By Daniel Hunter
Over 120 million transactions are lost each year in the UK through people leaving shops because they can’t pay by card, according to new research from Judo. A further 92.8 million opportunities to sell are lost through people avoiding shops because they don’t accept card payments.
Over one in five (21%) consumers said that they had left a store in the past six months without making a purchase because the store didn’t take cards. Almost the same number (19%) had avoided a store altogether because they couldn’t use their card to pay.
Further research from Judo found that the majority (70%) of consumers prefer to pay with a card than cash for everyday purchases. Judo also discovered that 61% of UK consumers would spend more with a business if it took cards, while none of them would spend less.
Businesses in London are most likely to miss out if they don’t offer card payment services — half (50%) of consumers in the capital have left a shop in the past six months because they couldn’t pay by card. On average, Londoners walk out of shops 8.6 times a year because they can’t pay by card. They’re also the most likely to avoid a shop if it doesn’t take card payments. On average, people in the capital claim they do this more than 7 times per year.
Younger shoppers are the most likely to take their business elsewhere if they can’t pay by card. Three out of five 18- to 24-year-olds (59%) admit to walking out of a shop in the past six months because they couldn’t pay by card.
“Card payment equipment has not kept pace with technology and it’s become too expensive and technically complicated for many to use, which is why there are so many small retailers who still don’t take cards," Dennis Jones, CEO of Judo, explained.
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