This article is reprinted by permission from NextAvenue.org. Companies that went cashless in the past few years, whether to increase the speed of transactions or reduce the theft of cash, are experiencing some whiplash. Take salad chain Sweetgreen
SG,
-2.98%,
which stopped accepting cash in 2016 only to reverse course just a few years later. The move was in response to growing criticism against cash bans and, recently, new laws.
An increasing number of states are forbidding businesses to refuse payment in cash and accept only credit cards, debit cards, mobile payment apps and other digital methods to transfer funds. Supporters of cash payments say that requiring retailers to accept cash promotes financial inclusion and prevents discrimination against those mostly lower-income people who do not have bank accounts and rely on currency. The new laws also are forcing many small and mid-sized businesses to adapt. If you’re a business owner wondering how these bans could affect you, read on to learn how to adapt to changing consumer preferences while maintaining compliance with these new laws. Also see:Sweetgreen’s bet on salad robots finds a skepticWhich states have cashless bans? Card-only policies have been controversial for years but they became more so during the COVID-19 pandemic as retailers and merchants went fully digital to limit physical contact between customers and clerks in an effort to minimize the spread of the virus. After a growing number of businesses went cashless during the COVID-19 pandemic, a backlash by some consumers and advocates for the poor pushed many states and cities to enact local cashless bans. Four municipalities and nine states currently have laws requiring retailers to accept cash, including:
New York City
Philadelphia
San Francisco
Washington, D.C.
Colorado
Connecticut
Delaware
Massachusetts
Montana
New Jersey
Oregon
…
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SG,
-2.98%,
which stopped accepting cash in 2016 only to reverse course just a few years later. The move was in response to growing criticism against cash bans and, recently, new laws.
An increasing number of states are forbidding businesses to refuse payment in cash and accept only credit cards, debit cards, mobile payment apps and other digital methods to transfer funds. Supporters of cash payments say that requiring retailers to accept cash promotes financial inclusion and prevents discrimination against those mostly lower-income people who do not have bank accounts and rely on currency. The new laws also are forcing many small and mid-sized businesses to adapt. If you’re a business owner wondering how these bans could affect you, read on to learn how to adapt to changing consumer preferences while maintaining compliance with these new laws. Also see:Sweetgreen’s bet on salad robots finds a skepticWhich states have cashless bans? Card-only policies have been controversial for years but they became more so during the COVID-19 pandemic as retailers and merchants went fully digital to limit physical contact between customers and clerks in an effort to minimize the spread of the virus. After a growing number of businesses went cashless during the COVID-19 pandemic, a backlash by some consumers and advocates for the poor pushed many states and cities to enact local cashless bans. Four municipalities and nine states currently have laws requiring retailers to accept cash, including:
New York City
Philadelphia
San Francisco
Washington, D.C.
Colorado
Connecticut
Delaware
Massachusetts
Montana
New Jersey
Oregon
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