Although the world economy increasingly operates on electronic exchange for making payments, a significant percentage of transactions still involve cash. In fact, some experienced observers who watch the world of money closely state that cash is still the dominant form of payment, even though the death of folding money and change was predicted many years ago.
Financial publications and websites have made note of the increase in the use of debit cards, the rapidly declining use of checks, and the rising popularity of online payments. Through it all, cash has continued to move through the economy, especially on a local and regional basis. There are a few specific reasons for this.
Small Amounts
People continue to use bills and change for transactions of small value, especially in local shops. This portion of the economy is strong enough to keep cash on the scene for some time to come. Until recently, it was not possible to use a credit or debit card for purchases under a certain amount, so the cash came out of the wallet or pocket to complete the transaction.
Some recent studies and surveys indicate that the segment of the population known as Generation Y, or Millennials, prefers to use cash in many situations. While there are no hard and fast figures for this, the individuals in this group have occasionally shown a penchant for paying with cash.
These two reasons alone make cash in transit a rather important industry. Of course, just a few decades ago armoured trucks regularly carried more physical cash, simply because more people used it. The overall amount may have dwindled, but the need for secure transportation of money is still there, every day.
Three Services
Companies that specialise in moving cash from one location to another offer, in general, three types of service. The first involves collecting money from a merchant or other location and transferring it to a bank. In some areas, this remains an essential service for those businesses who handle significant amounts of cash and do not want to transport the money on their own. In fact, they may not be able to, due to business demands or distance.
Companies that offer this transit service also collect money from a bank and deliver it to the business location, especially when the merchant needs money in smaller denominations for change, etc. Companies in this field also offer an extended service of sorts, which involves counting cash as well as picking up the money and depositing it in your bank. In many cases, these services are offered on weekends, holidays, and after hours, which is a welcome service for many businesses.
If there is an agreement with a contractor that could cause concern, it would have to be the agreement between a merchant and the company transporting the money. Fortunately, a few leading providers offer efficient service, reliability, and security, taking a massive amount of stress off the merchant’s shoulders. Cash is still alive in the economy, and therefore so is secure money transportation.