With a New Year upon us what better way to celebrate a fresh start than to relate a recent experience that highlights the persistent that we are counting on currency, again. Many times we have related stories and forecast scenarios that strongly suggest we will continue to need access to cash. This story is no different, other than the overt effort to discourage credit card use. In this time when credit card and other nefarious (ed.) payment companies who actively promote their product instead of cash are being opposed by a grass-roots initiative.
An increasing number of retail operators are posting notices to customers that communicate a preference for cash or debit card instead of credit cards. They sometimes go further and state that service fees and other costs associated with credit card transactions were the driving force behind their simple request. Like all of us, these retail business people are trying run their lives and businesses for the lowest reasonable cost and to maximize revenue as much as possible.
A member of my family recently gathered with some of her friends at a local restaurant. On their way to their table, they passed a sign stating the above noted request. It is a certainty that all members of the party noticed the prominent sign. I am reasonably sure they even discussed it once they were seated and had ordered their first glasses of wine! No matter but my family member took the time to take a picture, pass it to me (I wonder why?) and tell the story to a number of friends and other family members.
The point of the matter is this. We are counting on currency, again and we will continue to count on currency for a very long time. Take that to the bank and look forward to a bright future for our industry.
The Organization noted in the photo above is the Canadian Federation of Independant Business. They have some interesting opinions on cash versus credit cards.