Cash-Only UK Businesses Lose Customers, Reputation

By PYMNTS | June 27, 2013

A new report from WorldPay indicates that one-in-five UK consumers will abandon a purchase at small businesses because they do not accept bankcard payments. The study revealed that four million small shops in the country were in jeopardy of losing up to 20 percent of revenue each year if they neglected card acceptance.

The research also reported that 87 percent of shoppers paying with a debit or credit card were likely to spend more on each transaction. Moreover, small businesses are at high risk of downgrading their customer loyalty and brand reputation.