The long-lived standard of paper and coin currency is nearing its end. The simple truth is that between debit and credit cards, mobile wallets, and various other ways to pay are bringing about the beginning of the end of Washington, Jackson, and even Franklin.
The truth is that when businesses accept cash payments, there is a certain element of risk involved. First you have the human element. A clerk has to take a payment and in most cases must give the customer back some change. This is assuming that the clerk has the ability to do the simple math it takes to subtract the transaction total from the amount tendered. While the average third grader can do this, you know what your mother always told you about assuming. In addition to this oversight, bills can stick together, drop on the floor or even be mistaken for a different denomination. Also, when employees do not have to worry about this exchange of currency they can focus on providing superior customer service.
When cash is accepted as a payment it also decreases the speed of the transaction as compared to accepting credit cards. The clerk must take the extra time to count out the change and double check to make sure it is accurate. Credit card transactions are mostly completed by the customer themselves through POS terminals and swipers. Thus freeing up time for the employee to wrap up the sale and provide the best customer service.
The next con about accepting cash payments is that it tends to not be very clean. With the average lifespan of a $1 bill being 18-22 months, you can imagine the amount of dirt, bacteria, and other generally gross germs. Decreasing the amount of cash used in transactions can definitely help improve the overall health of the employees at your business. And may also keep your customers from getting sick too!
According to a 2009 University of Massachusetts study, 90 percent of 234 paper bank notes tested positive for traces of cocaine. Another 2001 study found traces of heroin, methamphetamine, and PCP. While these levels are very low and not enough to make someone sick, it still makes you think about what our paper money goes through.
It’s hard for anyone to deny that payments are shifting from greenbacks and coins to plastic and electronic. And while cash isn’t going to disappear overnight, it benefits merchants to adopt the technologies of the future to get ahead of the curve.
Contact one of our payment experts today at 877-517-4678 to learn more and get setup to take payments.