Cash-only retail business? Consumers don’t trust you
Report from WorldPay suggests one in five shoppers doubt the quality of products in cash-only stores and would abandon purchases
Retail businesses that only accept cash payments set alarm bells ringing for shoppers and are more likely to be distrusted, new research by WorldPay has concluded.
Of 2,000 UK consumers surveyed, 75% said that a lack of alternate payment options suggests a store is “behind the times” while 41% said the retailers they trusted the most were those that made it easy to pay by card as well as cash.
A fifth of those surveyed aged under 35 said they would be concerned abut the quality of products in stores that only take cash, while a further 22% said they had actually abandoned purchases when their preferred payment option hadn’t been available.
Alongside cash-only payments, handwritten receipts and a lack of online presence were among the main ‘technology triggers’ which led shoppers to think twice about whether or not to part with their money. For instance:
- 20% would not book a hair appointment if they weren’t able to review the salon online first
- 10% would have doubts about the quality of food in a restaurant if it didn’t take cars
- 39% trusted retailers more if they offered digital receipts
The research follows WorldPay’s recent release of its new payment processing solution, My Business Hub.
An all-in-one, tablet-based cash till, My Business Hub is intended to help small and independent retails by “replacing the traditional cash register”. The Hub is priced at £50 a month and enables retailers to take card payments, check sales trends and more.
Worldpay’s UK managing director, Dave Hobday, said:
“Today’s digitally driven shoppers want to be able to research their purchases online, seek advice from staff in-store, pay in any way that they choose and return items at the click of a button. Businesses that fail to offer that level of service are increasingly viewed with suspicion.
“Small businesses need to embrace change and digitally evolve in order to thrive as part of a modern and diverse high street.”