With the growth of digital payments and a sharp decline in cash useage in the UK nearly 14% in last 12 months, the future of cash on the UK high street seems uncertain. Yet, 77% of small UK retailers still accept cash, with 55% actively encouraging cash payments & around 51% still committted to offering cash as a payment option. These SME businesses see cash payments as an essential option for their customers in their local communities and its further decline as harmfull to wider local high street economies, with less cash equalling lower footfall on their streets.
However, with the closure of many local banks and post offices, these small retailers are finding it increasingly challenging to provide cash as a payment choice with fewer cash deposit options available close to their businesses. This means less deposits and retaining cash on their premises for longer with the inherent risks, or travelling further afield with associated personal risk of carrying large sums around. The cost of depositing the cash has also gone up with most small businesses paying between £50-£200 a month in charges for these services. Another issue is accessing the cash itself for floats and, in particular, coins which are required daily by shops, pubs, pharmacies and takeaways to operate,
Here at Epoint we have been in the cash handling industry for over two decades, supporting businesses with their payment choices. Could a compact automated cash payment system in-store hold the answer to ensuring cash as an option for SME’s & their customers? With the latest systems, cash and coins can not only be accepted alongside digital payments, but stored securely and recycled as change. In addition, they can offer customers access to cash by functioning as a mini in-store ATM. These new machines are compact, robust and easy to use, working with in-house POS systems or as stand alone solutions.
The retailer no longer needs to make as many deposits with the associated cost, time, risks and travel involved and, at same time, they can offer a vital cash payment option their customers need, with the added benefit of an in-store cash withdrawal service, helping to keep cash circulating in their local economies. For further information on the full benefits of using an in-store, automated cash payment system click here
