Why would a business prefer cash to bank transfer for payment?

[Trush Jodie]

There are some businesses that would not want to accept bank transfers as payment for their products and servings. I have encountered some businesses like that.

So why would a business prefer to transact with cash instead of bank transfer in this modern times?

 

[Augusta]

Some people are dubious when it comes to bank transfer. it is better you get the cash that you as ee sure is in your hands

 

[King Belieal]

For businesses that might have to get their own stock through cash, they would prefer cash payments. Some businesses source their stocks from very interior villages.

 

[eLdavis]

Well it depends, most of them prefer cash to prevent issues like the money got hanged during transfer or one issue or the other.

 

[Springtime]

That depends on the product or service you buy. Here, if it is a small purchase, businesses request cash payment. For big ticket items, they prefer payment by credit card or digital wallet. Payment by bank transfer is not that popular here unless you are talking about paying utilities bills.

 

[Suba]

Cash payment is a traditional payment system and is preferred by the older generation who do not master internet technology or mbanking and ewallet. That is why they reject non-cash payments.

 

[aninditasen]

There are some businesses that would not want to accept bank transfers as payment for their products and servings. I have encountered some businesses like that.

So why would a business prefer to transact with cash instead of bank transfer in this modern times?

That's because they want to avoid tax. If the money goes to their account their actual income will be reflected in the income tax department.

 

[Augusta]

When I start my business I would prefer cash to be sure I have gotten my money so as not to be tied down by customers

 

[Stardom22]

For me l would go for cash because banks charge so much in the transactions . Therefore it becomes very expensive means of payment.

 

[Augusta]

For me l would go for cash because banks charge so much in the transactions . Therefore it becomes very expensive means of payment.

That's true and when you want to withdraw the money you would pay again especially from POS machine