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Thread: Visa offers $10K incentive for small businesses to go cashless

  1. #1

    Visa offers $10K incentive for small businesses to go cashless

    -In an effort to help companies modernize their systems and processes, Visa is offering U.S. small businesses monetary incentives to go cashless.

    The financial services company said Wednesday it will give 50 U.S.-based small business owners as much as $10,000 as part of a program to push companies to update their digital payment technology. Visa said the program, which is currently focused on restaurants and food establishments, will be expanded into other industries, and potentially other countries, within the coming months.

    Despite the proliferation of credit and debt cards, and the advent of technologies like Apple Pay and Samsung Pay, cash remains a significant method of payment in many industries across the U.S. and around the world. Going completely cashless often requires upgrades to current point-of-sale systems, which remains an impediment for many small businesses, which is largely where cash remains king.

    "We are declaring war on cash," said Andy Gerlt, a spokesman for Visa.

    To participate in Visa Inc.'s Cashless Challenge, small business restaurants, cafés or food truck owners will need to describe what cashless means for them, their employees and customers.

    Visa isn't doing this for charity. The world's largest processor of credit and debit cards takes a fee from every payment that runs on its network. The more payments done through them, the more revenue Visa gets...

    http://www.foxbusiness.com/markets/2...-cashless.html

  2. #2
    I was surprised that businesses are allowed to refuse cash, this article explained it: https://u.osu.edu/zagorsky.1/2016/08...o-accept-cash/

    The gist is that law states, cash if legal tender to be used to pay a debt. Until you consume something, it is not a dept. As long as you are required to prepay, they can legally refuse cash.

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