A new report has shown that shoppers continue to favour card payments and avoid stores where cards are not accepted.
In recent years, the high streets of the UK have come under increasing pressure from web-based operations, all of which have the added advantage of being more accessible than their more traditional rivals.
And the report from Judo has offered a further clue as to why consumers are migrating online to do their shopping, with research suggesting that more than 120 million transactions are lost each year in the UK through people leaving shops because they can’t pay by card.
What’s more, an additional 92.8 million opportunities to sell are lost through people avoiding shops because they don’t accept card payments.
Some 21 per cent of consumers said that they had left a store in the past six months without making a purchase simply because the store didn’t accept card payments, while 19 per cent avoided a store altogether because they couldn’t use their card.
“Card payment equipment has not kept pace with technology and it’s become too expensive and technically complicated for many to use, which is why there are so many small retailers who still don’t take cards,” commented Dennis Jones, Chief Executive of Judo.
Some 70 per cent of consumers prefer to pay with a card than cash for everyday purchases, according to the report, which also found that 61 per cent of UK consumers would spend more with a business if it took cards.
This comes shortly after a study commissioned by TalkTalk Business found that the UK’s small and medium-sized business community is increasingly keen to embrace new and affordable technology as a means of driving growth.
Indeed, the study revealed that nearly 80 per cent of companies feel that technology plays an essential part in their plans for success.