Home Business Small businesses risk losing customers by not offering non-cash payments

Small businesses risk losing customers by not offering non-cash payments

by maria
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  • Six in ten (61%) shoppers say hygiene fears mean they now use less cash while a third (35%) now choose where to shop based on non-cash payment options
  • Research also indicates more than half (53%) of cash-only businesses have lost customers because they don’t offer alternative payment options*
  • New QR-code based tomato pay app offers affordable non-cash solution for small businesses

Cash-only small businesses risk losing customers by not offering alternative payment options, according to findings from new QR-code payment and invoicing app, tomato pay.

tomato pay, which launches today, a simple, QR-code based payments and invoice app used by businesses and sole traders who want to receive payments in a fairer, cheaper and more ethical way.

The research found that payment options are an important factor in people’s spending choices.

More than a third (35%) of people surveyed said they now decide where they shop based on whether or not the business accepts non-cash payments and one in five (20%) people would be put off from using a small business if they could only pay in cash.

Six in ten (61%) people say they have used less cash during the pandemic because of hygiene fears associated with handling money and the research suggests more than half (53%) of cash-only businesses admit they’ve lost customers through not offering alternative payment options*.

But, while cash-only small businesses know they are risking losing customers by only accepting cash payments, 42% say they find it difficult to justify the costs of offering contactless card payments while half (50%) say they have concerns about security*.

tomato pay’s founder and CEO Nicholas Heller explains: “Community has never been as important as it is today and watching the business and sole trader community struggle throughout the pandemic has spurred many of us to support our local communities and businesses, but people still want to be able to pay how they choose.

“Many small businesses can’t justify the costs of offering card payments, but there is clear support for QR-code based payments which are far cheaper for small businesses to implement, with four in ten people saying they’d find it easier to pay a small business using a QR code. tomato pay is an app designed specifically to support small business owners and remove the headache of finances – starting by ensuring that more of a payment goes to the business and not their payment providers.”

However, the research also shows there is significant support among the public for alternative non-cash options, such as QR codes, with 42% of people saying it would be far easier to make a payment if all they had to do was scan a QR code.

tomato pay is a new finance app for businesses and sole traders, allowing them to receive payments from their customers. It is free to download, free for consumers to use and the most affordable way for businesses to receive payments – almost instantly – in their bank account. It has no card minimum fees, or chargebacks, easy refunds and confirmation of all transactions for both customer and business.

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