Over 60% of Carlow businesses expect to grow next year

Six in ten Carlow businesses believe their business will grow over the next 12 months despite global economic uncertainty, according to a recent survey.

61% of Carlow businesses expect to grow this year despite the cost of living crisis and running costs dominating as key concerns

Unsurprisingly the cost of living crisis and running costs, chosen by 78% and 81% of respondents respectively, were the main concerns the majority of Carlow business owners had on impacting their business’ bottom-line.

22% felt they could scale back or possibly close – this was joint highest across the country, along with Offaly. 

BOI Payment Acceptance (BOIPA), a leading provider of payment technology solutions, recently surveyed Irish businesses about the current payment landscape as well as business confidence and concerns

Businesses in other midland counties, Laois (85%) Westmeath (73%) and Kildare (73%) claimed the increase in card transactions over cash has benefited their business.

36% of Carlow businesses are unaware there is no contactless limit on mobile wallets – better than the national average

2 in 10 Carlow businesses felt they may need to scale down or struggle to survive this year.

“Our merchant insights show that businesses are continuing to embrace digital payment technology. Results from this year’s survey emphasise the continued growth of digital and mobile wallet payments, a greater awareness of the adjacent benefits of digital payments for small businesses, and lastly the very upbeat sentiment amongst Irish businesses despite the challenging macro-economic picture.” BOIPA’s General Manager, Conor Quirke

As well as offering quicker and more seamless transactions in-store, 62% of Carlow businesses also said accepting more card payments at the expense of cash is more cost effective, safer and more secure than handling cash and helps with administrative tasks.

This sentiment was strongest in neighbouring counties Laois, Westmeath and Kildare. 2 in 5 businesses nationally felt the general increase in card over cash transaction had made no material change to how they run their business.   

Over 4 in 10 businesses nationally are unaware that there is no contactless limit on mobile wallet transactions. Merchants in the Carlow scored better with just over a third (36%) unaware that there was no limit. 

Mr Quirke notes how the survey’s findings signal businesses’ growing consciousness of the benefits from the continued advances in the digital payments sector.

 "The number of businesses unaware of the absence of a contactless limit on phones and watches may seem high but, given that businesses claimed less than 10% of transactions were made through mobile wallets just two years ago, the potential of this new payment trend is still being realised.

“Our findings show that businesses are becoming accustomed to realising the adjacent service benefits digital payment technology offers -  from reducing cash lodgement trips to the bank branch, managing day-to-day cash flow through to streamlining administrative tasks and planning. And let’s not forget the reduced security risk of not having large amounts or indeed any cash on site,” he said.