Cash in on green projects

Green business ideas that might benefit the Yorkshire Dales National Park are being offered a cash grant to get started.

The Yorkshire Dales National Park Authority’s Sustainable Development Fund (SDF) – now in its seventh year of operation – aims to support new business ideas, community schemes and environmental projects that demonstrate ways of living and working in the Dales and that benefit the National Park and its communities. Read more

Credit Crunch Wordsearch

Scrambled  words and words in all directions are the challenges ahead as you try and find the many terms and expressions in our Credit Crunch wordsearch. 

 

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Cash, cheques or cards? The real cost …

With companies trying to squeeze the last drips of profit out of any sale, it is worth thinking of the costs of processing the payment.

Unknown and almost transparent to many companies are the hidden costs of handling the cash, cheque or card from the customer, but they all have a real cost, that eats into the bottom line.

Many customers are also unaware of the charges paid by the shops and businesses to process a payment often amounting to many pounds per transaction.  These costs when passed on can add almost 50p to a £10 item.

For the small business these costs really do add up as the number of customer payments in volume terms are often quite low.  Setup costs and fixed costs are, in real terms spread over a small number of sales making each individual charge quite high.  

For a superstore in comparison these costs are spread a lot thinner due to volume of individual sales.

Bullied into taking plastic?

Recently the banking industry has championed the move to a plastic world.  They say it is safer and can stop fraud and from the 14 February 2006 ‘Chip and Pin‘ was introduced into the UK.  

Since it’s introduction many businesses are reporting that they are seeing a demise of the cheque and cash as the preferred form of payment in favour of the card, but is this the whole picture?

Many retailers now do not accept cheques and some are even trying to move away from cash due to handling costs, fees and insurance increases.  This in turn gives the impression that people love the card and tightens the screw against other payment methods.

For the small business the costs of taking a card can be prohibitive.

One example from the HSBC shows

• a start up charge of £250, 
• 2% of every credit card transaction.
• 25p for every debit card transaction.
• 2% of every non-UK debit & credit card transaction.
• No terminal rental for 12 months.
• No minimum monthly service charge.
• 12 month contract.

Using the snapshot above as an example,  if you are taking 10 debit card transactions per week of £10 this is a cost of almost £30 per month, or three sales lost every month in the first year.

This figure  does not take account of paper rolls, additional telephone lines that often businesses put in or the electricity, which although small is still a cost.
Cash, cheques or cards?

It seems as if cash is set to make a return, especially for local traders and small businesses.  Due to the costs of accepting cards.

Signs have already started to appear outside some retailers indicating cards not accepted, and on tills minimum card payment notices are much in evidence.

The builder will want a cheque or cash for work done, the hairdresser can’t afford to take cards on a cut and blow dry and the newsagent will not accept a card for the odd pint of milk and a paper.

The BBC is already reporting that the number of £50 notes in circulation is up as people go back to cash cash and local currencies are booming as local stores group together to keep trade local.
Your views
Has your business changed payment options?  Let us know via the comments box below.

Office Wordsearch

If you are looking for something to spend some time a wet afternoon, or maybe you just want to pass the time over a cup of tea and a biscuit then here is a word search just for you.

 

 Scrambled  words and words in all directions are the challenges ahead as you try and find the hidden office equipment and desk clutter. 

Open the files and print out.  Then find the words. 

This is just for fun and no prizes are available.

 

 

 

 

The files are in PDF form so Adobe Acrobat Reader is required.

The word search

 The answers