Paying for purchases is a lot more complicated than it used to be. If you want to use your credit card, many merchants now add on a surcharge. But if you try to pay by cash, some businesses will refuse to take it. In Ohio, though, lawmakers might do away with that second hurdle.
A bill introduced in the state's House of Representatives last month would require both businesses and government agencies to accept cash for any purchase, transaction, or payment of debt, as long as those payments are made in person and are valued at $500 or less. The bill also prohibits higher prices for cash purchases.
Dubbed the CASH Act (Currency Access to Spend Here), the bill would only require Ohio businesses to have at least one cash-accepting register per location.
“It's simple, cash is the basis for business in America. Our taxpayers should always have the ability to use cash in their daily lives," said Representative David Thomas, who sponsored the bill, in a statement, "I hear from residents who may not trust virtual payment options or just prefer to use physical cash. This bill balances the needs of government and business to be efficient with the ability to still rely on physical currency.”
The bill currently is awaiting hearings in the House General Government Committee. Ohio's legislative session ends on Dec. 31. New York's governor, meanwhile, signed a bill on Friday, banning grocery stores and other retail outlets from refusing cash payments. And a similar bill is underway in the U.S. Senate, with support from John Fetterman (D-Pennsylvania) and Kevin Cramer (R-North Dakota).
Cashless businesses are on the rise. It's a practice that started during the pandemic, as credit cards reduced the possible transmission of germs and made transactions faster. A Pew Research Center survey from 2022 found that 41% of adults don’t use cash for any of their purchases during a typical week.
There are downsides, though. A growing number of "unbanked" customers, people who don't have access to a bank account, are being left behind in the movement.
“Millions of Americans use cash every day for their purchases," said Milton Jones, president of the United Food and Commercial Workers International Union. "Many people choose to pay in cash to protect themselves from targeted advertising and predatory pricing schemes, like surveillance pricing. Low-income families and people who are homeless often have to use cash because they don’t have access to a bank or debit and credit cards."