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You are here: Home -> Business Centre -> Payment Types -> Cash -> Frequently Asked Questions A A 

Why is cash so popular?
Cash has been around for hundreds of years, is universally accepted and is very convenient for small value transactions.

Has cash any disadvantages?
If cash is lost or stolen it cannot be cancelled or replaced. It is also very expensive to manage, transport and secure and can make holders of cash targets for criminals. Businesses also run the risk of accepting counterfeit notes.

Many retail businesses take in large volumes of cash. How can the security risks be reduced?

Prevention is better than cure – reducing the dependency on cash would be the best first step. Encourage other forms of payment. For instance, card transactions are processed directly to bank accounts. Offering cash facilities to customers, such as Laser Cashback, will help reduce the level of cash held.

 

Is cash free?

Cash is one of the most popular payment instruments. However it is also one of the most expensive. Although some banks may not charge to make withdrawals, there are many costs associated with cash. These include:

• Manufacturing
• Distribution
• Recycling
• Security
• Transport

 

Cash also attracts criminal activity. The cost to banks, to business, to the Government and to security forces are ultimately borne by the taxpayer and society in general. A shift from cash to electronic payments could ultimately increase Ireland’s economic competitiveness.

What countries use euro as their currency?

• Austria
• Belgium
• Cyprus
• Finland
• France
• Germany
• Greece
• Ireland
• Italy
• Luxembourg
• Malta
• The Netherlands
• Portugal
• Slovakia
• Slovenia
• Spain

Why is it safer to shop with cards?
Using debit and credit cards reduces the need to withdraw and carry cash - which can make for a safer shopping experience.

Why are people increasingly using cards instead of cash for many of their purchases?
Apart from the convenience, security and cost benefits of using cards, many card issuers offer additional benefits (e.g. purchase protection, travel insurance) for goods and services paid for with their cards.

 

For further information on cash please click on the menu to the left.