Cash is dead …. or dead weight, at least.
According to the Sage Payments Landscape report on U.S. small and medium businesses, cash is costing businesses $80.6 billion each year. But 90 percent of consumers say businesses must offer a variety of payment methods.
Of 307 businesses polled, 37 percent reported losing cash to human error, and 65 percent said they waste hours counting and moving cash. Many believe contactless payments will be the standard payment method in under four years.
Here are the numbers:
$80.6 billion | Amount handling cash costs businesses every year
90 percent | Percent of consumers who want businesses to have a variety of payment methods
307 | Number of businesses polled by Sage Payments
4 | Years until businesses believe contactless payments will be the norm
37 percent | Percent of polled businesses who reported losing cash to human error
65 percent | Percent of polled businesses who said they waste hours counting and moving cash