UK companies turn away GBP millions a month by not accepting cash
Major UK companies could be losing millions of pounds in revenue every month by failing to offer customers the option to pay in cash, reveals new research from Post Office® today.
Almost six million UK households use cash or cheque to pay their bills, either through choice or lack of access to banking services. 2.8 million UK adults (1.9 million households) do not have a bank account and rely on cash payment methods to pay their bills. A further six million people with bank accounts (four million households) choose cash over direct debit to pay their bills.
However, several companies including some major combined broadband internet, telephone and digital TV providers, health and leisure groups and monthly mobile phone operators only offer their services to customers who pay by direct debit.
Businesses that do not offer an over the counter cash/cheque payment options are therefore turning away millions of pounds in revenue every month:
– Tlecoms companies failing to offer cash/cheque payment options turn away GBP 165 million every month
– Health and leisure organizations failing to offer cash/cheque payment options turn away GBP 405 million every month
The Post Office® provides a range of bill payments services, enabling cash payments for telephone, cable TV, utilities, mail order, council tax, travel and insurance providers, to be made at any UK Post Office® branch.
