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The Cash-is-Cool Olympics Campaign
The Cash-is-Cool Olympics Campaign
Campaigns » The Cash-is-Cool Olympics Campaign

Focus on "big business" leaves cash-starved companies struggling for share of Olympic profit

Ticket requests for the Paralympic Games reached an all-time high this year, with newspapers reporting that over half of the events are oversubscribed and the rest have had incredible levels of applications, putting the 2012 Paralympics at the forefront of Olympic news this week. Of course this news will come as something of a gleeful bonus for payment giants Visa, who once again controlled 100% of transactions made during the Paralympic ticketing process.

As news of the Paralympic ticket boost was released, it was also reported that David Cameron has launched an initiative to improve Britain's image abroad and encourage foreign businesses to invest in the 2012 Games - he has predicted that his "GREAT" campaign will generate business profits of at least £1billion for high-growth sectors. 3,500 UK businesses will be given an opportunity for "self-promotion" during the 2012 Games, during which time it is hoped that there will be a big surge in foreign investment.

Yet, while Mr Cameron seems keen to promote the business-friendly image of Britain - particularly in the wake of the 2011 Riots - he seems to have forgotten all about the small, independent shops and businesses which are unlikely to share in the profits generated by international investment and which have been given no platform through which to highlight their need for increased interest, particularly following the devastation caused by the riots - a great deal of which affected smaller, independent shops throughout the capital. 

So, we at Cash is Cool as you to remember what the government seems to have overlooked; the vast majority of small businesses in the UK that most need the economic boost that the Olympics are expected to bring. Invest in the future of independent business by driving small retailers with cash. Help them to avoid the costly charges imposed by card companies and encourage your friends and families to use cash wherever possible. 

Retailers are increasingly bearing the brunt of outrageous card processing charges. Whilst an average cash transaction cost retailers just 1.7p in transportation and banking costs; credit card payments cost a whopping 37.1p and debit cards cost out at 9.2p. These costs are hitting British retailers hard: whilst credit cards were used in just 10% of all transactions last year, they made up more than 44% of processing cost burden. As Visa broadens its dominance over the Olympic payment landscape, this burden is only going to get heavier.

While the UK's big businesses are being given an international platform through which to generate mass profit, it is the smaller businesses that will need our help to survive and to hopefully to thrive during 2012. So, whenever you see Visa promoted as the "preferred payment method" of the London Olympics, remember that cash is the preferred payment method of the local businessman! 

Monday, 10th October 2011

Tags:   olympics  /  london 2012  /  riots  /  paralympics  /  cash  /  small business
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