Cash and Digital Payments: Different Strokes for Different Folks
In Australia, the debate over cash versus digital payments has sparked diverse opinions. While some businesses wholeheartedly embrace cashless transactions, others remain steadfastly cash-only. Pub owner Sam James, who has operated her establishment as cash-only for over 15 years, shares her unique perspective on this payment divide.
James’s decision to ditch digital payments was prompted by a series of events, including storm damage that forced her riverside pub to close temporarily. During this closure, she re-evaluated her business finances and realized that the restaurant side was no longer viable. With a diminished need for EFTPOS transactions and the cost of maintaining the equipment, she decided to go cash-only.
At the time, this transition was relatively seamless, as cash was still widely used. James installed an ATM to accommodate out-of-towners and found that her local patrons were largely unaffected by the change. However, as payment methods became increasingly digitized, she encountered occasional difficulties with visitors unfamiliar with cash payments.
Despite these isolated incidents, James maintains her cash-only policy for several reasons. She believes it encourages patrons to donate loose change to a charity tin for Albany Community Hospice. This approach has proven successful, with the pub raising $9000 for the hospice last year.
James acknowledges that the cash landscape in Australia has evolved since she implemented her cash-only policy. She recognizes that this approach may not be suitable for all businesses, especially in urban areas. However, she emphasizes the importance of finding what works best for each individual business and its specific circumstances.
