With cash usage declining rapidly in the UK, Merchant Machine has revealed five reasons why SME’s should be considering making the change to card readers. They have also explained why cash payments are soon to be a thing of the past.

Cash payments allow for a margin of error

Although you may think that card payments take more time – waiting for the payment to go through – cash payment can be equally as slow, if not more so, due to the reliance on human judgement. The reliance on yourself and staff also brings a margin of error with mistakes sometimes being made when it comes to giving change and ensuring the correct amount has been paid, both of which are eradicated when relying on card machines.

Cash is unhygienic

A recent study by Merchant Machine, which you can see here shows that a regular £5 note could have been touched by an average of 51 people and could contain around 1,530 types of harmful bacteria. This bacteria includes coliforms, which are found in animal waste, listeria, which can be responsible for weakened immune systems and yeast, a type of bacteria that causes UTI’s.

Card and e-wallet transactions are safer for the customer

By carrying cards and using e-wallets it means that customers are safer from the risk of theft. Online banking means that cards can be paused and cancelled from your phone or laptop as soon as you realise you no longer have it in your possession. When it comes to cash, unfortunately the likelihood is, once it’s gone, it’s gone.

Large amounts of cash can cause security issues

Having large amounts of money in the business premises can cause security issues, especially if the building is left alone during lunch hours or overnight. If you tend to then move the cash to another premises before taking it to the bank, there can be further complications. By switching to card payments the worries of holding onto large amounts of cash are quickly alleviated.

Cash usage is declining – quickly

The amount of transactions that have been paid for by cash has reduced by 22% in the last ten years, Merchant Machine revealed. They predicted that following current trends, by 2026 just 0.5% of payments will be in cash.

Ian Wright, founder of the Merchant Machine explains: “SME’s should be embracing the change to card In order to be able to keep up with growing trends and demands.

“The COVID-19 pandemic has significantly sped up the reliance consumers now have on card and e-wallet payments.

“Whilst we have been trying to reduce our contact with other people we have also been considering items in our possession that other people could have touched – and cash is certainly one of them.”