Research indicates that over half of small firms prefer cash payments, with 55% of small to medium-sized enterprises (SMEs) routinely rejecting card transactions. Many business owners express concerns over high card reader service fees, with over a third feeling they pay too much. Richard Carter, founder of payment app Lopay, stated: "It is no surprise SMEs are baulking at the thought of processing fees. They deserve to receive as much of their money as is possible." SMEs reportedly spend over £30,000 annually on card payments, with processing fees ranging from 1.5% to 6%. Meanwhile, a separate study revealed that half of all adults have not used cash in the past month.
