Are you suffering a bank note shortage?

No primary category set

It may not be a problem that online SMEs suffer but according to plenty of rural and suburban businesses, they need more finest folding. They are suffering a shortage of cash money that’s vital for forming their float.

The new sexy polymer fiver isn’t enough to alleviate what is a shortage of cash machines and outlets across the country. And that means fewer ways of getting cash in less metropolitan areas.

680 UK bank branches were closed in 2015 and that comes on top of 512 closures in 2014. At the end of 2015, apparently, the total number of branches open for business stood at 8,340. And that’s less than half of the 17,831 recorded in 1989, according to the Campaign for Community Banking Services group.

Contactless has meant that card payments are more convenient for consumers and businesses and, also, cheaper for merchants. But it is still not surprising to find businesses who doesn’t take cards. I experienced it myself in a Sussex pub a few weeks ago as we arrived for a roast. The nearest cash machine was 4 miles away, the girl behind the bar informed us.

Obviously we went elsewhere to eat. But, really, why isn’t a place like a pub taking cards in 2016? My companion noted: “Because they’re on the fiddle.” I’m not sure that’s true because there are stacks of option and the pub did offer wi-fi. I think it’s managerial obstinace.

Or maybe we should have had enough cash? They definitely didn’t take PayPal.

4 Responses

  1. There’s a chinese near me that that doesn’t take card, doesnt have a website and isn’t on Just Eat. Crazy

  2. On the fiddle my **** …….. it’s quite possible that the cost of processing card payments and having a machine has deterred the pub from pouring more money into someone else’s coffers.
    Not everyone uses cards for everything, and if more people knew the cost to the business, perhaps more people would try to pay by cash.
    I was behind someone the other day who used a card to pay for a bottle of milk – the shop wouldn’t make any profit out of that I doubt, but the rest of us will be paying for it of course as the total card bill will just be thought of as yet another one of the overheads.
    Many businesses in rural areas won’t be getting a good deal on card machines if their turnover isn’t very high, so will probably hope their regular customers are tolerant and understanding of the situation.
    Many retail shops in the small town nearest me don’t take cards, and customers know this, although there are several cash machines to choose from if anyone runs out.
    I would rather carry cash than run the risk of being defrauded in some way when paying by card, but the world has changed since I left school and cheques were commonplace !

RELATED POSTS..

Combatting Growing Pains within Small Retailers

Combatting Growing Pains within Small Retailers

PayPal USD Stablecoin launched pegged to US$

PayPal USD Stablecoin launched pegged to US$

German Customers switch on to PayPal

German Customers switch on to PayPal

OnBuy direct payment, WorldFirst and Payoneer launched

OnBuy direct payment, WorldFirst and Payoneer launched

OnBuy 2023 Road Map OnBuy Payments OnBuy first profitable month and strategic investment

OnBuy 2023 Road Map shared with sellers

ChannelX Guide...

Featured in this article from the ChannelX Guide – companies that can help you grow and manage your business.

Latest

Take a look through a selection of the latest articles on ChannelX

Register for Newsletter

Receive 5 newsletters per week

Gain access to all research

Be notified of upcoming events and webinars