Cash is no longer king. How will it affect your business?
A version of this article appeared in the April edition of the Private Hire and Taxi Magazine (PHTM)
Cash use has been falling dramatically in recent years. In 2017, debit card use, driven by the popularity of contactless payments, overtook the number of payments made in cash in the UK for the first time. UK Finance, an industry body, has just released the latest data on card usage, and the trend is gathering pace, with some predicting the end of cash use altogether by 2026. At the start of March, Natalie Ceeney’s Access To Cash Review released its final report, noting that over the last ten years cash payments have dropped from 63% of all payments to just 34%.
It’s very clear that consumers now expect to pay by card for all everyday goods and services, and of course paying for a taxi journey is no exception. As the taxi sector becomes more competitive than ever before, operators all over the UK are realising that they must warmly accept card payments from their customers. But it’s not just the passenger experience which gets a boost when cards are welcomed. CabCard Services, a leading provider of full-service card payment solutions for the taxi sector, hears regularly from its customers that fleet operators can reduce their administrative workloads enormously, while keeping drivers happy by ensuring quick payments directly to drivers’ bank accounts.
The best fleet operators know that increasing automation and working hard to improve both the passenger and driver experience is the best way to grow as a business, staying competitive and saving money. CabCard is proud to have been serving taxi fleets throughout the UK since 2007. Today, CabCard offers one of the most modern card payment solutions on the market, tailored specifically to the taxi sector. With no upfront costs and extremely low processing rates, CabCard can save your fleet money and help you to grow your business.