Cash Is Still King

By Breanna Brown, APG Cash Drawer

Anyone can pay for anything with plastic, but pulling out a wad of cash from your pocket still delivers a sense of gratification no other form or payment can match. Cash is still king, and if you think plastic and mobile payments are about to displace legal tender, consider this: Cash circulation in the United States has increased since 2000, according to the Federal Reserve Bank of Boston.

As of May 2014, U.S. currency in circulation is a whopping $1.28 trillion, according to the Federal Reserve.

In a recent study, the Boston Fed found that cash transactions range from 46 percent to 82 percent, depending on the country where the transaction takes place. In a different study, researchers found that cash accounts for as much as 40 percent of transactions overall and up to two-thirds of purchases under $10.

 So, no, cash isn’t going away anytime soon. It is especially important for convenience stores, small retail shops and eateries that process lots of small transactions daily. Fifty-five percent of U.S. small businesses don’t even accept credit cards, according to a 2012 Intuit study.

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