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Grants of up to £100,000 made available to boost Cornish High Streets

7 Nov 2023

Communities across Cornwall can now apply for grants of up to £100,000 to improve High Streets, the council has said.
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Warwickshire County Council launches campaign to promote Christmas shopping at independent businesses

6 Nov 2023

A Christmas campaign encouraging Warwickshire’s independent town businesses to shout about why shoppers should buy from them this year is making a comeback.
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The Times names prettiest towns for indie Christmas shopping

6 Nov 2023

With just over six weeks until Christmas, The Times has named what it says are the seven prettiest towns in the UK for Christmas shopping, making special mention of the presence of independent... Read more…

Cardmitment campaign launched to remind people of the power of sending greetings cards

23 Oct 2023

Cardmitment campaign launched to remind people of the power of sending greetings cards
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New guides welcome on how to make shops more accessible for the elderly

23 Oct 2023

The International Longevity Centre has released new guides to show the steps retailers need to take to make their shops more accessible for the elderly.
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Bristol sandwich shop named best in the UK

23 Oct 2023

Family-run Bristol sandwich shop Sandwich Sandwich has been named best in the UK at the UberEats awards.
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Convenience stores to trial UK’s first digital proof of age card

23 Oct 2023

Convenience stores are set to be part of a testing programme for the UK’s first digital proof of age card.
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Police deploying facial recognition technology to target shoplifters and other retail criminals

23 Oct 2023

“Game-changing” facial recognition technology is targeting prolific retail criminals, including shoplifters.
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Prime Minister's Funding Injection for Left-Behind Towns Welcomed by Bira

10 Oct 2023

British Independent Retail Association (Bira) acknowledges the Government's investment in towns across the UK.
 
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Indie retailers say policing minister’s citizen’s arrest solution to retail crime is ‘high risk’

9 Oct 2023

Policing minister Chris Philp has encouraged shop workers to make ‘citizen’s arrests’ on shoplifters, a message branded as ‘dangerous and irresponsible’  by... Read more…

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Cash still crucial for UK’s independent retailers

Posted on in Business News

A recent survey of retailers across the UK has shown that cash remains a crucial payment method for independent shops.

money cash

BIRA, The British Independent Retailers Association, which works with over 6,000 independent businesses of all sizes across the UK, ran the survey which demonstrates cash is far from obsolete.

The survey was carried out throughout August 2023 and included input from organisations including the Federation of Independent Retailers, Digital Entertainment & Retail Association, Association of Cycle Traders and other members of the Independent Retailers Confederation (IRC).

The survey, which was completed by over 650 independent retailers nationwide, found the vast majority continue accepting coins and banknotes, despite the rise of cards and digital payments. Cash still accounts 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 – branches that continue to close at an alarming rate.

Andrew Goodacre, CEO of Bira, said: “While new payment technologies are growing, this survey highlights that the majority of independents still rely on cash to serve their customers. 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.

“It’s important that cash accessibility and payment choice is protected for all.

Not every customer is ready or able to pay by card – retailers serve entire communities, not just those embracing digital,” he added.

The survey shows 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.

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