Many small shops and businesses in the UK are unable to take card payments, and new research shows over 120 million transactions per year are abandoned by customers for this reason.
A new report from Judo revealed that these small businesses miss out on a further 92.8 million sales opportunities because customers avoid shops which don’t accept payment by card.
The study found that 70% of consumers prefer to pay for their everyday purchases with a card. One in five (21%) consumers said they had left a store in the past six months because they would not accept cards, and 19% had avoided a store altogether for this reason.
It seems that Londoners and young shoppers are more reluctant to pay for their purchases in cash. Three out of five 18-24 year olds said they had walked out of a shop in the past six months because they couldn’t pay by card, and half of consumers in the capital had done so. On average, lack of a card payment system causes each Londoner to walk out of shops 8.6 times a year.
Dennis Jones, CEO of Judo, said: “Card payment equipment has not kept pace with technology and it’s become too expensive and technically complicated for many to use, which is why there are so many small retailers who still don’t take cards.”
Does your small business accept card payments? Why/why not? Leave us a comment to let us know your thoughts.