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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.
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
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.
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.
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.
Partner and Head of Real Estate
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