW!

Thats a bit different to the 8% reported by bank trade association UK Finance.

Anyway, it’s refreshing to see that smart business people won’t stop accepting cash - because their customers WANT to use it.

Businesses striving to keep their customers satisfied!

Hallelujah!

Should banks such as Lloyds Banking Group try that sometime?

Hope springs eternal…

It will be interesting to read what Richard Lloyd thinks about that when he reports to HM Treasury on “Access to Banking Services”, UK-style….

Source: walesonline.co.uk/news/uk-news/admin-small-business-time-tendendo-34616560.amp