Essay On Importance Of Cash

1428 Words 6 Pages
First Capital Cashflow, a direct debit solutions provider interviewed experts in the payment sector about the payment trends for small businesses in 2016. Mobile payments, as well as Contactless and digital wallets are evolving, however, John Cooke, Commercial director card services of Allpay Limited points out that changes in payments are usually very slow. Although Contactless has been in use since 2008, there are still many pubs and bars that were unable to implement this technology (First Capital Cashflow, n.d., “The continuation of contactless” section, para. 4).
Despite the new emerging technologies, many local retailers, pubs, or coffee shops still rely on cash. Peter Moore, CEO of Consolis argues that cash is still important for those
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He claims that even though there are many new payment methods available, cash still plays a significant role in the British pubs industry. “I believe that pubs are traditionally cash based businesses and I don’t think that is going to change any time soon, despite the increasing popularity of contactless payments.”
Although cash is important for the business the manager of the Font says that there are more customers paying by card than cash. “I think that most of our customers pay by contactless, mostly because it’s the most convenient method for them.” At the moment, it is possible to pay by cash or card. The pub accepts traditional PIN payments, as well as contactless and digital wallets, such as Apple Pay.
The payment options available for the British pub visitors are the same in the Oxford pub as in the Font. “We obviously accept cash, and also card payments. Young people usually prefer contactless,” says Danielle, the manager of The Oxford. For them, contactless is also the most widely used method, closely followed by cash. “I think it’s 60 to 40,” she explains the card to cash ratio. The percentage of cash payments in The Oxford is quite high, which could be also explained by the fact that there is a cash machine inside the pub. Having an ATM in the venue can encourage customers to use cash for easier bill settlement, especially in a large
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“Yes, I know about Flypay many restaurants have adopted this method and I believe that this method could be beneficial for us especially during the peak hours.” Venues in the hospitality sector have adopted Flypay because it gives them the opportunity to focus on taking and delivering orders, without having to worry about the payment, since it will be taken automatically via the app. This leads to higher efficiency and decreases the average ten-minute wait for the payment settlement to few seconds (Hospitality News, 2014). Additionally, through Flypay it is impossible for the customer to leave the bar without paying. Loyalty cards, coupons or any other discounts, as well as promotional materials are available within the app so the pub is able to do its marketing via this form, as well. Flypay is currently used by more than 100 pubs and bars across the UK (Lunn, 2016). During the interview, the manager of the Grafton Arms pub, however, rules out the possibility of purchasing an app such as Flypay of Orderella any time soon. “To be honest, I haven’t heard about that,” she admits. “We have never had a request to pay by a method we don’t

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