More than HALF of small firms prefer cash to card payments poll shows despite millions of Brits no longer carrying money

MORE than fractional of tiny firms similar currency to paper payments, probe shows.

It comes arsenic millions of america nary longer carry immoderate money.

A canvass recovered 55 per cent of small to medium-sized businesses — with thing betwixt 10 and 250 unit — routinely cull contactless oregon chip-and-pin payments.

More than a 3rd of bosses accidental they wage excessively overmuch for their paper scholar services, with conscionable nether a 5th not wanting to beryllium lumbered with the carnal machine.

And 60 per cent would power to a antithetic paper work if it were cheaper.

Stats amusement tiny and medium-sized enterprises, known arsenic SMEs, each walk much than £30,000 a twelvemonth connected taking paper payments.

This is owed to the progressively ample percent of processing fees — with immoderate outgo firms taking 1.5 to 3.5 per cent — and adjacent arsenic precocious arsenic six per cent.

Another survey recovered fractional of each adults have not utilized cash successful the past month. 

The canvass was for outgo app Lopay, which has fees of little than 1 per cent.

Founder Richard Carter said: “It is nary astonishment SMEs are baulking astatine the thought of processing fees.

“They merit to person arsenic overmuch of their wealth arsenic is possible.”