According to a recent survey conducted by Judo, 70% of people prefer to pay for everyday items with their credit or debit card. In light of this, the research revealed that 120 million transactions are lost every year in the UK through people leaving the shop as they cannot pay by card. Furthermore, an estimated 92.8 million opportunities to sell are lost through people avoiding the shops that do not have card terminals. One in five (21%) consumers reported to have left a store in the past six months without purchasing any items because the store didn’t accept cards.
Geographically, businesses in London are most likely to suffer from not offering card payment terminals with 50% of consumers stating to have left a shop during the past six months. On average, Londoners claim to skip shops without card terminals more than seven times per year.
In terms of demographics, 59% of 18 – 24 year olds have walked out of a shop in the past six months due to not be able to pay by card.
A spokesperson from SmartDebit commented, “There are many products and services on the market that cater for smaller business’s card payment needs. The UK is moving towards becoming a cashless society and retailers simply cannot afford to ignore this transition.
We have seen substantial growth in the number of small businesses approaching us to set up a facility to collect regular transactions from their customers, because they recognise the popularity of this cashless payment method.”
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