It’s Monday, you didn’t have time to make breakfast, so you decide to grab a quick donut and coffee before you get to the office. However, because you’re in a rush you missed the “cash only” sign on the window. At this point, you already know what donut you want and the aroma of fresh-brewed coffee and baking donuts is the only thing you can think of. Unfortunately, when you get to the register they employee behind the counter reminds you that “it’s cash only!” Not only are you going to be late to work but you also can’t get your donut and coffee you’ve been craving. You start to wonder why is this happening, but also why would a business owner want to operate a cash-only business. To answer your question, there are many reasons why a business owner would or wouldn’t want to operate a cash or cashless business.
For example, some advantages of going cashless include: the reduction of operating expenses, provides more security and improves the overall customer’s experience. On the other hand, there are some pitfalls as well. They include the possibility of excluding potential customers, more business fees, and customers may raise concerns about their privacy.
To get a more comprehensive understanding of going cashless, check out the infographic from Fundera. This will give you a better understanding of the pros and cons of going cashless.
