Cashless Trend Continues To Rise

Digital payments continue to grow, as the cashless payment revolution takes ahold of industries across the UK.

 

Research from UK Finance has shown that more than 2 billion online or mobile payments were made in the UK in 2018; this is up from 1.6bn in 2017. According to the Telegraph in 2017, up to three million SMEs in the UK didn’t accept card payments. However, with the development of new technologies, this figure is estimated to have fallen. With 8.5 million of us paying for goods or services using online or mobile devices by the end of last year – such as the ability to pay using contactless technology using many smartphones.

This fall in cash payments is evidenced further when figures show that the number of cash payments made in 2018 fell to 28%, which is a decrease from 60% in 2008.

In order to make this change in consumer behaviour work for your business, we suggest that businesses adopt technology that allows for prompt invoices to be submitted and receive swift payments from customers.

 

If you would like to discuss this or any other topics relating to your business then please do get in contact with us.

Coronavirus/COVID-19 Update

We are still here to help you

We have activated our plan for our team to work remotely as much as possible. The office is still open and there will always be someone on reception in normal working hours but for obvious reasons, the telephone and email are the best way to contact us as we follow the UK Government guidance to reduce contact.

If you have any direct questions about your business and the effects of the virus please get in touch with your usual contact or directly to me david@kirkhills.co.uk or adrian@kirkhills.co.uk