While there is an increasing inclination toward a Cashless economy worldwide, one cannot oversee the cash prevalence in many industries. There has been increased acceptance of e-money in many ventures, while some still prefer cash. In the Covid 19 crisis in the last two years, there has been an increased emphasis on contactless transactions. For this, there has been an increase in online money transfer platforms dealing with electronic money. Let’s see ‘9 Businesses Still Cash Only.
Cash-only ventures are those that only accept cash payments and exchanges. It is to escape taxes and ensure instant liquid cash in times of requirement. Some businesses that are still cash-only are auto services, Christmas tree businesses, flea markets, and more.
9 Businesses Still Cash Only
There are top 9 businesses around the globe that still are Cash only ventures, such as:
1. Auto Services
The car services have remained highly paid in cash. An average American is estimated to spend $800 on their car. Given the triviality of the tasks such as washing and repair, the payments are in cash. The income of the industry is estimated to be $500 million annually.
2. Christmas Tree Business
While the festival comes around only once a year, the business it provides is enormous. While the festival is central to the Christian community, it is celebrated by various communities. The celebrations are with the near and dear ones, and the need for authentic décor never ceases.
The US has recorded a sale of around 20 million trees in the holiday season. The revenue from the same has been as high as $1 billion. While most people refrain from carrying cash for various reasons, this business remains cash-only. People are willing to pay for the trees. The business has flourished and remains heavily cash-only.
3. Flea markets
The business in these markets is cash-only, between vendors and customers and vendors and vendors as well. In the United States, these have generated a revenue of $30 billion each year.
4. Food truck
Since the services are affordable and cheaper than the big restaurants, the business is cash-rich. Since the payments are low they are in cash. Food trucks in the US have made as much as $50,000 each month.
5. Home Services
Even in the innovative world, where machines are available to reduce the burden on humans, some jobs still have to be done by the traditional method. For instance, house painting, domestic, plumbing, carpentry, etc., are still dominated by conservative ways of work and payments. The payments are usually in cash. It is a large industry across the US and is expected to increase to $31 billion.
6. Laundry industry
The laundry industry in the US has seen a gradual growth in the use of services, with rapid urbanization. There have been reported 35,000 Laundromats in the Us alone, which generate close to $300,000 annually. The payments are in cash given the coins and notes systems.
7. Nail Salon
While the industry remains modern in its services, providing a way to meet modern-day beauty standards; the methods of functioning remain rather traditional. The payments are often cash only.
According to statistics, the market of beauty salons, including nail, hair, and skincare,
Has amounted to $57 billion in the US, even during the pandemic surge. The market rates for well-established businesses are as high as $10 billion. Usually, with cash-only payments, this amounts to high income and low taxes.
8. Transport
Given the low local commute fares, the industry remains rather cash–only. Since it is mostly for intercity transportation, the fares are fairly lower. People tend to make payments in cash to avoid hassle with electronic devices. The companies in the US have reported the value of about $8 billion in the transport service with cash-only payments and are forecasted to have a positive hike.
9. Vending Machines
The busy schedules of people and an urge for go-to snacks and drinks have resulted in an increased venture and use of vending machines. The estimated surge predicted for the industry is $8 billion.
Vending machines selling products other than drinks and snacks have also been on the rise and have witnessed an increase in the number of users as well.
Conclusion
While all the boons and banes of the cashless world different in common people’s lives, the business world views it differently altogether. For these the essential considerations are taxes. If the payments are done in cash, one can easily escape paying a hefty amount of taxes. It is because the money they receive is recorded only by them, which they can easily manipulate. While it does not sound like a noble thing, it does help the owners save a lot of funds which are reallocated for better equipment in the firm, worker wages, etc.
FAQs
- What Are The Advantages of a Cashless Economy?
Now people are not burdened with cash to places they go. The environmental hazards are low since cash requires paper, thereby cutting down the tree; one might not need to cut trees for electronic money.
- What Are The Disadvantages of a Cashless Economy?
For instance, if a person is not carrying cash and has no internet connection or signal on their device, it becomes difficult for them to make payments. Also, the increasing need for fast internet services has posed a hazard to terrestrial given the increased setup of mobile towers.
