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Sep 12, 2006
According to
Alliance & Leicester Commercial Bank’s Cash Survey, nearly a quarter of a
million UK
retailers prefer cash as method of payment. Survey results show that 42 percent
of respondents say they prefer cash transactions above all other forms of
payment. In contrast, outdated checks are preferred by less than one in eight
retailers (12 percent) and even debit cards are the chosen method by only one
in four (24 percent).
Alliance &
Leicester Commercial Bank’s comprehensive Cash Survey also reveals that almost
two thirds (63 percent) of small and medium retail businesses view dealing with
credit cards and checks as too expensive and half (49 percent) think cash is
both cheaper and easier to manage.
The survey also
found that the coin and note is still very much the lifeblood of the retail
industry with 53 percent of businesses handling more than £100 in cash every
day. Almost one in three (31 percent) of retail companies surveyed say that if
customers stopped making cash payments, it would have a negative effect on
their business, with a whopping 49,000 fearing they would be forced to close
down.
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