Cash may be stifling your community’s potential, and you may not even realize it.
As the world increasingly moves to a digital economy, communities heavily reliant on cash are getting left behind. People living in financial deserts aren’t able to access the same goods and services as the rest of the world. Financial desserts are communities where structural barriers to accessing financial resources exist and where there are few or minimal relationships between community members and the financial institutions that drive economic development.
This means your community may be increasingly behind in utilizing state-of-the-art technologies that could move families, businesses and schools toward a brighter future.
Helping your community break free from cash is vital to ensuring future prosperity. Why? Let’s explore:
- Business owners moving to accepting payments cards, working with payment processors, don’t have to spend as much time storing, counting and depositing money, and can reinvest their free time to relax, spend time with family or innovate.
- Moving to digital payments can help small businesses compete with larger corporations, as it opens up the opportunity to process transactions from customers outside of county lines via phone and web sales.
- No cash means lower crime rates, because there is no tangible money to steal.
- As mentioned, using cards opens communities up to the global economy. This means more information, more purchasing power and more opportunity.
- Customers that use cards spend on average 16% more than customers that don’t, meaning more revenue for your business.
Curious about how you can help your community break free from cash? Master Your Card can help. We offer a variety of informational resources for families and businesses looking to make the transition into the global digital economy.