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A new report by Visa has now been released. The Future of Payments Report for 2017 researches current trends of small businesses in relation to methods of payment acceptance across a number of industries.
The report carried out market research on 40 small businesses that predominantly use cash transactions. These businesses included; beauticians, coffee shops, pubs and dry cleaners.
The major findings of this research show that processing cash is costlier, more time consuming and labour intensive than digital payments. As the cost of digital transactions is significantly less, small businesses could save up to €6,000 a year over cash handling. The future for small business engaging in digital transactions shows how they can avail of data to help grow their businesses with tech savvy consumers.