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 I went to the movie theater the other day, only to find that it didn't take cash. I was dumb-struck. Why would a company want to go cash-less? I did some searching around, and from a purely business stand point, there are some compelling reasons to go cashless: One of the main reasons to avoid cash for businesses it that it takes time to count it out, and often customers and employees create errors. Employees may give back the incorrect amount of change. Or a customer may be paying for an item that costs $5. They think they handed the employee $20 expecting $15 back, when they really handed over $10 and so the employee gives $5 back."The customer gets mad and his trust in the business is gone, and he may even talk the employee into giving him the change he thinks is correct, costing the company money. Sounds like a stretch? RealFinancialSuccess.com reports that 82% of all employees who deal with cash have had similar experiences happen to them at least once. The second reason businesses go cashless is because so many workers can easily steal cash and ring up transactions in-correctly, so that the stolen money never even appears on the register and nobody knows money was taken. Of course, statistics on how often this happens are hard to find because employees don't want to admit their faults, but it has been recorded on several surveillance tapings. The third reason businesses go cashless is because cash requires time at the end of the day to count and mechanisms to safely secure the bills from loss or theft. This is time that the owner is paying employees for, and well, time is money after all. The fourth reason businesses go cashless is to avoid daily trips to the bank, which can be a nuisance when you just want to go home after a long days work. Just click a button, and credit and debit transactions can be transferred. There are reasons that consumers may enjoy cashless transactions as well. Jet Blue switched to cashless on-flight drinks and food transactions, and reports: "The hunt for stray dollars and cents is over for our customers," Jet Blue product development manager Brett Muney says in a press release. "Now with a quick swipe of a credit card, in-flight purchases can be enjoyed with ease." Additionally, consumers may find sweeping cards easier than worrying about money. If money gets stolen, it's gone for good. If a credit card gets stolen, simply report the theft to the credit card company and most companies will refund any purchases the thief made. That is actually more secure than cash and quicker too. But aren't there reasons to love cash? Of course. No worrying about paying the credit card bill before interest starts accruing. Besides that... well doesn't it just remind you of the good ole' days? Published: Wednesday 17th of September 2008 01:16:00 PM For more information on credit cards and related topics, please see our library of articles. 
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