‘Only the beginning of the revival of cash’ says Volumatic

Mike Severs, sales and marketing director at Volumatic said: “As a cash handling company we have always championed cash usage, but as industry leaders we are also well aware that cash is a vital cog and plays an important role in the UK and across the globe.

We are not against card or mobile payments but want to demonstrate how cash is reliable and anonymous and can really help businesses in these uncertain times.

“This is only the beginning of the revival of cash. We know that both card and mobile payments will continue to rise over the next decade and beyond, but there is undoubtedly still space for cash and not only has the last year seen a rise in cash usage, but now the Government is taking steps to ensure it continues to grow.”

Under new government legislation, the facilities to make free cash withdrawals and cash deposits need to be made available within a mile of those living in urban areas and at least three miles from more rural areas, and fines will be issued to banks if money cannot be withdrawn or deposited, suggesting that cash is once again being taken seriously.

Severs added: “The findings published by the BRC are really important because they prove what we and other industry experts have been saying for many years – cash should be embraced by businesses, both to keep customers happy and to boost profits at a time when so many people are struggling.

“We are seeing many retailers, who chose to go cashless during the pandemic, now accepting cash once again. Cash has so many advantages and hopefully this BRC report gives cash payments yet another boost!”

Many businesses went cashless after the pandemic but a large number of shoppers today who want to pay with cash are still finding that they are being pushed towards card payments.

A white paper findings from leading industry experts including Enryo, Vaultex and Volumatic shows there is still an appetite from the majority of the UK to use cash for some transactions.

In addition a YouGov report earlier this year showed only 3% of the UK never use cash and that shoppers most definitely want to retain the choice of how to pay, rather than being restricted to one payment method.

This means that businesses should be accommodating shoppers demands, and in doing so will also reduce some of the sky-high card processing fees they are currently having to pay.

Volumatic said that, while card processing fees continue to rise, cash processing fees can be easily reduced by investing in the right technology and compared to expensive card handling fees, cash handling can be dealt with quickly and easily for a fraction of the price, and retailers typically see a reduction of up to 75% in their cash processing costs.