How many hours have you spent counting cash? Whether you run a small shop that does it daily, or a mobile trader who makes a weekly run to the bank, dealing with cash takes time. And time means money.
This week, we are releasing findings from our latest research for small businesses, in which we’ve discovered the full impact cash can have on your bottom line.
Our poll of 500 cash-taking businesses found that on average each business spends 12 whole days counting cash every year, as well as travelling to the bank to deposit their takings. A third of respondents (32 per cent) employ at least two people who count cash regularly, and half of respondents (55 per cent) still count it by hand, wasting valuable time that could be devoted to winning sales or managing the business.
What’s more, business owners are also subject to banking charges when paying in cash at high street banks. The combined time and financial impact could equate to £942 a year, or approximately two days’ takings for the average small business.
This means, cash is costing British small businesses as much as £2.5 billion a year in overheads.
The research shows that more than two thirds of small businesses still think card payments are too expensive. The good news is that this is no longer true. Last year we launched PayPal Here in the UK, which lets businesses take card payments anywhere – and as it is pay as you go, you only pay a small fee when you take a card or PayPal payment.
Whether they’re a plumber, market trader or hairdresser, it couldn’t be easier for people to reduce their reliance on cash and give their customers more choice. Research also shows that small businesses could be missing out on an extra £800 million worth of sales by not accepting cards.
If it sounds like PayPal Here may work for your business, why not download the free PayPal Here app on
Android and
iOS, and buy the card reader. To find out more visit
www.paypal.co.uk/here.