Business technology provider First Data and OnePoll, who conducted a survey of 1,000 UK consumers, found that 59% of respondents prefer paying by card and 43% would rather go elsewhere than find an ATM if an establishment didn’t accept card.
The data also revealed the success of contactless amongst consumers, 98% identifying it as their favourite method of payment because “it’s faster”, and the UK card association claiming that it now accounts for 30% of all card payments.
Raj Sond, general manager at First Data said: “Time pushed, busy consumers are looking for a fast, hassle-free shopping experience. Convenience is paramount, and a smooth payment mechanism is vital in being able to offer a tailored, seamless service.
“With multiple shopping options on the high street and online it’s all too easy for potential customers to take their business elsewhere. Successful companies would be wise not to make assumptions about what their customers want.
“Historically, smaller retailers have been put off by the perceived cost of card acceptance, however when considering the banking time, cost and handling risk when it comes to dealing with cash, the cost of card acceptance is not the prohibiting factor it once was.
Payment is a crucial part of the customer journey and experience and cannot be ignored in the quest for growth and loyalty.”