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Majority of Businesses Still Rely on Cash Payments: Survey

Despite the popularity of digital payments, almost six out of 10 businesses except to never be cashless.




Majority of Businesses Still Rely on Cash Payments: Survey

While electronic and mobile payments are expanding, 57 percent of businesses globally expect to never be entirely cash-free, according to an international survey by PayComplete.

Forty-one percent of respondents said their businesses still use manual cash-handling processes, while 35 percent encourage customers to pay via credit card or mobile device instead of cash in order to increase efficiency.

Despite the remaining prevalence of cash payments, there are still issues that retailers are facing with the payment method – 34 percent said their largest concern is discrepancies handling cash. Training staff to handle cash transactions and processes is a further concern to retailers – 31 percent said they are increasing training and adjusting their procedures due to lack of automation.

When three to five people handle cash, 20 percent of the value is lost for the organization, according to the report. When over six people handle cash, the cost of security increases over 380 percent.



She Wanted to Spend More Time with Her Kids. She Called Wilkerson.

Your children are precious. More precious than gold? Absolutely! Just ask Lesley Ann Davis, owner of Lesley Ann Jewels, an independent jewelry store that — until the end of 2023 — had quite a following in Houston, Texas. To spend more time with her four sons, all in high school, she decided to close her store. Luckily, she was familiar with Wilkerson and called them as soon as she knew she wanted to move on to bigger, better and more family-focused things. Was she happy with her decision? Yes, she was. Says Davis, “Any owner looking to make that life change, looking to retire, looking to close, looking for a pause in their career, I would recommend Wilkerson. Hands down!”

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