More Shops Prefer Card Payments — But Has a Disadvantage
Particularly in the Corona crisis, many local businesses invite their customers to pay by card. Cash seems to continue to lose importance – and this has a disadvantage.
The preference for cash payment is declining worldwide. A recent survey showed that 38 percent of customers now pay by card more often during the corona crisis than before the crisis for local goods like commodities and services like HVAC (learn more about these services here). But that’s not all: the majority of consumers who have changed their payment behavior said that they wanted to maintain this in whole or for the most part even after the crisis.
Preference for cash is declining – online banking is increasingly popular
But it is also evident elsewhere that the importance of cash is declining, the report continues. For example, people in this country are increasingly managing their money digitally: Only about one in twelve bank customers refuses online banking, quotes Die Welt from a study by the investment portal Weltsparen and the online commercial bank Penta. More than one in three now check their account balance daily on the computer or smartphone.
Disadvantage: Fewer and fewer bank branches
This has one disadvantage: the number of classic bank branches could continue to decline. “Ten years ago, there were still about 39,000, but the number has now fallen to around 27,000,” the report said. Some banks have already announced that they will no longer open the branches closed due to the lockdown.
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Paying by card in corona crisis is increasingly popular
Paying by card – this is standard in more and more shops. It is practical, works quickly, and especially in Corona times, more and more merchants are enabling their customers to pay contactless. However, consumers should definitely pay attention to the fees that some banks incur when they pay with a giro or credit card.
But this is probably not the only reason why many people continue to depend on cash. According to a recent survey, every person carries an average of 89.22 euros in their wallet. And precisely because the money in the crisis is no longer so loose for many consumers, experts recommend paying more often with cash instead of by card – with the aim of keeping the money together more easily and ultimately saving money in everyday life.
Which payment method applies? Pay attention to the sign at the entrance or cash desk
But what if merchants or innkeepers refuse to accept cash in their stores or restaurant? Are they allowed to do it just like that? “In principle, the principle of freedom of contract applies.” Merchants and customers can therefore freely determine the content of the contract – including the type of payment. According to the report, the merchant does not have to accept cash payments. “However, he must explicitly inform customers before concluding the contract which payment he does not accept. A sign at the entrance or at the cash register is sufficient,” reports the news portal.
And according to the report, merchants are also allowed to stipulate that they only accept certain banknotes. For example, some gas stations would not accept large banknotes. The motive behind this is to have enough change in the cash register that they can give to the customers.
Consumers must follow the customs in the store. You should pay attention to the signs in good time – then there will be no misunderstandings at the checkout.