What To Do with Stores Going Cashless

(FinancialHealth)- Everybody’s going cashless! Can a store refuse cash? The answer is yes. Is it legal for stores to refuse cash? In the world that we’re about to live in, the answer is still yes. With the rise of digital currency, your credit card or debit card is now your main key to buying the everyday things that you’ll use to survive. Cryptocurrency may play a role in all of this later on, but it seems things haven’t reached that stage yet!

Nonetheless, doesn’t it just bother you to take ‘No’ for an answer from the cashier when offering a cash payment? The reality is that this isn’t just happening to you, but it’s happening to many American shoppers who may find cash more convenient. We’re going to discuss why the retail world in America is going cashless and what you as a shopper can do to adapt.

Why Has Cash Become the Outcast? 

As the economy is changing, cash will definitely have less importance in the foreseeable future. Here are just a couple of reasons why stores across the country are going cashless:

  • Safer for Customers & Staff: Worried about germs? You should be! Paper money is probably the biggest magnet for them. Every time you give paper money to the cashiers, you’re putting their life at risk. Once you receive your change, they’re actually putting your health at risk. In an age of viruses and pandemics, debit/credit cards can make transactions germ-free with a single swipe.
  • No Rewards for Armed Robbers: Imagine an armed robber busting into the store only to find that there’s nothing to steal. There’s no cash in the registers. As a matter of fact, there may not be any registers at all! Going cashless will protect both staff and customers from harm by giving criminal elements fewer incentives.
  • Eliminates Theft: Every store has its share of bad apples. Every now and then, there comes a time when an employee can slip a $10 or $20 bill into his/her pocket. That can’t happen if it’s a cashless store!
  • Counterfeit is No More: Fake bills are never a problem with stores that don’t accept cash as a form of payment in the first place. This will protect businesses from losses due to the use of counterfeit money.
  • Cheaper, Simpler Equipment: Cashless stores can now throw those big, archaic, and bulky cash registers away. Now, a transaction can be complete by simply swiping a card. The equipment is simpler and is almost the size of a calculator. It’s also cheaper!
  • Don’t Have Change?: Remember that moment when you had to wait for the cashier to get more change to pay you back? That’ll never be the case in a cashless store. If you’re in a hurry, all you have to do is shop, swipe, and you’re out.

Tips for Adaptation 

It goes without saying that the country is eventually heading for cashlessness. Digital currency will be the new way of doing business soon. There’s little you can do to stop it, but you could take a couple of steps to adapt. First, if you feel that a cashless store hasn’t treated you the right way, you should complain to a store manager. Most likely, they’ll find ways to accommodate your payment preferences. Second, if you don’t have a bank account, credit, or debit card, you can look into Bluebird American Express. It’s a service that offers reloadable prepaid cards, so you can pay using a card but without opening a bank account. They’re usually very user-friendly and you should not have any problem getting them. Finally, if you still find the idea of using cashless stores inconvenient, it’s always a good idea to join a cause worth fighting for. You can join groups of concerned citizens who want to modify state laws so that it is compulsory for every business establishment to accept cash. Getting involved in these causes is a great way to be a positive contribution to society.

Disadvantages of a Cashless World

Going cashless doesn’t really mean that we’re going to live in the typical world portrayed in sci-fi movies. The move towards being cashless is a lot more complicated than that! Transferring cash money into the digital world will definitely have its setbacks, especially for those who will find it difficult to adapt. We’d encourage you to think and reflect on the following:

Your Shopping Privacy Will Come To An End! 

Privacy is a thing of the past. With every swipe of your credit/debit card, corporate America will now know exactly what you’re buying. Based on the data that they collect, they can begin to profile you and learn more about what type of person you are. In the good old days, that would be more difficult when cash was king. Yet, with the way things are going, the king may have to abdicate!

Digital Vulnerability 

If you think crime is over just because someone can’t steal the cash in your wallet, you’re wrong! Criminals will adapt to the new digital reality we’ll live in, even if it is cashless. Your accounts will always be vulnerable to hackers. Unless security software developers stay ahead in the game, those who have bank accounts and have gone completely cashless could be sitting ducks.

Glitches Can Have Serious Consequences

When your money is not in your hands and is in some database, there’s always the potential for a glitch to happen. Sometimes these glitches can either limit or completely prevent access to your funds. This is why it is important for you to know that the digital systems at banks are not foolproof. There will be technical problems that could prove costly.

Time to Pay the Payment Provider

Aren’t you forgetting something? When you pay the piper, you’ll also have to pay the payment provider. Payment providers do require fees for you to use their services. Though the fees may seem small, they do add up over time. For those who have to save every cent they can, this will prove to be a big challenge.

More Tempting to Overspend

Who doesn’t like shopping sprees? In a cashless world, it’s effortless to swipe, swipe, and swipe. You get your receipt, you move one, and you keep shopping. But sometimes when you don’t have a physical/visual sense of what you’re spending, it’s easy to get carried away and overspend. When cash was around, you always had some type of awareness that you were low on cash. So make sure that every time you swipe, check that account to know how much you spent!

~Here’s to your Financial Health!

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