Locog take cash away from British businesses with ticket contract

British businesses have voiced outrage over the decision to award a £million Olympic ticket printing contract to a company based in the USA, robbing Britain's economy of the opportunity for a much-needed financial boost.

Eleven million Olympic and Paralympic tickets will be printed by a firm in Arkansas, USA before being shipped 4,500 miles to the UK in time to be distributed before the start of the Games in July, which seems utterly ubsurd given that there were a number of companies based right here in the UK competing for the same lucrative contract. It is entirely understandable that British businesses are struggling to understand the decision, particularly as news of the deal came just weeks after David Cameron's promise of numerous financial benefits for all British businesses as a result of hosting the historic sporting event.

With Visa and other big name international companies dominating much of the sponsorship deals as well, it seems that small, independent businesses in the UK are being completely forgotten by those in charge of the Games. While impressive statements about increased tourism and £1billion profits are being made in the media, there is little evidence of any of this becoming a reality for small business owners who are so desperate for the increase in revenue.

So, we at Cash-is-Cool urge you to take control yourselves - give the independent business owners here in the UK the cash influx that they need! Allow them to avoid the costly charges placed on every credit or debit card transaction (credit card payments cost a whopping 37.1p and debit cards cost out at 9.2p) and use cash (an average cash transaction cost retailers just 1.7p in transportation and banking costs). While it may not seem like much, every little will do a huge amount to ensure that British businesses can take full advantage of the economic boost that the Olympics should provide them.

The costs of card transactions 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. By using cash we can do what Locog and the government seem unable or unwilling to do and give a much-needed boost to British business.
 

Thursday, 9th February 2012

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