When the COVID-19 pandemic started in early 2020, the experts predicted it would spell the end of cash around the world. They were wrong. Today there is more cash in circulation than ever before.
Despite misinformation that handling cash could spread coronavirus - which was quickly dispelled - US consumers are carrying $20 more in cash on them than they did before the pandemic. The average consumer now caries $74, according to the Federal Reserve Diary of Payment Choice.
What are the Benefits of Cash?
CASH IS UNIVERSALLY ACCEPTED
Globally there are still many stores, restaurants and services where electronic payments aren’t accepted. Cash is the only universally accepted method of payment.
CASH IS PRIVATE
Cybercrime, including identity theft, is big business for criminals and one of the easiest ways to obtain consumer information is through electronic payment methods. So much so that 56% of Americans cite protection from data hacks as their top reason for using cash.
When a consumer pays with cash, they maintain autonomy, and their personal rights to privacy are maintained. With an electronic payment, there’s always a digital trail – something many Americans prefer to avoid.
CASH IS ESSENTIAL IN AN EMERGENCY
When a natural disaster strikes or networks go down, all methods of electronic payments are lost. According to cashmatters.org “during a crises, the demand for cash sharply rises. We trust real currency and it’s in almost every country’s top recommended emergency items.” With cash, the economy can continue despite a local, state or national crisis.
CASH IS SECURE
Unlike electronic methods of payment, cash can’t be hacked. And while counterfeit banknotes are sometimes found in circulation, it’s not very common and can easily be spotted with security built into currency.
CASH HAS NO FEES
All electronic payments come with a fee. Whether that fee is paid by the consumer at the point of sale or paid when money is transferred electronically through popular apps or passed onto the consumer in the form of higher prices on products or services, someone has to pay.
Providing Easy Access to Cash Benefits Your Business
The experts were wrong, obviously. The pandemic didn’t kill off cash. Cash is here to stay! And, savvy business owners know that offering easy cash access by having an ATM on-site can not only affect their bottom line in the form of recurring revenue but also provide a service customers want and have come to expect.
Don’t have an ATM, find out if you qualify for a FREE machine. Not happy with your current vendor? Give us a call at (800) 849-3029 to find out how Heath ATM can help you optimize your ATM and increase income.