British Business Counts the Costs of Cashless

A UK business has called on customers to use cash whenever possible, reasoning that it helps keep money within the local community and eases the burden of card payment fees. Their conclusion? ‘Use it or lose it.’

Hartlepool-based caterer Only Food and Sauces took to Facebook to make their request, firstly assuring people they could continue to use their payment option of choice, although cash is strongly preferred.

Detailing the benefits of cash payments, the post gives a scenario of a £20 banknote beginning in someone’s pocket, and being used to pay for a round at the local inn. The inn then takes this note into Only Food and Sauces and exchanges it for catering services. The small business owner uses the note to pay the barber, who buys shopping with it, and so on. ‘After an unlimited number of payments, it will still retain a £20 value.’

Envisioning the same scenario with card payments, the issuer charges a fee at every step, eroding the value being spent within the community as each business pays a transaction fee and quickly using up the starting £20, with banks and card companies benefitting instead of the local area.

The post ends: ‘Use it or lose it, folks… Once it’s gone, we won’t get it back! Cash is king!’ Commenters are supportive, saying the explanation helped them think about cash versus cashless in a new way and expressing concern about Britain becoming a cashless nation.