Majority of Businesses Still Rely on Cash Payments: Survey

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.

PETS+ Staff

Since launching in 2017, PETS+ has won more than 20 major international journalism awards for its publication and website. Contact PETS+ editors at editor@petsplusmag.com.

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