A recent survey carried out by the British Independent Retailers Association (Bira), whose members include gift indies, has revealed that cash remains a crucial payment method that is keeping tills ringing for independent shops and small businesses.
The survey, which was completed by over 650 independent retailers nationwide, highlighted that the vast majority of independent stores continue to accept coins and banknotes, despite the rise of cards and digital payments, with cash still accounting for over 20% of sales revenue for 65% of merchants polled.
When setting prices, 37% factor in the need to avoid copper coins, showing retailers still cater to cash-preferring customers. However, securing change is an issue, with 87% needing to acquire coins/notes from bank branches.
“While new payment technologies are growing, this survey highlights that the majority of independents still rely on cash to serve their customers,” states Bira’s ceo Andrew Goodacre. “As bank branches and ATMs close, safeguarding access to cash is vitally important. We need the financial industry to commit to making access to cash readily available, and not to rely on retailers offering cash back as the alternative.”
Andrew adds that it’s important that cash accessibility and payment choice is protected for everyone. “Not every customer is ready or able to pay by card – retailers serve entire communities, not just those embracing digital,” he added.
The survey showed that 38% of retailers said they would only stop accepting cash if there was a closing down of a bank branch or Post Office in their area. This signals most do not plan to go cashless in the near future, despite the challenges accepting cash presents.
The Bira survey was carried out in August 2023, and was unveiled at the UK Finance’s Cash Policy Committee meeting on Tuesday, September 26.
Top: A recent Bira survey has revealed that the majority of independent retailers continue to accept cash.
