0370 270 6000

already registered?

Please sign in with your existing account details.

need to register?

Register to access exclusive content, sign up to receive our updates and personalise your experience on brownejacobson.com.

Privacy statement - Terms and conditions

customers cash payments help retailers save

20 June 2012

British Retail Consortium Cost of Collections Survey 2011 has found that paying with cash is more common than it was a year ago. Cash was used in 5.7 per cent more transactions in 2011.

Why is this significant for retailers? Cash payments are on average 24 times cheaper for retailers than credit card payments.

The average cost to a retailer of having a credit or a charge card payment processed was 36.2 pence and 9.6 pence for a debit card. In stark contrast, the cost of having cash transported and banked was just 1.5 pence.

As technology advances surely the costs for processing card payments should be going down and not up?

This survey further reaffirms that the fees on domestic card transactions are unjustifiably high. It also reiterates the urgent need for The Office of Fair Trade to follow last month’s European Court ruling against MasterCard.

related opinions

Retailers and landlords, are your commercial leases future-proof?

The last two weeks have seen yet another flurry of announcements regarding big high street names including Thomas Cook, Argos, Karen Millen and Coast.

View blog

Compulsory drone registration goes live on 1 October 2019

As part of the continued tightening of the restrictions on drone use within UK airspace, the latest amendments to the Air Navigation Order 2016 come into force on 30 November 2019.

View blog

H&M - fighting the two tier retail market and daring to push for better clarity on turnover rents

H&M is the latest retailer to confront its landlords about this ‘two tier retail market’ in an attempt to explore and negotiate more favourable terms.

View blog

Retail: a tale of two markets

Ann Summers is the latest retailer to have entered into new voluntary deals with the majority of their landlords, rather than using the CVA process.

View blog

mailing list sign up



Select which mailings you would like to receive from us.

Sign up