The Problems With Using Cash

Whenever people talk about money, they generally use words such as “dollars”, “cash” and “bucks” to describe it. All of these terms bring to mind images of dollar bills, which is arguably the most popular way to think of money. But these days, money isn’t always made of paper. And yes, while the Canadian Mint is now making dollar bills out of a polymer-based plastic, we’re referring to a different kind of money.

Plastic, in the form of credit and debit cards, is very popular in Canada. Once the Canadian Mint makes all dollar bills with their new formula, our country will literally be a paperless one when it comes to our money. But even with cash still readily available, most Canadians tend to use their credit and debit cards to make payments during shopping.

There are many reasons that plastic has become more popular than cash in Canada. We’ve been detailing these reasons in our blog over the past couple of weeks. Among the most popular reasons is convenience. However, some people are simply used to using cash to pay for their purchases. But having cash on your person can sometimes present more problems than solutions.

It’s Bulky. The more money you have in cash, the harder it is to carry around. Who wants to walk around with a huge wad of cash in their pockets? Sure, it sounds good to have a lot of money. But carrying cash can be both uncomfortable and dangerous. You certainly don’t want to advertise the fact that you have a lot of money on you. Consider what would happen if it was stolen.

It’s Irreplaceable. When you lose your cash, or it is stolen, there is generally no way to get it back. When your credit card is lost or stolen, it can be replaced. Even if fraudulent charges are placed on the card, it doesn’t mean that you’ll be responsible for them. Often, your credit card company will be able to open an investigation to dispute the charges while getting you a new card.

It Provides Less Value. Paying with cash gives you less value for your purchase. This is because many credit cards often offer rewards programs that give customers points each time the cards are used. Many people enjoy rewards as lavish as free vacations simply because of years of credit card use. Cash, of course, allows you to buy your product or service – and that is it. No added bonuses ever.

It Leaves You Stuck. Let’s suppose you’re really interested in making a purchase. But you’re just short a few dollars in cash when the item is finally rung up. What to do? With a credit or debit card, you’ll never be stuck in this situation. Plastic provides you with the freedom to spend as you wish without worry of coming up short. Let’s face it. It’s just more convenient to not walk with cash anymore.

Now, that you’ve seen things from the customer perspective, consider things from the perspective of the business owner. You don’t want your customers to have to worry about loss or theft of cash. You don’t want them to not enjoy greater value from their purchases. And you certainly don’t want them to be stuck without enough cash. Give them the option of paying with plastic. Call up Canadian POS Corporation at 1-877-748-2884 for help.