Back in August I wrote an article that we are moving very close to being a cashless society. Well an article from The Washington Post on August 31, 2018 seems to have confirmed this as businesses really want to go cashless on everyday transactions.

Per the Post, “many retailers have valid reasons for going cashless. Accepting cash can leave them vulnerable to theft and can generate miscellaneous costs, such as the extra hours needed to close the register and the armored vehicles required to take money to the bank. It can also result in slower service, because it generally takes more time to process cash and calculate change at the register.”

A restaurant with several locations within the Washington, DC area has gone cashless and found the are able to process up to 15% more transactions by accepting credit or debit cards! This means faster transaction times equal faster order completion! With this in mind, there is no doubt that more businesses will be looking and adapting  this model.

Of course there is some backlash as opponents feel that low income individuals that do not have access to bank accounts or credit cards will suffer. Yet Washington, DC has actually thought ahead and created the “Bank of DC”. Per the Post, “The city government has already started this process by partnering with financial institutions and nonprofits to establish Bank on DC, a program that provides financial education and expands access to low-cost accounts. The program has helped open more than 11,000 accounts since 2010. This type of initiative, which can help residents adapt to a rapidly changing financial landscape”

It is reasonable to think that other large metropolitan areas will be doing the same to help those individuals participate in this new cashless society.

Plastic is here to stay and will only grow. Is your business ready to grow into the future?