A Report On The Uk Essay

A Report On The Uk Essay

Length: 1006 words (2.9 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

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...


... middle of paper ...


...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.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on Employee Privacy Report

- Employee Privacy Report 1 In this report, I will be addressing e-mail, Internet use, and privacy policies in my workplace; the current laws regulating employee e-mail and Internet privacy; the reasons to companies carry out e-mail and Internet use policies; the assumptions employees make about their privacy at work; and how these policies affect employee privacy at work. E-Mail and Internet Use , Privacy Policies The E-mail/Internet usage and privacy policies at my job are part of a system of written decisions established by the organization to support and to build a desire culture through managing risk, regulation, and administration....   [tags: Privacy Report]

Better Essays
986 words (2.8 pages)

Problem Gambling Service Coordination Demonstration Project Report Essay

- Problem Gambling Service Coordination Demonstration Project Report 25 June 2010   Contents Project Background 3 Project Methodology and Outcomes 4 Project Deliverables 5 Project Report: Integrating Service Coordination & Problem Gambling Treatment 7 Recommended Actions 8 Appendices 9 Project Background The project is an initiative of the Victorian Government’s Taking Action on Problem Gambling Strategy (2006 – 2011) developed to enhance problem gambling treatment and the responsiveness of the problem gambling service system....   [tags: Project Report]

Better Essays
1526 words (4.4 pages)

Essay about Chemistry Report: Experiment on Rates of Reaction

- Rates of Reaction CaCO3 + 2HCl → CaCl2 + H2O + CO2 In this report I will be suggesting my predictions on what the rates of reaction will be and what the actual rates of reaction are. I will do this by collecting data from experiments and I will show this by putting data into a table. The main aim of my experiment is to find the rate of reaction over time taken and the rate of reaction when the concentration of hydrochloric acid increases or decreases. I will try to make my experiment as accurate as I can....   [tags: chemistry experiment, lab report]

Better Essays
3714 words (10.6 pages)

Essay about The Minority Report By Philip K. Dick

- The Minority Report by Philip K. Dick tells the story of a dystopia society that apropos the concept of a post-crime system called Precrime. This successful short story follows the protagonist, John A. Anderton, Precrime Commissioner, living in a futuristic society, Precrime police officers prevent homicides with the aid of precog mutants; precrime methodology has boldly and successfully abolished the post-crime system of jails and fines. However, Precrime has created an unfavorable recalcitrant idea: Citizens believe they are constantly under surveillance....   [tags: Philip K. Dick, Minority Report]

Better Essays
1088 words (3.1 pages)

Critical Audit Matters On The Auditor 's Report Essay

-   This paper will discuss, in detail, the proposed changes to the auditor’s report. These changes include: the addition of critical audit matters to the auditor’s report, the movement of the opinion to the first few pages of the auditors and the addition of the length of time that an auditor has been auditing a specific company. All of these topics will be discussed, but the one that will receive the most attention will be the critical audit matters as they are the most hotly debated topic when it comes to the revamped auditor’s report....   [tags: Auditing, Audit, Auditor's report]

Better Essays
1692 words (4.8 pages)

How To Write A Great Report Essay

- How To Write A Great Report 1. Plan the report.  Select an idea or topic for your report.  Gather information for your report.  Identify the information you want to include in your report. Remember you should have at least three ways to support the main idea of your report. Include details and specific information that will help you make your point.  Write a draft.  Review what you have written. Try reading the report out loud. It can help you catch mistakes.  Check spelling and punctuation....   [tags: Report Writing]

Free Essays
176 words (0.5 pages)

Patient Report Essay

- FINDINGS: Severe right-sided chest pain. The __ reported a friction rub. A PM lateral showed questionable mediastinal adenopathy. The patient had no cough or sputum production of ___. CT scan in ___ showed a possibility of a 1x2 cm right paratrachial lymphnode. Several smaller anteromediastinal lymphnodes which were all less than 1 cm were also evaluated. The patient was treated with Indocen with relief of her chest pain. ___ level was 64.5 with a ___ 50. PPD was negative, controls were positive....   [tags: Medical Report]

Free Essays
616 words (1.8 pages)

The Chronicles Of Narnia: Book Report Essay

- The Chronicles of Narnia: Book Report Digory and Polly were good friends. They both lived in England for all of their lives. One day they were playing when Polly wanted to show Digory her secret place. It was up in her attic. She hid many things there. She hid fruits and snacks to eat and a lot of other stuff to.      Digory noticed a door across the attic. Back then the houses were connected together and they thought that if they would cross the rafters and open the door they could sneak into a house and the next and so on....   [tags: Book Report Chronicles Narnia Essays Papers]

Better Essays
1735 words (5 pages)

Student Observation Report Essay

- Confidential  The names in this Observation Report have been changed to protect the privacy of the parents and the child. Student’s Name : Calvin Sex : Male Place of Observation : Inside the classroom of County Preschool. Time of Observation : In the morning, 10.30 a.m. and it was a sunny day. General View : • The classroom was pretty well organized ( clean, tidy and many facilities inside such as books, games, a computer and so on ) • It was a pretty large group in the class, 13 children were there and the teacher was present as well....   [tags: Direct Observation Report 2014]

Better Essays
1000 words (2.9 pages)

Classroom Observation Report Essay

- I observed an upper level biology class, in which the teacher is applying a combination of collaborative (team-based) learning, problem-solving approaches, discussions on "what-if" scenarios and student-teaching. Below you will find a general overview of the class, a crude analysis of reasons for various successes and problems, and finally a more detailed analysis of things to address in this particular class. Overview The class atmosphere was congenial and the students were actively engaged in discussion....   [tags: Teacher Observation Report 2014]

Better Essays
1500 words (4.3 pages)