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Should hospitality venues still be accepting cash payments?
Since lockdown, many hospitality venues and shops have shifted towards card payments. Does this herald the death of cash? Should you still be accepting cash payments? Director of G4S Cash Solutions, John Apthorpe, shares why he thinks cash will stick around.
1 A huge number of British people rely on cash still. About eight million people – 17% of the population – either don’t have bank accounts or use cash as their primary payment method. That’s around one customer in every five.
2 Those who use cash are often the more vulnerable, such as the elderly. It’s important to make sure they have access to the same services as everyone else. It is especially important to still accept cash if your business relies on elderly customers. You can’t afford to lose out on their custom while times are tricky.
3 There has never been more cash in circulation in the UK than now. On average, over £1 billion per week was withdrawn from ATMs during lockdown.
4 The Bank of England says banknotes are like any surface that people come into contact with. While they can carry bacteria or viruses, the “risk posed by handling a banknote is no greater than touching any other common surface, such as handrails, doorknobs or credit cards”.