PaymentSense endorses findings that cash-only businesses lose out on 120 million transactions a year

People walk out of shops empty-handed in their millions every year, despite intending to make a purchase, simply because the retailer doesn’t take card payments.
And this adds up to hundreds of millions of pounds-worth of business going elsewhere, according to a survey compiled by Judo, which offers the UK’s first pay-as-you-go mobile card payment service.
Its research also found that mostly small and independent retailers miss out on more than 90 million further opportunities to make sales because shoppers pass them by when they know they don’t accept card payments.
“With retailers facing such a tough time in the current economic climate, many small shop-owners need to ask themselves whether they can really afford to miss out on the chance to serve customers who simply want to pay for the goods they buy using the simplest, most convenient and secure means available to them,” said a PaymentSense spokesperson.
The research also found that plastic has replaced cash as the main method of payment of all kinds, with no fewer than 70 per cent of people preferring to pay by card for even their most routine of purchases.
It also concluded that, by taking debit and credit cards, a business was almost certain to entice customers into spending more with them. More than six out of 10 said they would spend more with a business which took cards, while no one questioned said it would lead them to making fewer visits to that shop or spending less.
“This shows that retailers who adopt the latest card payment systems will find themselves in a ’win-win’ situation.
“Not only do they stand to increase their cashflow, they will enhance the security of their money-handling procedures, and be able to keep better records of exactly what their customers buy, so be better equipped to meet their needs – a massive consideration in the modern, fiercely competitive retail environment,” added the spokesperson.
PaymentSense is the UK’s largest merchant services provider and focuses on offering small and medium businesses fast, reliable and affordable methods accepting credit and debit card payments.
 
ENDS
 
About PaymentSense:
 
PaymentSense was founded by serial entrepreneurs George Karibian and Jan Farrarons. As the UK’s largest Merchant Service Provider, Paymentsense enables 30,000 SMEs to process over £2 billion of card payments per year. From card terminals to e-commerce services, PaymentSense supplies small businesses with a range of card processing solutions that allow them to take card payments in store, online and on the move.

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