Over 50% of UK payments are now made by card.
Data from the British Retail Consortium shows that, for the first time ever, more than half of payments were by card rather than cash.
Missing out on sales
Despite this trend, a study conducted by Square shows that more than three million businesses across the UK still don’t take card payments.
One in four shoppers have walked out on a purchase.
Without the ability to take card payments, UK businesses could be missing out on 25% of their sales.
“I don’t shop in places where I can’t use my card.”
Anna Campbell runs a jewellery design school in the Stockbridge area of Edinburgh and relies on her debit card to make the vast majority of her purchases. She finds it relatively easy to live a cash-free lifestyle, paying for things like tram tickets with her card quickly and easily.
“It’s really super-powered my business and is definitely the future for small businesses who want to take payments wherever and whenever their customers want!”
Sam, Flower Girl London
UK SMEs spend 26 hours a year depositing cash at the bank according to Square research.
38% of consumers are ‘card-first’, meaning they default to card over cash.
“I hate having to carry cash around. It feels very 19th century.”
Like many card converts, John’s contactless shopping habits have brought an end to his visits to cash-only shops. A self-professed card-only shopper, John carries no cash at all on any typical day.
“It is cheaper and easier using Square than it is to deposit cash.”
Anna and James, The English Indian
Pricing
1.75%
Per chip and pin or contactless payment
- Same rate for all major cards
- No monthly or hidden fees
- Invoices and recurring payments
- Digital and printed receipts
- Transfers as soon as the next working day