A Report On The Uk Essay

A Report On The Uk Essay

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Businesses active in the British pubs sector claim that cash is still important for their venues. A recent report by Sage Pay UK uncovered, however, the hidden costs of this method. According to this report the cost to the UK is nearly £18 billion annually, and for small or medium enterprises, it makes on average £3,520 per year through storing, transferring, and handling fees (Sage Pay, 2015).
For the first 12 to 18 months the bank usually charges no or very low fees on cash. After this period, however, the bank charges between 75p and 95p per £100 (Forecourttrader, 2014). For the interview, the manager of The Font bar said they accommodate around 1000 people during the peak times, which is on Fridays and Saturdays. The average spend in a bar in the UK is roughly £18 (Wingett, 2012). That makes a total revenue of 18,000. And if 40% of customers pay by cash the bar gets £7,200 in cash. With the bank charge of 75p per £100, the pub spends £54 on bank charges just during one busy weekend, which makes it £216 a month. This does not include any additional charges, such as electronic receipts, or payments or account management charges, which can climb up to £3,900 a year (Forecourttrader, 2014).
For the payments by card, the receipt for the customer does not have to be printed for payments under £30. Using cash, the receipt needs to be offered to the customer, which may lead to additional costs. During the interview, Dan from The Font bar, mentioned that for them the receipt handling costs are minor and barely taken into account. “There are very little costs related to handling of cash,” he says.
The costs of accepting card payments vary, depending on the provider and the programme the business chooses. For the pubs that already acce...

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...ting for the bartender. Since everything is done via technology, the bar could save money on hiring extra staff especially during peak hours. The average hourly wage for bartenders in the UK is £6.45 (PayScale, 2016), and to cover the cost of the app, the employees would work roughly 39 hours less.
Danielle also expressed interest in Flypay and confirmed that they are considering this despite the initial cost of around £200. “I think this app would suit our business the best. The bills will be settled more quickly and the data entered by the customer could help us with new marketing strategies, promotions and events,” she adds. The cost of cash (£216 a month) exceeds the cost of Flypay app. Additionally, the app has other features within the price, so the marketing campaigns could be delivered through the app and that would save some money from the marketing budget.

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