Cash-only businesses are those that only accept cash payments and exchanges. This is to avoid taxes and ensure instant liquid cash in times of need. Some businesses that are still cash-only are auto services, Christmas tree businesses, flea markets, and more.
9 Businesses Still Cash Only
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1. Auto Services
The car services industry has remained highly paid in cash. An average American is estimated to spend $800 on their car. Given the triviality of the tasks such as washing and repair, the payments are in cash. The income of the industry is estimated to be $500 million annually.
2. Christmas Tree Business
The Christian festival of Christmas is celebrated by various communities, with the need for authentic décor never ceasing. ..
The US has recorded a sale of around 20 million trees in the holiday season. The revenue from the same has been as high as $1 billion. While most people refrain from carrying cash for various reasons, this business remains cash-only. People are willing to pay for the trees. The business has flourished and remains heavily cash-only.
3. Flea markets
The $30 billion in annual revenue generated by cash-only markets in the United States is a significant portion of the country’s economy. These markets are important for both vendors and customers, as they allow for quick and easy transactions without the need for credit or debit cards. ..
4. Food truck
Since the food trucks are affordable and cheaper than the big restaurants, the business is cash-rich. Since the payments are low they are in cash.
5. Home Services
Despite the availability of machines to reduce the burden on humans, some jobs still require human labor. For example, house painting, domestic work, plumbing, carpentry, and so on. These jobs usually pay in cash. The industry is expected to grow to $31 billion in the US by 2021. ..
6. Laundry industry
Laundromats are a convenient and cost-effective way to clean clothes. They are popular in urban areas, where there is a high demand for laundry services. Laundromats generate close to $300,000 annually in revenue. The payments are in cash, and the coins and notes systems are used.
7. Nail Salon
The beauty industry is still modern, but the methods of functioning are traditional. Payments are often cash only.
is expected to grow by an estimated 20% in 2020. This growth is due in part to the increasing popularity of natural beauty products, as well as the increasing demand for services that can help improve skin health. According to a study by market research firm Euromonitor, the global beauty salon industry is expected to reach $27.8 billion by 2020, up from $24.5 billion in 2017.
The market rates for well-established businesses are as high as $10 billion. Usually, with cash-only payments, this amounts to high income and low taxes.
8. Transport
The industry of transportation with cash-only payments is growing in popularity, with companies reporting a value of $8 billion in 2018. This is largely due to the ease of using cash for transportation, which eliminates the need for electronic devices. The industry is predicted to grow even more in the future, as more people prefer this type of payment.
9. Vending Machines
Vending machines are becoming more popular due to the busy schedules of people. The industry is predicted to grow by $8 billion in 2020.
The vending machines that sell products other than drinks and snacks have seen an increase in popularity in recent years. This is likely due to the fact that people are looking for ways to save money and get their favorite foods and drinks at the same time.
Conclusion
The cashless world is a great idea in theory, but in the business world it can be a huge headache. The payments are made through technology, so the owners can easily manipulate the money and avoid paying taxes. This helps the business owners save money and allocate them for better equipment and wages.
Cash is no longer needed to go places. The environmental hazards are low because cash does not require paper, thereby cutting down the tree; one might not need to cut trees for electronic money.
For a person without access to the internet or signal, it becomes difficult to make payments. Additionally, the increasing need for fast internet services has posed a hazard to terrestrial infrastructure.
