Cash isn’t going to die any time soon. Still, a large group of consumers prefers cash. Let’s move forward to see what’s going on with cash and find an exceptional high risk merchant account in the UK for your business.
High Risk Merchant Account & Payments With Cash
Payment systems are vitally important for the UK economy. Consumers and businesses complete payment transactions each and every day whether to pay their bills, receive salaries, make purchases, etc.
Modern consumers are increasingly switching to new payment methods, which were beyond imagination some 10 years ago. In 2017, payment systems in the UK processed over 22 billion transactions, accounting for about £75 trillion.
PayPal CEO Dan Schulman says he doesn’t predict the death of cash over the upcoming 10-20 years. He thinks cash is going to remain in use for a long time.
Cash in circulation has increased at a 5% rate for the past 20+ years. The number of notes in circulation doubled to 40 billion during 1996 – 2016. That annual-growth rate has gone a bit higher in recent years. Now, it matches the growth of euro notes in circulation, representing roughly a 6% increase, as the European Central Bank reports.
With all that being said, it’s critical for merchants to keep their finger on the pulse and follow the latest trends in the payments industry so to be able to fight the growing competition with ease. For this, you just need to turn to a respectable payments expert in the UK that can help you discover the best payment-processing services for your financial needs.
If you’re a hard-to-approve merchant, with a reputable merchant-services comparison company in the UK, you can find the most secure and cheapest high risk merchant account without challenges.
Making Payments With and Without Cash
Cash still accounts for the overwhelming amount of consumer transactions all over the world. However, no one can deny that its popularity has fallen in recent years with the emergence of cashless-payment methods.
Contactless payments completed via debit cards were once mostly preferred by youngsters. Today, elderly people also prefer to use the technology, and pensioners accounted for some of the biggest rises in 2018.
The use of cash has been decreasing drastically in recent years. Specifically, in 2017, debit-card use surpassed the number of payments completed through cash in the UK for the 1st time. However, cash is still alive and plays a special role among consumers.
It’s important to note that a recent “Access to Cash Review” report in the UK warns that the cash infrastructure could collapse in the country if the current situation is left in ignorance. The truth is that no one knows what’s happening with Brexit.
To sum up, though cash is no longer as popular as it used to be years ago, it’s still a go-for-option within a core group of consumers. Work with a true payments specialist in the UK to find the right payment-processing services so to keep your business thriving and growing.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry, as well as a high risk merchant account, has helped thousands of business owners save money and time.