Paper and coin currency have been with us for thousands of years, but many believe that cash will cease to exist in the coming years, because of environmental initiatives to reduce paper and plastic consumption.
Nearly every consumer worldwide owns a credit or debit card, allowing them to make purchases seamlessly using a swipe of reusable plastic. Bitcoin, a crypto-currency, and other contactless payment options make it seem likely that cash is well on its way out the door.
The thing is, people have been predicting the demise of physical currency for decades, but money keeps on printing. Regardless of these contactless currency initiatives, cash is still holding strong worldwide.
What Makes Cash So Coveted?
While electronic payment methods are more convenient in theory, it isn't always so in practice.
The majority of security breaches occur via credit card transactions. With the swipe of a card, financial and personal information can be stolen. Cash is untraceable, making it a secure form of payment.
Technology Is Fallible
Credit card systems can easily fail, while cash can always be accepted. Other than exclusive e-commerce sites, cash is accepted everywhere, and can easily be tracked by money counter machines.
Cash Is Easy to Carry
While credit cards can be easy to carry as well, it's less likely that you see someone pulling a card straight out of their pocket. Children without bank accounts are rarely trusted to use a parent's credit card, and are more likely to be given cash. Cash can be folded up to fit anywhere, and is less devastating to lose.
Cash Is Instant
While PayPal, Venmo, and even some credit card scanners can take days to process your transaction, cash exchanges are immediate, and your bank account balance remains the same.
Regardless of how rare it may seem nowadays for people to carry cash money, having it as a fallback is always a safe bet. As long as even one consumer carries cash, brick and mortar establishments will accept it as payment.
Counting Cash
While cash as a concept is easy to keep track of, as it requires no electronic processing, counting cash is where may businesses have trouble.
Like credit card machines, human hands and minds are fallible as well. This is why money counter machines are so important to have.
With the help of high quality scanners,cash counters, and other retail cash management systems by CashTech, your business could be able to assure 100% accuracy for all cash transactions.
