Despite predictions that the pandemic would kill cash, the opposite happened. U.S. consumers are carrying more cash today than they did prior to the pandemic. According to the Federal Reserve Diary of Payment Choice, Americans carry $74 in their wallets and purses on average – up $20 from 2019.
And Americans are not ready to say goodbye to cash anytime soon. When asked as part of an ING survey, 65% of Americans disagreed with the statement, “I would prefer if cash did not exist,” showing that a large majority still approve of a cash-based economy.
The truth is there are some instances where cash just cannot be replaced by electronic payments. When it comes to gift giving, tipping, paying the babysitter or the teen who cuts the grass, donating spare change to a charity or helping someone in need – cash is king.
Benefits of Paying in Cash
Universally Accepted ─ Even with a wide variety of payment options available, there are still many bars, restaurants, cafes, stores and public agencies that don’t accept cards without charging a fee. Cash is universally accepted everywhere and there is never a fee to use it.
Natural Disasters & Emergencies ─ When a hurricane, tornado or winter storm hits, electricity and internet may go down rendering all electronic payment methods unusable. In these instances, cash becomes the only viable method of payment. According to CashMatters.org, “during a crises, the demand for cash sharply rises. We trust real currency and it’s in almost every country’s top recommended emergency items.”
Privacy & Security ─ Paying in cash doesn’t leave a data trail. Not only is cash the only private way to pay for goods and services, it also protects consumers from the risk of identity theft and other cybercrimes and allows for autonomy and individual freedom. In fact, 56% of Americans cite protection from data hacks as the top reason for paying in cash.
Reap the Rewards of Having an ATM in Your Business
As a business owner, you must adapt to the needs of your consumers. And if you can’t, consumers will find another business that can. In fact, a staggering 85% of U.S. consumers say they would not shop in a business where they couldn’t use their preferred payment choice.
Studies show that offering customers easy access to cash by having an ATM on-site helps to attract new customers, increases traffic and builds customer loyalty. It also provides customers with the freedom of paying as they wish. And, as the business owner you earn income every time the ATM is used.
Don’t have an ATM in your business? Find out if you qualify for a hassle-free, no cost ATM!
