More than HALF of small firms prefer cash to card payments poll shows despite millions of Brits no longer carrying money
MORE than half of small firms prefer cash to card payments, research shows.
It comes as millions of us no longer carry any money.
A poll found 55 per cent of small to medium-sized businesses — with anything between ten and 250 staff — routinely reject contactless or chip-and-pin payments.
More than a third of bosses say they pay too much for their card reader services, with just under a fifth not wanting to be lumbered with the physical machine.
And 60 per cent would switch to a different card service if it were cheaper.
Stats show small and medium-sized enterprises, known as SMEs, each spend more than £30,000 a year on taking card payments.
This is due to the increasingly large percentage of processing fees — with some payment firms taking 1.5 to 3.5 per cent — and even as high as six per cent.
Another study found half of all adults have not used cash in the past month.
The poll was for payment app Lopay, which has fees of less than one per cent.
Founder Richard Carter said: “It is no surprise SMEs are baulking at the thought of processing fees.
“They deserve to receive as much of their money as is possible.”