The Invisible Cost of Cash - Article By Viktoria Soltesz at The Green Sheet
Viktoria Soltesz, founder of PSP Angels and The Soltesz Institute, has published a new article, "The Invisible Cost of Cash," in The Green Sheet, a US-based payments industry publication established in 1983, covering payment processing, banking, fintech and industry developments.
Every time someone mentions payment digitalization, another person always adds, "Cash is free."
Yes, when using the good old dollar, we will not see payment processing or banking fees, but it doesn't mean all cash transactions are completely free of charge.
Printing, storing and using cash all cost money and can be very expensive.
Cashing up at the end of the day costs money. Somebody receives an hourly wage to count the drawer, check the receipts and reconcile the difference, but the drawer also regularly finishes short.
The biggest hidden fee costs everyone.
Merchants pay through higher insurance premiums, stronger security measures and greater staff controls, but society pays through tax leakage, policing, crime and lost public revenue.
If you do not know where to look, you will never see it.
Read the full article in The Green Sheet:
