Cashless business: a mistake to avoid

Are you thinking about going cashless with your business? Before you start investing in only cashless solutions as part of your Point of Sale (POS) system, take a minute. This is because more cities and states are introducing legislation banning cashless businesses.

New York City is the latest city to jump on the movement and ban restaurants and other retailers from rejecting cash payments. As with other states who have similar laws that are pending or already in the books, the fines are hefty.

In the case of NYC, a first-time offense carries a $1,000 fine and up to $1,500 for additional violations. New Jersey has fines beginning at $2,500 for a first-time offense going all the way up to $5,000 for a second offense.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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