Reasons for card-only
Why, then, would it be a good idea to opt for cards only?
Cash is no longer preferred, so it’s not the end of the world to refuse it: Debit card usage overtook cash payments in 2018, as consumers are finding contactless and chip and PIN payments more convenient than fiddling with coins and banknotes. There’s a number of reasons why people have warmed to cards, but the bottom line is this: your sales may not take a dent by only accepting cards.
Banks are making it harder to use cash: In recent years, banks are pushing the trend for card payments by shutting down cash machines and bank branches accepting cash deposits from businesses. This has made it more of a hassle to reach a bank where you can deposit cash takings regularly and get change, plus the charges for deposits have risen. Not dealing with this can be a relief and save you money.
It takes time to manage the till float and cash up: How long do you spend on your cash float? How long does it take to count the money and balance the tills at the end of each day? If you only accept cards, you don’t have to deal with that, which will save you time and money on staff wages.
Counterfeit money is no longer a risk: Some areas of the country are more susceptible to fake notes and counterfeit pound coins, so this is less relevant for some businesses. But there is always fake cash in circulation, which requires skill in detecting at the till point. If you only accept cards, you don’t have that problem.