Cash is king and is still the preferred method of payment by retailers.
Statistics released by the British Retail Consortium (BRC) followed an analysis of 10 billion retail payments in 2012. Those payments were 60% of all UK retail sales for that period. The results of the analysis revealed the following:
- Cash – 54% of all transactions
- Debit cards – 30% of transactions
- Credit cards or charge cards – 11% of transactions
- Non-cash, non-card payments 5% of transactions (ie vouchers)
The non-cash, non-card payments showed a small increase from previous years. The use of cash decreased a little but remains the most popular method.
Cash transactions are the ultimate cash flow boosts. There is no waiting, credit or administration. It removes the headaches and frees up cash flow to pay your own creditors. Cash is king.