Essay on First Capital Cashflow, A Direct Debit Solutions Provider

1428 Words May 23rd, 2016 null Page
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 who rely on these services every day. “We should not ignore the large number of small businesses that rely on cash transactions to stay afloat,” he explains (First Capital Cashflow, 2016, “Cash will remain king…for now” section, para. 4). The survey conducted by Payments UK showed that 53% of transactions were made using cash in 2014, which is over 18 billion payments (para. 3).
During the interview, Dan, the manager of the Font pub confirmed the importance of cash for his business. 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,…

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