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It costs businesses money to handle cash; it has to be counted, transported, deposited, and it can be stolen.
by ThePowerOfFuet 4y ago
It costs businesses money to handle cash; it has to be counted, transported, deposited, and it can be stolen.
- tanseydavid 4y agoIt is an essential part of doing business. This is almost like pointing out that inventory can be stolen. Of course it can.
- ThePowerOfFuet 4y agoOf course it is, but it was suggested that the businesses would save money by accepting cash; it might be a case of six of one, half a dozen of the other.
- logicalmonster 4y agoIt's fair to say that there's a bit of manual work involved with cash. But I gotta say if my biggest problem as a business owner was having a pile of cash that took too long to count, well that wouldn't exactly rank highly on my list of biggest life concerns to deal with.
- ThePowerOfFuet 4y agoYour employees can't steal card transactions made with your POS equipment. Most banks charge businesses a fee for cash deposits per thousand dollars deposited. It's not typically free. I would say that it's more or less even between cash and card (although much better in Europe where the fees are capped much lower).