System failures result in seven million consumers unable to pay by card

(2 minutes to read)

“Processing card payments can be expensive for small firms. We need to see regulators and terminal providers collaborating to bring these fees down for the good of our economy” – says FSB.

Latest research from Which? has revealed that as many as seven million consumers have been left unable to use payment cards due to system failures over the last year.

The Federation of Small Businesses (FSB) have responded to these findings:

FSB Policy and Advocacy Chairman, Martin McTague, commented, “As we stand here today, cash remains a vital back-up for when payment card systems fail.

“We have to avoid moments where shoppers are left in the lurch due to glitches: unable to use digital payment methods and lacking access to a cash point or bank branch.

“Action is needed on two fronts. First off, we have to improve the resilience and reach of our digital payments infrastructure in the UK – that includes country-wide access to reliable broadband. Second, we need to maintain our cash infrastructure for as long as people want and need it.”

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He added, “There’s also the cost factor to consider. Processing card payments can be expensive for small firms. We need to see regulators and terminal providers collaborating to bring these fees down for the good of our economy.

“Two million consumers still rely entirely on cash for day-to-day purchases. It’s vital that no-one is left behind as we increasingly move to a digital-first shopping environment. Currently, there’s a feeling that we’re cutting too far too fast when it comes to bank branches and ATMs.

“We look forward to working with the new Treasury-led strategy group on how we can maintain a cash network that is relevant, adaptable and commercially viable.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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