Chamber Tidbits; June 5, 2019


Exploring the cashless movement in retail. When is the last time you paid cash for groceries, gasoline or even a pack of gum? Using cards is becoming more and more prevalent; however, going cashless is not preferred by all Americans. Many elderly consumers still prefer cash, as well as low income patrons who don’t have credit cards, bank accounts, etc. That is why some cities have passed ordinances that businesses must accept cash as a source of payment. However, no federal law requires a private business, a person or organization to accept currency or coins as payment for goods or services.

Why go cashless? Even though going cashless may turn away some customers, some storeowners have decided that cash is more trouble than it is worth. For example, it requires managers to: (1) tally up cash and cash register receipts between shifts and at closing; (2) make regular deposits at the bank; and (3) implement physical controls over cash, i.e. lockboxes, safes, and surveillance cameras; plus cash is susceptible to theft and fraud. In addition, some customers will spend less if they are limited to the cash they have on hand. Some restaurants are no longer accepting cash, in part because it is unsanitary.

Outside of the local laws that prohibit a cashless model, retailers have an important decision to make. Should we still accept cash from customers?

Lusk Lodging Tax Board information-

The Lusk Lodging Tax Board approved grant requests resulting in the general budget being amended to increase the special project budget from $7,500 to $8,500 for 2019. All the grant requests were reviewed and discussed with the following being approved: Legend of Rawhide for $2,200; Fair Board for $1,800; Wyoming Rough Riders for $500; Stagecoach Museum for $1,600 with $1000 to be used for an educational sign and the other $600 for general expenses; the Town of Lusk recreation department for $1,500; and Crossroads Show and Shine for $500. The Board also allocated $400 to be used for advertising the Vietnam War Memorial Wall that will be in Lusk in July of this year. All money earmarked for special projects must be used for advertising and promotion.

“In the end, all business operations can be reduced to three words: people, product and profits.”

 

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