Common Misconceptions in Cash Management
The term “cash management” is a loaded one. For one, just the word “cash,” alone, has taken on a different connotation in the modern world of credit cards and contactless pay.
However, a business’s cash management strategy is one of the most important aspects of running a secure, efficient and profitable organization – and cash management extends to plenty of other “industries,” like the public sector, that also rely on it to streamline the way they go about day-to-day operation.
In this short clip, Tidel Vice President of Marketing David Barclay outlines some of the most common misconceptions and misunderstandings surrounding the current landscape of cash management. “One of the most common misunderstandings that we hear about in our industry is the notion that cash is going away or cash is dying,” he said. “That’s certainly not true. The facts are this – 70% of Americans are either underbanked or don’t have a bank account at all.”
That typically means that those citizens are paying in cash, making a cash management strategy not a luxury, but a necessity to retailers and other organizations with which these people will be interacting. Cash circulation also increases in stronger economies.
It’s not a cashless world, just yet.
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