The ongoing decline of cash payments in the UK has helped a Yorkshire based card payment solutions provider to reach a record £470 million transaction milestone through its systems in the last 12 months.
Yorkshire Payments, which provides SMEs across Yorkshire with access to card payment and chip and pin terminals, has increased its client base by more than 20% over the last year and, now services 3,000 clients across Yorkshire alone.
A report released in June from banking trade body, UK Finance, revealed that debit card payments have overtaken cash use in the UK for the first time.
It stated a total of 13.2 billion debit card payments were made last year, a 14% increase on 2016.
James Howard, managing director at Yorkshire Payments, commented: “The use of notes and coins as payment dropped by 15% in 2017, and it’s estimated that 3.4million people barely used any cash at all to pay throughout the year.
“These statistics are certainly reflected in the growth of our client base, as more businesses realise the importance of having card payment options in place to meet customer demand.
“Think about it; if you’re buying ice-cream for the family in Whitby with kids in tow, one shop takes cash only and its competitor offers the convenience of contactless, where are you most likely to spend your money?
“The UK’s small businesses and independent, family-run firms are the back-bone of our economy, and our coastal towns and rural attractions continue to drive high levels of footfall across the country.
“It’s essential, therefore, that businesses are set up with a variety of payment methods so their customers can choose to pay the way that best suits them, and avoid missing out on all-important sales.”
Yorkshire Payments expects to increase its customer base to 3,500 businesses by the end of 2018.
The company also has plans to grow further, including establishing a high street presence.
Recent client wins for the firm include international ‘white goods’ manufacturer, White Knight, Bradford City Football Club and Wetherby Racecourse.
It also provides payment solutions to leading UK brands including global online travel company, icelolly.com, baked goods supplier Lottie Shaw’s and Snickers Workwear.