SMEs still value cash as key transaction

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SMEs still value cash as key transaction

Wed 20th Dec 2006

As far as SMEs in the UK are concerned, cash is the best option in terms of customer transactions, suggests new research by Alliance & Leicester.

The Cash Survey carried out by the bank discovered that 43 per cent value cash as their key payment method and 96 per cent of all businesses deal in cash.

Allied to this, the reliance on cash alone was highlighted when it came to light that 62 per cent refused to deal with credit card transactions and 65 per cent of firms would not consider taking payments on a debit card.

Russell Carter, head of cash marketing at Alliance & Leicester Commercial Bank, stated: "The Cash Survey confirms that cash is still very much a central part of the day-to-day operations of small and medium sized businesses in the UK.

"It is clear that, even in 2006, cash still offers significant advantages for businesses looking for easy management of financial transactions."

Alliance & Leicester offers tailored banking to suit businesses across the spectrum, from small start-ups to businesses with turnovers over £10 million.

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