A 2019 DepositAccounts.com survey took a closer look at how many people are living a cashless lifestyle and explored the reasons people forego carrying cash on the average day.
- Approximately 22% of survey respondents said they were not carrying any cash when we spoke to them. Not surprisingly, the younger the respondent, the less likely they are to have cash — 35% of the youngest respondents did not have any cash on them.
- About 1 in 3 respondents wouldn’t be able to make a $20 cash purchase without going to an ATM first. Around 33% of the people we surveyed said they withdraw cash a few times a month, 21% responded they withdraw cash once a week or more, and another 21% get cash once a month. Meanwhile, 11% withdraw cash once every few months, and 14% withdraw cash even less often than that
- Approximately 67% of Americans have been caught in a situation where they regretted not carrying cash, and nearly 6 in 10 have been in an emergency situation where they needed cash but did not have any. Millennials and members of Gen X were most likely to have been in a situation where they regretted not carrying cash. Members of Gen X are also most likely to have been in an emergency situation where they needed cash.
- Nearly 55% said they are frustrated when a business only accepts cash payments. Millennials are generally most likely to feel this frustration.
Their conclusion? Most Americans don’t carry cash simply because they prefer paying with card.
“I think many people, especially the younger generation, much prefer the safety and convenience of debit and credit cards versus cash,” says DepositAccounts’ founder Ken Tumin. Cards offer some protection through security features and the chance for cancellation in case your wallet is lost or stolen, for example. After all, once cash is lost or stolen, it’s gone.
Here’s where Motus Financial, Inc. comes in.
By offering your customers multiple payment processing options you are giving your business its best opportunity to succeed. Nowadays fewer people carry cash, relying instead on paying by credit and debit cards. If you fail to include credit card payment processing in your small business plan, you are likely to experience many missed opportunities to make a sale.
Reach out to one of our experts to learn how our card processing can help your business grow. https://motuscc.com/credit-card-solutions-for-industries/small-business-cc-processing/