Jenny Campbell, YourCash CEO talks to New Business about the value that cash brings to small businesses and it’s necessity in the future. With record levels of ATM cash withdrawals in the UK exceeding £128 billion in 2015, it seems cash will continue to have a place in society for some time to come. For small business cash is essential for day to day operations and due to it’s non reliance on power or an internet connection, it means small businesses remain up and running.
For SME’s and micro-businesses cash is not a choice or a luxury, but a necessity. SME’s account for 99% of businesses in the UK and are the foundation upon which the UK economy is built. They are also instrumental in the continued need for physical payment as they are reliant on cash every day when dealing with bills, paying employees or handling customer transactions.
Jenny goes on to say:
Innovation, advancement and improvement should all be encouraged and the moves to card payments, contactless and digitization of the financial world are to be applauded. We now live in a world where it has never been easier to make transactions to anyone around the world at any time.
Cash in business has a place and will remain for the foreseeable future. Whilst change needs to be encouraged, it would be remiss to not be mindful of the value cash brings to businesses.
To assume this will eventually manifest itself in a move to a cashless society is premature and naïve. Cash will remain the great failsafe of businesses and the best opportunity for the poorest to change their situation through entrepreneurial endeavour. No part of society should be excluded from the opportunity to grow, better themselves and achieve and it is cash that makes this possible.
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