Headlines

Majority of Businesses Still Rely on Cash Payments: Survey

Despite the popularity of digital payments, almost six out of 10 businesses expect to never be cashless.

Published

3 weeks ago

April 25, 2024

PETS+ Staff

PHOTO: ISTOCKPHOTO

While electronic and mobile payments are expanding, 57 percent of businesses globally expect to never be entirely cash-free, according to an international survey by PayComplete.

Forty-one percent of respondents said their businesses still use manual cash-handling processes, while 35 percent encourage customers to pay via credit card or mobile device instead of cash in order to increase efficiency.

Despite the remaining prevalence of cash payments, there are still issues that retailers are facing with the payment method – 34 percent said their largest concern is discrepancies handling cash. Training staff to handle cash transactions and processes is a further concern to retailers – 31 percent said they are increasing training and adjusting their procedures due to lack of automation.

When three to five people handle cash, 20 percent of the value is lost for the organization, according to the report. When over six people handle cash, the cost of security increases over 380 percent.

NASC Media Spotlight

At first it was just an idea: Animal supplements needed the same quality control that human-grade supplements receive. But that was enough to start a movement and an organization —the National Animal Supplement Council — that would be dedicated to establishing a comprehensive path forward for the animal supplements industry. In this Media Spotlight interview, NASC’s president, Bill Bookout, talks to PETS+ interviewer Chloe DiVita about the industry today: Where it’s headed, what’s the latest focus and why it’s vital to gain the involvement of independent pet product retailers.