Cashless transactions are a burden for small businesses

OPINION: Reductions in transaction fees paid to banks and credit card companies would help save brick and mortar Canadian businesses, which are facing many new expenses and significant lost revenue due to the pandemic.

Over the course of the last few months, businesses in every sector have been navigating through the rough and uncharted waters of the COVID-19 pandemic. Particularly for small and medium-size enterprises, these rough waters have been more like a tsunami and, unfortunately, many will not make it to shore.

For those businesses that do make it to dry land, there are going to be changes. Customers will have changed their buying habits, at least for the foreseeable future. Additional expenditures will be required for new in-store health and safety measures, such as the installation of plexiglass, enhanced cleaning protocols, face masks, sanitizers, implementing in-store limits on customers, and curbside pickup or delivery options.

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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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The debate

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Electronic Payments are not the only option: Cash remains

Cash or Cashless: A short 2021 Assessment

Turning Cashless? The COVID-19 excuse

Cash remains an economic and social Asset

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New York City Cashless Stores must comply with the law