SMEs handle £28 billion in coins and notes every month, according to a survey commissioned by Alliance & Leicester Commercial Bank (ALBC). The survey, which examined cash usage throughout the UK, found the country's North-South economicdivide was reflected in the amount of cash taken regionally, with London and the South East accounting for 63% - nearly two thirds of cash.
In London, SMEs reported taking as much as £6.5 billion in cash every month, whilst in the North,businesses estimate that they deal with £4.2 billion. Companies in Wales and the Midlands have £4.4 billion going through their tills, whilst Scotland's enterprises declared handling £1.6 billion. The survey has also revealed that 26% of all cash transactions in the UK were for more than £80. Ofall the SMEs that handle cash on a daily basis, fewer than one out of 10 or 8% take less than £5 on average in any one transaction.
Russell Carter, head of cash marketing at Alliance & Leicester Commercial Bank, said: "Our surveyresults explode the myth that cash transactions are about loose change. It is crucial to realize the importance of the humble coin and note when such a high proportion of cash transactions in the UK involve sums of more than £80. Businesses need to ensure they have the right facilities set up for cash handling, so they are paying minimum fees and earning maximum interest on the cash they bank."
Regionally, London businesses topped the list of high cash earners, with 33% saying they typicallycollected more than £80 in one transaction. SMEs in the Midlands and Wales took the lowest share of high cash intakes, with only one out of five, or 20% cashing in more than £80 per transaction. The finance, entertainment and building industries benefited from the highest average valuetransactions, with 68%, 63% and 52% of all cash transactions respectively involving more than £80.