You’ve probably noticed there’s a lot less cash to go around nowadays. Nearly everyone offers a different payment option than counting bills and change. Even money transfer services can send money without you or the recipient having to deal with cash!
Remitly allows you to, “safely send money directly to your recipient’s bank account.” That means you can begin the transaction on an app on your phone and it can be completed with the funds being deposited in the recipient’s bank account without any need to handle cash whatsoever!
The question is, why is cash money being taken over by alternative forms of payment, like credit cards and direct pay services?
Cards and other payment methods are safer than cash for many different reasons. A few include:
- They provide traceable records
- Funds are recoverable if stolen
- Most cards come with security features
- Most cards include certain protections
It turns out cards and other payment methods are safer for businesses too. Having cash in a register can be dangerous. That’s why many gas stations and other establishments regularly advertise that they keep very little cash in the store.
If a restaurant or store doesn’t take cash at all, they never have to worry about being burglarized.
It’s More Sanitary
Cash changes hands over and over again. It can be placed in wallets, purses, and some other places you’d rather not think about. That means it’s covered in germs.
That can be bad for restaurants and retail stores that want to reduce sick time.
Getting rid of cash altogether means cashiers can keep their hands cleaner throughout the day. Not only will it keep them from getting sick, it will also prevent their fingers from becoming discolored.
Dealing with Cash Takes More Time
A lot goes into a training a cashier, and a good chunk of training involves the handling of cash. They have to know how to punch the right numbers into the machine, make change, and policies have to be in place that deter employees from stealing the cash in the drawer. Not to mention, employees have to be trained to clear the registers at the end of the evening and the money has to be deposited into the bank.
Ditching cash can save stores a lot of time. Cards are processed automatically, which saves time, but companies will also spend less time on training.
There’s Less Room for Error
One of the most convincing reasons for restaurants and stores to get away from cash is the fact that there’s less room for error. It isn’t uncommon for registers to be off at the end of the day as cash exchanges hands back and forth dozens of times. Systems automatically keep track of exact payments so cashiers can’t make any mistakes.
There are still plenty of places where cash is accepted, so don’t give up on it just yet. However, we can be fairly certain that at some point in the not-too-distant future, declining cash payments in lieu of credit and direct pay services will become the norm.