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Cash vs. credit: Businesses face several considerations
While customers may prefer to pay for items in cash, there is no federal requirement that private businesses accept it, according to The Federal Reserve. However, four states have passed legislation requiring states accept cash payment, and there are valid reasons to consider doing so, even during a pandemic, said Nexsen Pruet attorney Yolanda Davis.
The states that have passed such laws Massachusetts, New Jersey, Rhode Island and Connecticut are “thinking about the 8.4 million households who don’t have bank accounts, or the household that is made up of working-class Americans that don’t have credit cards,” said Davis, an associate in Nexsen Pruet’s corporate and tax practice group based out of the firm’s Charlotte office.