Alternative/emerging means of payment, such as online payments and money-off coupons, grew last year seemingly by 150%, although these remained a fraction of the total. But cash remains the dominant payment mechanism.
Cash is still the most popular form of payment in UK shops but the popularity of vouchers and coupons is on the rise, research has suggested.
The British Retail Consortium (BRC) analysed 10 billion retail payments in 2012 – 60% of all UK retail sales.
Cash accounted for about 54% of all transactions, but non-cash, non-card payments rose from less than 2% to 5% of the total.
Start-up businesses used to have very different funding requirements. They used to have to buy in a lot of expensive services.
Today a company can launch, be effective and look very professional with a lot less money. The reason for this is the enormous range of SaaS (software as a service)/cloud services that are available to deliver everything from creative people to accountancy services.
Isn’t it wonderful what is free or nearly free? From the list of services I am using my favourites: Duedill, Eventbrite, Evernote, KashFlow and Mailchimp.
So your new business is off and running, with less finance required to get going than before. Maybe just money from “Friends, Family and Fools”. The next step in funding is changing as well; the serious arrival of crowdfunding is the thing to keep your eyes on.