Horse riders and owners embrace cashless society
Cheques are still being used, but equestrians appear to be finding more technological ways to pay for services
THE Queen famously does not carry cash, it seems the public is following suit, and even the horse world appears to be turning to alternative methods of payment.
Many people still prefer to work with cash, but from paying farriers to physios and trainers, riders and horse owners are now embracing the “cashless” society.
The use of cash overall is declining, with figures showing that in 2016, it accounted for
40% of all payments in the UK – compared to 62% a decade earlier.
A recent survey commissioned for the Bank of England showed that banknote usage is highest among 16- to 24-year-olds and the over-65s, and it’s especially high in the north-east and
West Midlands.
One in 10 people doesn’t carry cash, with that increasing to one in five of those in the 25- to 34-year-old bracket.
“Cash continues to play a key role for many,” said a Bank of England spokesman, despite the decline. “People who choose to use it do so as it is quick and easy.”
A poll on H&H’s Facebook page showed that many equestrians do still pay in cash, but equally many are using BACS and online payments.
Trainer James Grassick from Gloucestershire told H&H it is becoming more common to receive online payments.
“Online is the best method for me – it’s tidy and makes book-keeping easier,” he said.
Dressage trainer Tania Grantham, from Surrey, finds most of her regulars pay online,
too, which she also prefers.
“Over the past 18 months I’ve found around 80 to 90% pay online,” she said. “Online is easier for both sides. With the hours that I work I’m not able to go to the bank during normal times and it’s much easier logistically and for my records. It gives me a back-up record and makes banking easier.”
Cheques may seem dated to some, but in the horse world they are still used, too.
Marilyn Hayward from Gloucestershire told H&H:
“I pay the farrier by cheque.
It’s convenient and I don’t use internet banking.”
Many larger companies accept cards, but this is not always suitable for smaller businesses.
Olivia Hunt, who has recently set up as a physio in Cheshire, told H&H: “After buying the machine you have to pay for any transaction made. And then there are other costs [such as a minimum usage fee].
“For a small self-employed business, it isn’t viable.”
Equine vet Richard
Sutcliffe added on Facebook: “I have a pocket card machine which I bought for £30 (no rental fees or contract tie-in), which works from an app on my iPhone, but being paid by card costs me around 2% [of the transaction].”