Retail Law Minute: Is Cash Still King?
Cash is king the old saying goes, but a growing number of business owners disagree, at least in respect of the forms of payment they are willing to accept, opting instead to accept credit and debit card payment only.
These businesses cite increased efficiency, fewer health risks for their employees from handling (dirty) money, and lower costs all around, with less trips to the bank required among other things.
But it could raise legal issues depending on the jurisdiction, and critics claim that the practice of not accepting cash is racially exclusionary, with a disproportionate impact on those who have less access to banking or credit. For this reason, there is a resolution pending in the New York City Council that would prohibit retailers and restaurants from refusing to accept cash.
So what do you think: is cash still king?
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