The article emphasizes the importance of cash payments for small businesses, urging the need for necessary infrastructure to support its use. With the decline of bank branches, many small firms are shifting toward digital payments, yet a significant portion express concerns over losing cash payment options. It suggests the implementation of banking hubs to facilitate cash transactions, particularly in rural areas affected by branch closures. Continued access to cash services within post offices is recommended to ensure that small businesses can deposit cash and remain viable in their local economies.
For cash to remain a viable method for small firms and consumers, including many vulnerable groups, the right infrastructure has to be in place.
The current pace of agreeing and setting up banking hubs doesn't match the speed of bank and building society branch closures in local high streets.
A third of local businesses say reduced ability to accept cash payments in the future would pose a big risk to their local high street.
We want UK banks to maintain their cash services in post offices for the next five years, ensuring continued cash infrastructure for small firms.
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