We’re frankly angered by the claims of many the large
corporate companies that digital payments are cheaper, safer and faster than
old-fashioned cash. Quite simply, it isn’t true.
Is that a biased view? Not at all; we facilitate many
thousands of digital settlements every year. But they’re no cheaper than cash.
The fees charged by the card companies are at least equal to those levied on
cash transfers. Presently the larger digital processors are settling remittance
payments at a loss in order to buy business. That gives short-term benefit to
remitters, but it’s not sustainable. A glance at these companies’ published
account bear witness to this fact.
Why are they buying business? Because your customers feel
safer when they deal in cash with a local, community business; they trust the
face-to-face service you give them. And for many years, it’s these local
businesses that provide the lowest cost transfers. Even in the face of the
artificially and temporary low prices, migration to digital remittances remains
below 3.5% a year.
We can help you to give your customers the service they
prefer; to deal with you in person, and to use the payment methods they trust –
safely, easily and cheaply.