A growing number of small and midsize businesses are going cashless—accepting payments only by debit card, credit card or mobile wallet. The Los Angeles Times is one of several outlets reporting on the trend. Last year Visa held a “Cashless Challenge” giving $10,000 to each of 50 small business owners who went cashless. Winners were uniformly enthusiastic about the benefits of being cash-free.
Cashless Businesses on the Rise
So far, the no-cash trend is mostly limited to restaurants, usually fast-casual chains that want to keep lines moving during busy day parts. However, 44% of consumers in a TSYS survey prefer paying with debit cards and 33% prefer paying with credit cards; just 12% prefer using cash. Is the time approaching when going cash-free in your retail store will be a smart move?
