podcastsinenglish Level B.75 Cash or card?
Aug 30, 2018
Explore the rising trend of cashless transactions and how they're reshaping businesses, especially in hospitality. Discover how card processing has transformed with simpler machines, making payments easier. Learn about the surprising statistic that while card use increases, cash circulation remains high. The discussion dives into why some still prefer cash, including economic behaviors from the 2008 crash and the need for anonymity in transactions. Ultimately, the balance between cash and card is crucial for different businesses.
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Restaurant Cash-Counting Burden
- Restaurants used to count and reconcile large cash takings after busy nights, which consumed time and resources.
- They then stored cash overnight and faced bank deposit charges when banking large sums on Monday.
Card Payments Raise Order Values
- Card-processing has become much cheaper and more streamlined than in the past.
- McDonald's saw individual order values rise about 30% after introducing cashless kiosks.
Switch To Modern Card Readers
- Adopt modern, cheaper card readers to streamline payment processing in hospitality.
- Use card systems to reduce counting, safe storage, and bank-deposit hassles.