Benefits Of Traditional Cash Preferences Discourage Potential Customers From Making A Purchase

775 Words May 23rd, 2016 4 Pages
This technology driven society introduces new, modern non-cash payment methods, and small businesses active in the British pubs sector are currently facing a problem of not being able to entirely adjust to this evolving trend. Its traditional cash preferences discourage potential customers from making a purchase. British consumers are more likely to turn to modern technologies to make a purchase rather than rely on cash, which creates a gap between the consumers’ preferences and businesses’ offerings. This problem could be overcome by focusing on digital payment methods, which could be beneficial for both sides. Consumers would not have to carry cash and be limited by the certain amount of cash they carry and for small businesses, the advantage lies in the fact that the new payment solutions are cost-efficient, easy to handle, and fast to process. The objective of this research is to suggest a better solution for businesses regarding the payment options, so that they don’t lose customers due to their inability to keep up with the new trends in payments.
UK’s Companies Act defines small business as „one that does not have a turnover of more than £6.5 million, a balance sheet total of more than £3.26 million and not more than 50 employees,“ (Towergate Insurance, n.d.). Small enterprises are the UK’s economy engines; they accounted for 99.3% of all private sector businesses in 2015 (FSB, 2015). In September 2015 there were 30,598 businesses active in the pub industry and with…

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