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This Small Firm Stopped Accepting Cash and it's Been Great for Business

04/03/2018

Summary

A small London café owner, Ross Brown, stopped accepting cash over a year ago and says that business is better than ever. The decision to go cashless, for Brown and many other small business owners, has helped make business faster and safer and the UK now ranks as the third most cashless country in the world. This transition toward digital and card payments is forcing many organizations that typically rely on cash to embrace new technology. 

Key Points

  • Going cashless is saving the company the time usually spent counting money and making trips to the bank
  • Going cashless is safer for businesses because it leaves no cash available in stores for break-ins and robberies

Discussion Questions

  1. How can going cashless benefit the movement of cash in our economy?
  2. How will going cashless affect the money supply in our economy?
  3. What benefits will card-only transactions have for small businesses?

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