This is a trade facing website. Visit the ACT's consumer site thecyclingexperts.co.uk for information and advice on cycling and find your local independent cycle retailer.

Search News

Results: 31-40 of 2321


14 Apr 2022

Cytech are attending the Cycle Show and will be demonstrating key practices...

7 Apr 2022

The Retailer Promotional Pack provides retailers with an easy-to-use resource to spread the word about Local Bike Shop Day 2022 and fully benefit from it as much as possible.

6 Apr 2022

To celebrate Local Bike Shop Day, taking place on Saturday 30th April, Freewheel are offering customers 15% off...

6 Apr 2022

The meeting will be looking at the ambitious active travel plans for Scotland and Wales with Patrick Harvie MSP, Minister for Active Travel in the Scottish Government and Lee Waters...

6 Apr 2022

As an employer, you are obligated to update your payroll so your employees get paid at least what they are legally entitled to. 

6 Apr 2022

Businesses are required to have signed up to Making Tax Digital ready for their first VAT return starting on or after 1 April 2022. However, they may not be required to make their first...

6 Apr 2022

According to Cycling UK, business booms by 30% when people cycle to the high street. But they need somewhere to park. You can attract cyclists directly to your door by offering secure bike...

31 Mar 2022

Each week Maybe* round up the best social media posts from across the UK. See who's coming...

31 Mar 2022

Cytech is going from strength to strength with an ever-increasing number of expansions both in the UK and abroad. 2020-21 were exceptional years with 3 locations opening, and now with the new...

24 Mar 2022

Retailers have until 1st April to sign up on the Local Bike Shop Day website and receive a physical pack in the post to help them promote their business on the day and drive footfall into their...

Back to news menu

Consumers' retail credit card spending overtakes cash

Posted on in Cycles News

A new report by a retailers' trade body has said that consumers have spent more money on credit cards with UK retailers in 2018 than they did in cash.

The chart below shows a payment survey undertaken by the British Retail Consortium (BRC) which shows that debit cards remained to be the form of payment with most money being spent through it, accounting for £216.4bn of sales, whilst cash dropped to the third most popular at ££77.7bn. Credit and charge cards accounted for £81.9bn, or 22%, of retail sales last year - outstripping cash for the first time in the last 20 years of BRC payment surveys.

 

However, cash was actually still used more frequently than credit cards, although the typical transaction using cash was worth over £20 less than the average credit card payment of £31.54. Cash accounted for just over £1 in every £5 spent with UK shops.

The BRC argued that rising costs faced by retailers to process card payments could push up prices. Andrew Cregan, policy adviser at the BRC, said that falling cash use and growth of online shopping were both factors in the shift. A cashless society is cause for concern for vulnerable people, such as those with physical or mental health problems, who find it hard to use digital services, people who have been bankrupt, or those who use cash as a lifeline when in difficult or abusive relationships, could also be severely affected.

Despite this, the BRC outlined their main concern to be for retailers and the cost of accepting card payments. The BRC stated that the average cost faced by a retailer for a debit card transaction was 6.23p, rising to 18.19p for credit or charge cards, compared with 1.66p for cash, and these costs continue to rise sharply.

 

Card Processing with ActSmart

ActSmart offer two card processing options; Global Payments for established businesses with medium to high card turnover and Paya Card Services for new and smaller businesses with lower card volumes. 

Global Payments

Global Payments is ideal for established or larger businesses that will save you save you time & money in-store, online and through mail order. Credit card rates start from 1.090% and debit card rates start from 0.29%. The offer also includes a free set-up worth £150 and three months free terminal rental.

Paya Card Services

Paya Card Services is ideal for start-ups and small businesses. Features include a pay-as-you-go account with a fixed, all-inclusive rate with no additional fees, including PCI. It also offers in-store, online, mail order and mPOS solutions with no minimum contract term and no monthly minimum charge. The offer also includes a free sign-up worth £99 and an optional discounted countertop terminal just £1.75 p/w.

For more information about either of the ActSmart card processing partners please visit the ActSmart website.

Back to news menu

Useful links

If you have any other queries please contact us.