TALLAHASSEE, Fla. – More businesses are going cashless, and so are more consumers.
But in Florida, most businesses may soon be required to accept cash payments no matter what.
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Legislation being considered by lawmakers in Tallahassee would require businesses to offer a cash payment option if the customer is physically present to make the purchase.
The bill also prohibits a business from charging a fee or placing any other condition on a cash payment.
“This is an idea whose time has come. It’s an idea that cuts across political and partisan lines. There are not many ideas that can do that,” said State Rep. Joel Rudman, R-Navarre, who sponsored the House version of the bill, HB 35.
Going cashless is a growing trend among both consumers and businesses, a trend that accelerated during the pandemic. According to a survey by Visa back in September, 51% of small businesses planned to become cashless in the next two years, while 95% expected to go cashless “someday.”
In a study by the Federal Reserve Bank of San Francisco last May, only 18% of consumers reported carrying cash, down from 31% in 2016. Other forms of payment have increased, including the use of credit and debit cards (31% and 29%, respectively).
The survey found that people who prefer using credit or debit cards were more likely to use them, compared to people who used cash.
But the report also found that older people and people in lower-income households were more likely to use cash payments. It also found that cash was also important for consumers who do not use traditional banking.
“There is quite a large demographic of people who conduct their transactions in cash. They don’t want to know about technology,” Rudman said.
The bill would provide exemptions for some companies, like attorneys, insurance agents and medical providers.
The Senate version of the bill, SB 106, has already passed one committee.
The 2024 annual legislative session begins on Tuesday.
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