CreditDonkey recently assembled a panel of industry experts to answer readers' most pressing questions on the benefits of accepting credit cards via phone.
Appalachian State University Marketing and Supply Chain Management Professor Pia Albinsson was among the experts they consulted. Here's what she contributed:
Can cash-only small businesses survive nowadays?
My take on cash-only small businesses is that they will struggle moving forward. With the Covid-19 pandemic having brought on a shortage of coins, it has made it even more difficult for small and large businesses alike to handle cash transactions. In addition, with an increasing number of people using debit/ credit cards and cashless apps teaming up with banks for seamless transfer of funds, small businesses are going to have to adapt to this trend.
In Sweden, for example, which is moving towards a cashless economy in 2023, very few small businesses are using cash, instead they accept credit cards - or Swish, a cashless app, payments. I believe many other countries will follow this trend due to the increased cost in handling cash when fewer merchants accept cash as tender. I don't think the US will move as fast as some European countries, but slowly move in this direction. If small businesses are to stay competitive they will have to allow for convenient payment options.
Pia Albinsson
