Banks also charge for cash services, many business accounts may just include it in the price, but someone has to physically count, collate and move around the cash, often with security. There are costs for running a computer system, and costs for using cash that businesses have always paid. Some small businesses definitely do not understand that, but cashless can be cheaper and safer depending on your country and quality of banking services.
I can’t comment on the situation in other countries, but in the US, in the majority of cases, it’s cheaper for businesses to take cash. In the US, the first few thousand dollars of cash deposits are typically free every month. Beyond that, pricing varies. My bank charges 0.35% on cash deposits, which is considered quite high, though it works out to only $42 per week in my example above. The credit union I have my personal accounts with charges 0.15%, which would be $18 a week.
The cost of labour has already been factored in and it still results in savings. The cost of security is comparatively negligible. A $300 safe is a one-off purchase that pays for itself in a fortnight.
Banks also charge for cash services, many business accounts may just include it in the price, but someone has to physically count, collate and move around the cash, often with security. There are costs for running a computer system, and costs for using cash that businesses have always paid. Some small businesses definitely do not understand that, but cashless can be cheaper and safer depending on your country and quality of banking services.
I can’t comment on the situation in other countries, but in the US, in the majority of cases, it’s cheaper for businesses to take cash. In the US, the first few thousand dollars of cash deposits are typically free every month. Beyond that, pricing varies. My bank charges 0.35% on cash deposits, which is considered quite high, though it works out to only $42 per week in my example above. The credit union I have my personal accounts with charges 0.15%, which would be $18 a week.
The cost of labour has already been factored in and it still results in savings. The cost of security is comparatively negligible. A $300 safe is a one-off purchase that pays for itself in a fortnight.