Originally written by Lee Jones on Small Business
For businesses in the unattended market, keeping up to date with ever-progressing technology poses a challenge. Cashless payments and new payment methods have been growing in popularity, and it can feel like a struggle to keep up. Not to mention the fact that the time and expense of upgrading self-service payment terminals can be intimidating.
However, failure to move with the times could cost merchants business.
Here are five reasons why (and how) any merchant who operates unattended terminals – whether they’re in hospitality, parking, transport, retail, transport or travel – should be looking to meet the demand for cashless payments.
>See also: Why businesses should go cashless: pros and cons
#1 – Cash has been dethroned
The old saying, cash is king, has become less and less relevant in recent years. Card payments in the UK have grown at an exponential rate, and research from UK Finance showed that the amount of payments made with physical money dropped by 22 per cent between 2006 and 2016. In fact, card payments overtook cash payments in 2016, with notes and coins accounting for just 40 per cent of spend. It’s predicted that, by 2026, cash will be used for