Leaching away of cashpoints squeezes small firms, says FSB

Mike Cherry

Reacting to the report from Link which has revealed that some 250 cashpoints are closing every month across the country, FSB National Chairman Mike Cherry said: “Access to cash for small firms is vital, particularly to those in rural or hard-to-reach areas, but these figures highlight that more and more of these firms are losing that crucial access.

“Link assured cashpoint users that closures wouldn’t take place in areas where the next nearest free-to-use ATM is more than 1km away, but 76 of these have closed in the first half of 2018.

“Coupled with the continued stream of bank branch closures throughout the country, all too often it is small businesses who are being hurt the most by these changes.

“A reduced access to cash via ATMs and bank branches is only giving card payment companies free reign to increase the charges they place onto small firms.

“Half of our members say they’re already a kilometre or more from their nearest cash point. While six in ten of our retailers say cashpoints are important to the success of their firm. We look forward to the Payment Systems Regulator stepping in before even more damage is done to our small businesses and high streets.”