Accept Cards, the UK's largest independent payments broker, has unveiled a cash payments solution tailored to meet the needs of SMEs seeking tech-enabled cash deposits amid an increase in bank branch closures.
Under the new service called Accept Cash, businesses can utilise Smart Safe technology for instant cash deposits, allowing them to pursue same-day settlements into their business bank accounts directly from their venues. This move positions Accept Cards as the first UK card payments company to introduce cash solutions leveraging this new technology.
Research by the British Retail Consortium highlighted an increase in cash payments in the UK, where last year, they accounted for 19% of total transactions, up from 15% in the previous year. Responding to this trend, Accept Cash has launched to support the SME sector amid economic pressures such as the cost of living crisis.
According to estimates by Accept Cash, a business with an average monthly revenue of GBP £80,000 could see a 73% reduction in cash processing costs via this service. Additionally, the service offers secure cash handling, detailed reporting, and helps ensure accountability for SMEs and larger enterprises. Retail, convenience, and hospitality sectors are expected to be the primary users of this service due to their customer demands.
Richard Bradley, CEO of Accept Cards and Accept Cash, explained: "The cost and time implications of depositing cash is currently squeezing SMEs financially and operationally. Not only does it take time out of a working week for a staff member to cash up and physically go to a bank, it's also increasingly difficult to do so given the rise in high street banking closures. Added to this, the fees associated with depositing cash can be very high, making it difficult for SMEs - who want to be able to offer cash to their customers - to balance the books and forecast cash flow."
Bradley also emphasised the disruptive nature of their approach: "As an independent payments broker, we pride ourselves in disrupting this sector with the latest innovations in technology. Cash is here to stay and we've identified that SMEs need to be able to deposit cash quickly and affordably. Accept Cash's innovative approach and use of new technology will allow businesses to access cash in their bank accounts on the same day - without having to visit a bank - by combining open banking and technology with secure smart safes. We're pleased to be one of the very few providers in the UK to offer this same-day settlement service and respond to demand."
He added, "Not only is Accept Cash the perfect solution to solving a big headache for businesses processing cash, it is likely to also encourage some businesses who have moved away from cash to return to accepting it. Ultimately, consumers need to have the choice of both cash and card payments and this should not be prohibitive in any way for SMEs; after all, they remain the backbone of the UK's economy."
Existing clients of Accept Cards are reported to be adopting the new technology in the coming months, with onboarding for several new clients already underway.
Martin Smith, Strategy & Solutions Director at Cennox, expressed optimism regarding the new development, stating: "Innovation in the UK's cash payments sector is much needed and we are behind when compared to the rest of the world. Many countries adopted this approach many years ago."
Smith further noted: "What Accept Cash is doing is bringing more choice to business owners as well as driving the most efficient and innovative ways of managing cash, making it more viable as a payment choice to be accepted. Cash is almost double the cost of card payments currently for UK businesses but we know demand for cash is high: this is all about making it a level playing field by making businesses aware of the opportunities to reduce the cost of taking cash. The Accept Cash approach brings the latest in technology and innovation combined with the most optimal ways of banking cash, their solution will help so many businesses across the UK."
The introduction of Accept Cash is expected to contribute to Accept Cards' expansion, following the company's transition to a fully employee-owned firm earlier this year through an Employee Ownership Trust. Bradley acknowledged the role of employees, stating: "Our staff team have been the driving force behind this exciting new chapter in our history. I'm really looking forward to seeing Accept Cash help SMEs to succeed because of our innovative approach. As a payments broker we're keen to embrace all innovation around payments, for the benefit of all our clients, referred to by our long-standing network of professional partners."
