The new cash law, which comes into effect on October 1st, requires stores to accept cash, which could lead to increased cash handling in many businesses. With more cash in circulation, it’s crucial to have robust security procedures to protect both employees and assets.

Here are five important points to keep in mind:

1. The Obligation to Accept Cash

One of the main changes in the law is that stores and other retailers can no longer refuse customers who wish to pay with cash. Previously, it was common in many places to only accept digital payments, but now this could result in fines if customers are denied when they want to pay in cash.

2. Exceptions for Self-Service Solutions

While cash must be accepted at manual checkout counters, there are exceptions for self-service checkouts and machines. This means that stores with automated solutions do not necessarily need to install cash-handling systems for these. However, for many, it might still be beneficial to have a solution that covers both cash and card payments.

3. Stricter Penalties for Violations

Businesses that do not comply with the law risk fines. This serves as an incentive to ensure that consumers maintain their right to use cash. For many businesses, it may be wise to consider how they can streamline their cash-handling routines to avoid such penalties.

4. Increased Need for Secure Cash Handling

With more cash in circulation, security around cash handling will become even more important. Solutions that ensure safe counting, transportation, and storage of cash can be crucial in avoiding risks related to theft or mishandling.

5. Changes in Customer Service and Payment Experience

Retailers' ability to accommodate cash-paying customers can also impact the customer experience. Customers who feel ignored or overlooked may potentially turn to competitors who offer better payment solutions.

Having the right cash-handling solutions in place is now more important than ever. With the new law, it might be worthwhile to consider working with professional partners who can assist with secure and efficient solutions for cash and payment handling. This can help you stay within the law while also ensuring a better experience for your customers.