Nothing compares to the physical, tactile feeling of money. There's a reassuring weight to it and you can actually visualise it to understand it. You know how much you have and how much you are paying, because you can see it and you can feel it. But as much as cash appeals to our tactile sensibilities, it's incredibly inconvenient, especially compared to cards.
Cash is being used less and less, not only by young people, but even by the elderly segment, so businesses need to give up the ghost and go cashless, for the benefit of everyone involved. Here is why card payments are superior to cash payments.
Card Payments Are Easier, Clearer And Less Of A Faff
The first thing to point out is the comparative ease of all the financial transactions. Imagine you've got a restaurant and a table of 5 wants their bills made out separately. Now think of how much of a faff it is to split the bill and for them to each pay in cash, for you to give them change separately, then count tips, etc. It's so easy to get mixed up. The same with counting money in the cash register at the end of the day, splitting tips between servers, and generally splitting money into categories and where it needs to go.
When cards are used, everything is just much easier and clearer for everyone. There is just one transaction being performed, and it's automatic. The customer slips their card into the machine and there is no risk of them shorting you or the server charging more, etc. At the end of the day, there is no money to count and recount - the total is easy to see. That's why cash payments have gone down to just 40%, according to The Guardian.
Using Cards Over Cash Decreases Theft
If you've got a place that is known to deal with a lot of cash, theft is a very real concern. Petty thieves look for places like this intentionally, in order to make the robbery as quick, easy, and fruitful as possible. If all you've got to show is a card machine and no real cash in the cash register, there is virtually no reason for someone to break into your store, unless you sell jewelry or other valuables. It's like an investment in your safety and the safety of your future income.
Card Machines Are More Efficient Than Cash
Millennials don't carry cash
If you've been paying attention at all, you will have noticed that Millennials, who are the customers to attract right now, don't really carry cash. They don't like it, they don't have it, and they hate dealing with it. Even places where you would traditionally operate with cash, such as fast food, now operate with card machines, or online payments. You just pay on the website, or even better - through an app like UberEats or Deliveroo. No more cash upon arrival when your takeaway gets delivered. And if they eat in, they'll still use their cards, even if they split the bill.
Card machines are faster to use
What's faster than swiping a card? In fact, nowadays cards are contactless, and with the emergence of new technology like Apple Pay, smart watches and phones and other devices and gadgets, payment only takes a second to be made and processed. Compare the convenience of that with the faff of cash.
Say you have a coffee shop and you've got a massive line during the morning rush. Isn't it easier for everyone to just use their card or smart payment device, instead of spending 15 minutes looking for change in the bottom of their purse? There's just no contest, a card machine saves oodles of time.
Card machines make it easier to keep track of payments
When everyone uses cards, it's so much easier for everyone involved to actually keep track of transactions and payments. The customers can check their statement to see exactly what they spend and where, instead of trying in vain to keep track of where their cash goes. This can be supremely helpful for budgeting purposes. If you're interested in that, The Money Advice Service has tips to help. As for the business, it's much easier for them to keep track of what they've sold and how much they got paid as well, and there is a zero chance of getting stiffed.
As you can see, the future is now and it's time to go cashless! There are numerous reasons why this is the right move, as it is estimated that cash payments will fall to just 21% as soon as 2026.