Why Cash Won’t Go Out of Style
As a business owner, you’re no doubt familiar with the many different ways that customers can pay these days. Once upon a time, it was only cash. Checks eventually made it into the picture, then debit and credit cards, and now we live in a world where people can pull out their smartphones and find a hundred different ways to pay. Times are a-changin’, but that doesn’t mean that the old mainstay, good hard cash, needs to go out the window.
As a company who offers ATMs for sale in Richmond and surrounding areas, we know that there will always be a need for cash, not only for consumers but for businesses as well. Servicing ATM machines all over the area, sometimes we run into people who second guess the need for machines such as ATMs when we’re moving into an increasingly cashless world. Well, here are some reasons why cash will always have a place:
Cash Helps People to Spend Less
It’s true that there’s no real difference between $100 in debit, and $100 in cash. One does not provide more than the other, just because they’re different mediums of payment. But with that being said, it is well-documented that people tend to spend less when they’re using cash, and the reasons are purely psychological.
In a nutshell, credit and debit cards just make it too easy to spend money. People can kind of sort of dubiously track their balance in their head, but this is never as reliable as seeing it spelled out in front of you in bills and coins. When you start off with a $100 bill, and four purchases later you’re holding less than half of what you started with, it’s much easier to realize how much you’re really spending — that small stuff adds up!
Cash Helps People Set Limits on Spending
One problem with credit cards and debit accounts is that you pretty much have all of your money in one place. It’s like a bottomless well (well, we wish it were bottomless, but you get the point); even if you set a mental limit on how much you want to spend, it’s exceedingly easy to accidentally cross that line.
For people who keep a tight budget, that’s a huge no-no. That’s why many people prefer to use cash for discretionary spending. If you say “I have $150 for eating out this month” and you have it in nice green bills, that money will eventually run out, and for similar psychological reasons mentioned above, it’s much easier to accept that you’re at the end of the line.
Cash is Anonymous
While this isn’t a huge problem, given that most people aren’t on the run from the FBI, the fact remains that we’re living in a world that grants us less privacy by the day. Everything we do, it seems, is monitored. Cameras watch us in public places, smartphone and internet apps spy on us, and all of our purchases are tracked when we use digital payment methods.
The bottom line is that some people just like their privacy. Even if you’re not buying anything shady, there’s something nice about paying for something in cash, and knowing that it’s not being logged into some permanent cloud database for the rest of eternity. As the world becomes ever more digital, this will probably become increasingly important to people.
There Are Still Things That Cards Can’t Buy
This is much less of a problem than it was ten years ago, and we suspect it’ll be even less of a problem ten years down the line. Nonetheless, there are still many products that are so small-scale that the merchants haven’t adopted a digital payment system. And, as it turns out, some of those products are the best of the best deals.
Local food comes to mind. Have you ever seen a rolling food stand? These are often operated by a single person who may take cash-only payments. The same can be said for flea markets and garage sales. Sure, it’s becoming easier every day for the little guys to get credit card processing systems, but not everyone goes through those steps. Online meetup deals such as Craigslist are good examples as well. No matter how digital our currency gets, there will always be deals out there which are cash-only.
Cash Can Save Small Businesses in Fees
As a small business owner yourself, you probably have a good grasp of how important it is to offer multiple payment systems. People get turned off if they’re unable to spend their money, and in general, being as flexible as possible creates more opportunities for people to buy your stuff. But with that being said, you’re probably equally aware of the punishing fees which are paid out to various parties in digital payments. Cash purchases can help small businesses to keep more of the cut, and even if it’s only pennies, the small things can add up in a big way.
ATM Machines For Sale in Richmond
All of the reasons mentioned above, it’s prudent to have an ATM machine in your store, or in a popular shopping district. It allows customers to quickly retrieve cash, which is quite often beneficial to them and your business. At Tritec, we offer a wide variety of ATMs for sale, and we can also service existing ones with new parts, repair, or full replacement. If you’re in Richmond or any of the surrounding areas, we urge you to contact us today.