With technological advancements on the rise and the focus set on expanding the digital world, finances have not been left out.  In the payment processing arena, cash transactions have been decreasing with the increased use of card, computer and phone payments.  Rather than having to carry and count bills and coins, consumers can access their bank accounts within seconds thanks to various devices.  Cash was once the only form of payment available, but will it soon be obsolete?

It is hard for cash to compete with the latest trends in payment processing that are now offered by many merchants.  United Card Solutions equips businesses with devices and services such as wired and wireless card terminals, payment processing for online retail, payments over the phone and more.  Because of this, individuals can make faster and more convenient purchases both in person and remotely.  The more technological payment processing options also allow businesses to keep better track of sales, as the devices can connect to record-keeping software that can generate reports.  There have been issues with fraud as a result of credit card payments, but United Card Solutions abides by the Payment Card Industry (PCI) standards for protecting consumer and business information.

Having to visit a bank or ATM to withdraw cash and be in person for purchases does not keep up with society’s trends towards the most convenient and streamlined methods of completing tasks. Withdrawing and carrying cash can be worrisome for some because of security reasons, and it can also be clunkier to keep in a wallet or pocket.  However, there are some benefits to paying with cash.  Some individuals have reservations about keeping their money in a bank, so they prefer to use cash and know exactly where their money is.  Individuals and businesses that are cash-only can also avoid any fees that could potentially occur from credit card payments.  Others believe it is easier to keep track of their money and purchases by using cash, because they do not have to continue to reference a bank account to keep tabs on finances.

While there may be some benefits to using cash, it should absolutely not be the only option for a business in today’s world.  United Card Solutions shares that consumers prefer to pay with cards, their phones and online.  In the case that a customer enters a cash-only store and has no bills on hand, the business will lose a sale.  The future of cash is unknown, and while cash transactions will likely continue to be left in the dust, there may always be a use for keeping bills and coins a part of financial transactions.