Responding to the publication of the Cash Access Policy Statement, Martin McTague, National Chair of the Federation of Small Businesses (FSB), said:
“We welcome these plans in principle, although we await further details of how many aspects – not least the three mile rule – will be implemented.
“Making sure that as many people as possible have reasonably easy access to cash is important for all kinds of reasons, and cash as a payment method is seen as key by many small firms.
“Cash is vital as a competitor to card payments, with some small firms baulking at the fees charged by the card schemes. And if IT systems go down, or in areas of poor reception, cash is an indispensable back-up, allowing transactions to continue.
“Small businesses which accept cash need to know there will be a way for them to pay it in without having to go miles out of their way, with all the costs and extra risks that entails.
“We are supportive of initiatives such as banking hubs and the Post Office pilot, where more banking services are available over the counter, although neither are a perfect solution in all cases.
“There is still a strong role for cash in the economy, and in many small businesses’ operations. This statement is an encouraging sign, and small firms will look to next steps from the Government and from regulators with interest.”
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As the UK’s largest business support group, FSB is the voice of the UK’s small businesses and the self-employed. Established over 40 years ago to help its members succeed in business, FSB is a non-profit making and non-party political organisation that’s led by its members, for its members. As the UK’s leading business campaigner, FSB is focused on delivering change which supports smaller businesses to grow and succeed.
FSB offers members a wide range of vital business services, including access to finance, business banking, legal advice and support along with a powerful voice in Government. Each year FSB also runs the UK’s Celebrating Small Business Awards. More information is available at www.fsb.org.uk. You can follow us on twitter @fsb_policy and on Instagram @fsb_uk.