Independent food and drink retailers across the UK saw a 19% increase in turnover from card spending in the first quarter of 2012, compared to the same period in 2011, according to an analysis of card payments at nearly 2,500 independent food and drink retailers by CardSave.
Clive Kahn, CEO of CardSave, said: “As the British public increasingly prefers to pay by card, food and drink retailers that accept card payments are seeing the effects on their revenue. For these retailers card payments are becoming the norm, and we expect to see more adopting card payment solutions over the next year.”
This assertion is supported by recent YouGov data that revealed 62% of people tend to carry £20 or less in cash on them, while 93% carry at least one card. Additionally, the average card transaction at small merchants in Q1 2012 was £20.77, down 3% on 2011.
Kahn said: “In the recent past the option to pay by card was a luxury, but Britain is swiftly moving towards becoming a cashless society and there is now strong customer demand for card payment technologies. Our Small Business Payments Index indicates that business owners with card payment facilities can significantly increase their total business revenue.
“Nearly a quarter of shoppers will walk out of a store if they don’t accept card, and while some will return having withdrawn cash, others will swiftly take their business elsewhere. Small retailers, which are already struggling to maintain their position alongside high street chains need to take cards if they are to remain competitive.” Kahn concludes.