26 Oct Visa Future of Payments Report shines a light on the cost of cash for small businesses.
Just this week Visa released their Future of Payments Report for 2017. The report investigates and compares the cost of cash versus the cost card payments for small businesses across different sectors.
The results of the report were based on research carried out by Visa, which involved interviewing and analysing a representative sample of 40 cash-heavy businesses. These businesses included dry cleansers, pubs, restaurants, petrol retailers, coffee shops and beauticians. Across all sectors it was found that accepting cash payments is more expensive than accepting card payments.
One of the key findings of the report was that business owners can save up to €6000 per year and nearly an hour a day by reducing cash handling and switching to digital payments.