As noncash payments take the lead some merchants are deciding that they no longer want to accept cash. But while there are costs to managing cash (and digital payments, too, obviously), there can also be a cost to a brand for refusing to accept it.
Shake Shack founder Danny Meyer recently penned a blog post giving three reasons why his restaurants were going cashless. Consumers pushed back, giving one reason why they hated the idea and, in the end, their wishes prevailed.
Since 9/11, stricter enforcement of governmental and regulatory-body laws and guidelines has become the norm. New regulations designed to ensure the security of financial transactions, as well as to thwart terrorists' ability to use the ATM to clean dirty cash, have taken their toll on ATM deployers. (Read also,Recession: What about the ATM?)
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And industry executives say that toll is not likely to lighten or lessen anytime soon. In fact, most agree the regulatory environment is only going to become more defined and enforced — not necessarily a bad thing, but something that ATM deployers need to be braced for.