Money is not accepted! Yes, we do not want your bills and coins!

As a shop owner, I have decided not to accept cash. Sounds crazy? – I do not think so. Money use in Canada has been on a steady decline more than the final quantity of years. And there are plenty of good factors for it:
most men and women get their pay directly deposited into their bank account or get paid by a cheque which goes into same bank account.

Most (if not everyone) have bank debit cards and credit cards. Debit or credit cards are accepted almost everywhere. Truly, I cannot name a spot in GTA that nevertheless does not accept any cards. Properly, perhaps just hot dog stands? We all like collecting our points, such as Air Miles, Petro Points, Dividend Money Back or any other rewards supplied by credit card businesses. Cash is dirty. Germs alert. Believe of all the individuals who held the bill you have in your valet or pocket. Money can be effortlessly lost or stolen.

You might ask, if I am, as a company owner, obligated to accept money. Soon after all, it is a legal tender. NO. Not in Canada. Any organization operating in Canada can select to accept or refuse to accept any form of payment, as lengthy as its policies are clearly displayed to clients.

Going “cashless” was not an easy selection. I feared – what if it will scare away all customers? So, I’ve conducted a tiny survey on money usage. Beginning with my close friends and loved ones, and moving onto individuals I would meet in other retailers. The question was: how typically they pay by money for anything other than a coffee? “Very seldom”- was the answer by about 80% of them. And when asked if they had at least 1 Debit or Credit card – all of them stated “Positive.” Moreover, most of them added that they never ever carry much more than $ 20 in money.

Not accepting cash can also save you cash. Of course, there are all kinds of charges you spend as a merchant for accepting credit or debit card transaction. But, due to the fact these days, you just have to accept “plastic cash”, you pay these charges anyway. And getting $ 20 or $ 50 or even $ 100 a day in cash is not going to save you. But it will expense you added time each day to count POS cash balance ahead of opening and right after closing. It will also complicate your accounting, because cash on hand and bank account balance are two separate items to maintain track of. It will cost you even far more due to human error aspect, since your sales clerk offers change for cash payments.

And lastly, current example of Costco Gas Stations not accepting cash inspired me to do the very same. I’m certain that soon much more organizations will come to similar conclusion.