Monzo Bank’s Post

Are you caught in a barrage of rising Chargebacks? In this clip, Sara H. highlights the importance of gearing up for the Q4 surge in Chargebacks and shares 3 actionable takeaways for merchants. #Payments #Chargebacks #Ecommerce

I heard this on the news: 📢 Cash is making a comeback! For the second consecutive year, cash usage in shops has risen, reversing a decade-long decline, according to the British Retail Consortium (BRC). 💷💳 In 2023, cash accounted for one in five transactions, as many shoppers found it easier to manage budgets using physical currency. However, the conversation around cash isn’t just about budgeting—it’s also about accessibility and safety. Charities recently highlighted to MPs that a move away from cash risks excluding vulnerable groups, including: -Women escaping abusive relationships, who may rely on cash for essentials without being tracked. -Older individuals and those with mental health challenges, who may lack the digital skills to rely solely on cards or devices. As Deidre Cartwright from Surviving Economic Abuse explains: "Access to cash can be a lifeline for safety and survival, especially for women in difficult circumstances." Cash isn’t just a payment method—it’s a lifeline for many. How can businesses and communities balance the shift to digital with the need to remain inclusive? Are you a cash or card user? #CashMatters #Inclusion #RetailTrends #FinancialWellbeing #VARTAN

What will make your Tuesday better? That's right - a quiz on chargebacks. Jokes aside, chargebacks are the pandemic of #HighRiskCardProcessing, with awareness and correct mitigation you can reduce your chargeback ratios. #chargebacks #quiz #cardprocessing #merchantaccount #ecommerce #cardpaymentdisputes #highriskpayments

🗣️Clickbait rant or conversation 🤝 What do you prefer? 📰 Interesting to read in today's BBC News by #KevinPeachey that the UK is using more cash this year than last 💷 ↗️ Lots of people saying "Cash is Back" but we know it never really went away, what we see every day is that it's not a question of #CardOnly or #CashOnly it's all about "The Power of Payment Choice" in simple terms “Let people pay the way they want and need to pay”. After years of decline, I see cash use on the rise again as a natural settling to where cash transactions are in today's society, something I’ve noticed over the past 18 months of research as we brought our #AcceptCash solution to market. I feel that cash transactions will hover in and around the 20% mark of payments for the next 5 to 10 years with a little rise and dip here and there. The small rise could be due to the continuation of the shopping public coming back to cash to help them manage their finances more effectively, we all know that sections of society need this function for their independence, peace of mind and security. But what we don't read about in reports like today is that for savvy business owners who purchase using cash, it is a simple equation of  "If I bank this cash at the Post office (as my Bank has abandoned the high street) I will be charged a fee of c£1.50 per £100, but if I spend to buy stock, goods and services then I avoid these fees and I protect my bottom line". I do find it fascinating how many businesses overlook the "hidden" costs associated with cash handling like manual processing such as counting, reconciliation, and bagging up before they think about depositing their takings, these costs quickly add up. Businesses are more switched on to Card Payment fees (I'd like to think that acceptcards® Independent Payment Experts has helped here banging the drum since 2005) 😁 saving our partners £Millions in that time. So really what have I been waffling on about??? I suppose I'm trying to educate that in implementing efficient payment solutions, businesses can streamline operations, reduce costs, and ultimately improve their bottom line. We don't have to have the battle of #CardvCash, but in opening a conversation we can ensure that we give everyone the means to #paytheirway and help each other’s businesses optimise how we process payments (Card & Cash) to unlock significant time and monetary savings." #paymentchoice #cash #card #smartsafe #digitalpayments #financialinclusion #accessibility #paymentsolutions

Cash Payments on the Rise Again: Implications for Financial Services In a surprising shift, cash usage in retail transactions has increased for the second consecutive year after a decade of decline. The British Retail Consortium (BRC) reports that one in five transactions last year were made using cash. This trend underscores a significant change in consumer behaviour, driven by persistent inflation and the cost-of-living crisis. Key Insights for Financial Services Leaders: Enhanced Budget Management:  Consumers are increasingly turning to cash to better control their spending, highlighting the need for financial products that support budgeting and financial literacy. Support for Vulnerable Populations: Cash remains crucial for individuals in abusive relationships, older adults, and those with mental health challenges who may lack digital skills. Financial services must ensure inclusive access to all payment methods. Risk of Exclusion:  The shift towards cashless systems can marginalize vulnerable groups, emphasizing the importance of maintaining diverse payment options to ensure financial inclusion. As we navigate these economic challenges, it’s essential for financial services to adapt and support diverse payment methods. Let’s work together to foster an inclusive economy that meets the needs of all consumers. #FinancialServices #CashPayments #ConsumerBehavior #FinancialInclusion #RetailTrends #CostOfLiving https://lnkd.in/e9P658Yf

💡 Did you know you can automate your savings with Monzo? Set up rules to transfer money into your savings pots automatically, so you can watch your savings grow without lifting a finger! 📈💚 Start saving effortlessly today. What are you saving for? Share your goals with us! #Monzo #SavingsMadeEasy #BudgetingTips #SmartSavings

📣 Check out this Modern Retail article featuring our own Michael Mallon discussing the growing challenge of chargebacks for subscription service companies.  https://lnkd.in/gTGHBYHB #chargebacks

Calling all acquirers, MSPs, PSPs, and fintechs! If you’re headed to Las Vegas for ETA Transact and want to learn how to modernize your chargeback and dispute systems, you should meet with our Chief Strategy Officer Rick Lynch. #etatransact #chargebacks #friendlyfraud #payments 

Saving can be tough, but it doesn't have to be. ThriftWise makes it easy and secure to build your savings. Start saving with THRIFTWISE this weekend! #friday #weekendgoals #centrumfinance

The UK is currently experiencing a huge financial shift, with cash use in the shops rising for a second year in a row after a decade of falls, according to retailers.   Why? Because persistent inflation and the cost-of-living crisis are changing the way we shop. In fact, 1 in 5 shop purchases are now being made with cash to help people effectively manage their budgeting. And according to this recent BBC News article, its clear that people want a choice when it comes to spending, so why not give them the best of both worlds? What are your thoughts? Let us know below👇   #CostOfLivingCrisis #Inflation #CashBudgeting