Is Cash Still King? The % of Payments Still Made with Cash
In our world of credit cards, electronic payments, and online banking, it can seem like no one is using cash anymore; however, statistics show that this is not the reality of the situation. A study recently done in the United States found that there is over 80% more American cash in circulation today than there was only ten years ago. A similar study showed that in just one year there was over a trillion dollar increase in the number of American cash sales around the world. It may seem like electronic payments are taking the world by storm, but clearly, for those businesses dealing in cash sales, there is still a call for bill and coin counters as well as other cash handling supplies.
The Need for Cash
The demand for paper and coin currency fluctuates due to different economic issues, changing interest rates, and sometimes natural disasters. During difficult times people often turn to physical currency. The causes for cash influx and demand are wide ranged and can be difficult to anticipate; however, one thing has been made apparent, there will always be a need for coins and paper money. Overall, people find it more tangible as they can hold cash in their hands and this makes most people feel like they are more in control of their finances. What this means for those in the finance world or in businesses that make large quantities of sales is that coin, and currency scales are essential. The wide variety of Semacon Coin and Currency Cash Handling Products are timeless aids to make cash handling more secure and efficient.
The Percentage of Payments Made in Cash
A recent global survey shows that cash sales make up over 85% of all sales around the world. This figure is remarkably only a tiny 2% lower than the results of a similar study taken over ten years ago. These figures indicate that there is a minimal decrease in the use of physical money around the world and that are trillions of dollars being spent in cash each year. These figures translate into over a trillion reasons your company needs coin and currency scales. With the added aid of money counters, you can save time and ensure accuracy for all your transactions.
Why is Cash Still Preferred Around the World in This Digital Age?
The preference to use cash is a personal choice for each individual. However, there are a variety of reasons the general population chooses to utilize physical money, including:
- Cash requires nothing but itself to be used. There are a limited number of establishments that do not accept physical currency and even fewer goods and services that you cannot purchase with cash. In stark contrast to the freedom money gives a person, there are often restrictions on what you can buy with checks or credit cards, and some establishments have minimum amounts required for the use of non-cash forms of payment or cannot accept other payment options at all.
No Bank Accounts or Credit Checks Required
- With cash, there is no middle man. If the customer has it, he or she can use it immediately. There is no concern as to the balance in the bank and no worries about the value that the current system places on his or her creditworthiness and how that will affect their ability to spend. They can be comfortable with what they have, and that can sometimes mean an increased willingness to use their money.
No Need for Mobile Data Rates
- Where online banking and mobile bank access have changed the banking world in some pretty mind-blowing and incredible ways, there is something ironic about having to pay for internet or data fees on your phone so that you can access your own money. When using cash, a customer does not have to own a mobile phone, pay for the internet, or get charged extra for data. It is more comfortable and overall more money conscious in this way to utilize real money.
These reasons that people prefer tangible cash over electronic transactions give you and your business reasons to need specialized counting devices such as a Semacon S-2200 Currency Discriminator, Tellermate TIx R1000 Coin And Currency Scale or one of our many other currency processing solutions!
PBS Office and All the Currency Counters Your Business Needs
Check out our website to learn more about the different currency counting options that we offer. You can count on PBS Office to have the cash handling office equipment that you and your business need to succeed in our cash-driven world.