03 Mar 2018 is when we hit #PeakCash
Market trading has always been about taking cash but costs associated with handling the readies are on the rise and not being ready to accept alternative payment methods no longer makes any sense.
Now look, before you start getting in a huff I’m not saying markets are in any way going to be going cashless anytime soon. As places of social inclusion and with an ageing customer base, the majority of whom still deal primarily in notes and coins, markets are never going to lead the charge on going entirely cashless. Indeed the most cashless economy in the world, Sweden has concerns having already largely taken this step, believing the infrastructure does not yet exist to make a cashless society viable. However, what can no longer be ignored among market, street food and festival traders is the reality that if you do not accept cashless payments, your business and you, are suffering.
It may seem an odd thing to say, that you are personally suffering from taking cash and I accept that not everyone is like me. Some people love doing the accounts, balancing the till each day and spending more of their time doing this for cash, when the same turnover in cards equates to up to a third less time spent toiling away in an office and if you are one of those exceptional people perhaps you would have more fun in life as an accountant. The majority of business owners I know and especially those in this industry, who might have spent much of the day warming up between sales, want to spend free time or resources just getting the van loaded for the next day, or thinking of other creative ways to improve their business, reaching out to customers on social media, or even with friends and family. Just think what you could do….actually that’s not a bad idea, answers on the back of a postcard (or the comments section below)
“If you had an extra hour a week to spend on your business, what would you do that could improve your bottom line?
Putting the time issue aside for a moment, I bet you’re wondering what real evidence I can produce to prove your business is losing out on sales. This blog was prompted by a recent article in the papers reporting the announcement from UK Finance about cards overtaking cash this year for the first time. The trend is only set to continue with forecasts of just 21% of payments being expected in cash by 2026 set against 62% in 2006. This is an astonishing rise and if you think your business is exempt from this data as your customers can just ‘go down the cashpoint’, then think again as ATM withdrawals are also seeing a sharp decline, with UK consumers taking out £6bn less in 2016 than in the previous year.
Marketti CEO, Derek Stewart sees a real opportunity for the market industry if we experience widespread adoption of card payments balanced with retaining the ability to take cash, saying “our business model for Marketti is to offer traders a great rate on the acceptance of card and contactless payments, but what makes us unique from other payments providers is our knowledge of the industry and the services we offer markets that are designed to enable micro merchants to save time, make money and grow. Offering a free platform to make sales both on and off the market with our m-commerce platform ensures traders are competitive in the town centre landscape and the suite of tools we provide are more often associated with big business.”
If you are thinking about taking cards on your market stall or don’t think your current payments provider offers enough in terms of your overall business, you can find out more about Marketti from the ‘Our App‘ page.
You can also visit the website when it launches in the Spring of 2018 or visit the Apple or Google Play stores to download the app.