New Jersey legislators have recently passed a bill that’s against businesses that ban consumers from using cash for making purchases. This makes New Jersey one step closer to regarding cashless stores as illegal in the state. Are you running a cashless store? Do you need a reliable and low cost bad credit merchant account? This article is here to help get the best for your business.
NJ Lawmakers Protecting Cash-Paying Consumers
The bill makes New Jersey the 2nd state standing for the protection of cash-paying customers for making purchases. The bill is to be applicable only to POS purchases. It doesn’t refer to car rental companies, as well as mail, telephone and internet sales.
Those who violate the bill will be fined up to $2.500 for the 1st time and $5.000 for the 2nd one. More than 2 violations will fall under unlawful practices due to the state’s Consumer Fraud Act.
Representative Paul D. Moriarty, D-Camden/Gloucester and one of the main sponsors of the bill note that consumer credit isn’t available for everyone. Also, if retail establishments are trying to ban the use of cash, they’re discriminating those consumers.
One of the major players in the eCommerc field, Amazon is running Amazon Books store at Garden State Plaza in Paramus, NJ, and the store is cashless. Now, the company has expressed its negative opinion concerning the legislation.
Amazon has opened its cashless Amazon Books store in Paramus and is planning the operation of 3.000 brick-and-mortar Amazon Go grocery/convenience stores throughout the US by 2022. The new bill will require the company to pay penalties.
Bad Credit Merchant Account
Residents with low income and the elderly represent the group of people who’re unable or don’t want to charge purchases. Since the number of shoppers preferring to pay by cards instead of in cash is growing, some merchants are opting to go cashless.
E.g., a barbeque restaurant owner in Washington DC decided to go cashless after the restaurant was robbed more than once. The owner thinks that managing and handling cash take so much time and are away from being easy. For them, it’s more important to spend time on serving people visiting the restaurant.
What about your business? Is it cashless or you’re accepting cash as well? If you’re interested in finding the most reliable, secure and cheapest merchant services, including a bad credit merchant account, turn to a true payment expert in your field. Be sure, with a respectable payment processor, you can open your merchant account without delay and without any challenges.
So, what’s the main argument behind the bill? It’s a socio-economic one. Lawmakers believe that if stores accept nothing but card payments, they’re discriminating against poor and senior citizens. On the other hand, Dr. Michael Mandel, a chief economic strategist at the Progressive Policy Institute in Washington, has mentioned that the ban imposed on cashless stores is a mistake.
Anyway, with overwhelming support, the bill is already a reality. NJ is now the 2nd US state to put a ban on businesses that avoid accepting cash payments from customers.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that can best help you with a bad credit merchant account in the industry. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.