Heath wonders what Dave thinks about the recent trend of some businesses no longer accepting cash as payment. Dave tells him it's kind of silly, plus there's the possibility of the practice doing damage to a company's market share.Show Transcript
QUESTION: Heath asks for Dave’s opinion of businesses that no longer accept cash. Dave thinks it’s kind of silly, and points out this philosophy can hurt a company’s market share.
ANSWER: I really don’t spend a lot of time thinking or worrying about the situation. When it comes right down to it, most businesses are doing that for one or two reasons. Some of them just think cash is old school, and they want to give the impression they’re cutting edge and into technology. Others do it, depending upon the space they’re in, because their sales using plastic are higher than with cash.
Honestly, I think the whole scenario is kind of silly. Businesses that are suddenly into the “no cash” thing lose out on a lot of transactions. There are still many people out there who only make purchases with cash. So, from a business owner’s perspective this philosophy can cut into your market share.
I’m a cash guy. There are some situations where I might walk away if someone wouldn’t accept cash. But in most cases I don’t think anything about it. I’ll just use my debit card, and buy what I need.