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Cash-Based Businesses That Must Change to Survive

Cheapism Logo By Kris Scott of Cheapism | Slide 1 of 21: Even before COVID-19, there were questions about whether we were moving toward a cashless society. For example, a 2018 Federal Reserve survey found that debit card usage had surpassed cash as the preferred payment method for the first time in history. And while there was push back against businesses refusing cash, with cities like San Francisco and Philadelphia banning such practices, there is little doubt that the coronavirus crisis has reignited a cash backlash, with business owners, their employees, and customers concerned about bills' and coins' ability to transmit infection. So, what's a mostly cash-based business to do moving forward? We spoke to small business owners and finance experts to find out. Related: Essential Changes Businesses Are Making to Reopen Safely

The Bucks Stop Here?

Even before COVID-19, there were questions about whether we were moving toward a cashless society. For example, a 2018 Federal Reserve survey found that debit card usage had surpassed cash as the preferred payment method for the first time in history. And while there was push back against businesses refusing cash, with cities like San Francisco and Philadelphia banning such practices, there is little doubt that the coronavirus crisis has reignited a cash backlash, with business owners, their employees, and customers concerned about bills' and coins' ability to transmit infection. So, what's a mostly cash-based business to do moving forward? We spoke to small business owners and finance experts to find out.

Related: Essential Changes Businesses Are Making to Reopen Safely

© Justin Sullivan / Staff / Getty Images News / Getty Images North America / Getty Images CC

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