Why Businesses will Accept the Cashless System
In order for an electronic monetary system to be successfully implemented, all sectors of the economy must either accept
or be forced into the new cashless/RFID system. When we consider the many advantages this new system brings to each sector,
especially in regards to convenience, efficiency and security, it is easy to understand why almost everyone will gladly accept
the coming cashless economic system without having to be forced into it.
The more efficient and secure a business can be in its operations and the more conveniences it can provide
to its customers, the more profitable it will be. Here are just a few of the ways doing business will be made more convenient,
efficient, and secure with the implementation of the cashless monetary system.
Problems With Checks
In our present monetary system the use of checks to make payment for a purchase creates a bottleneck, or slowdown,
at the checkout counter. Minimizing this bottleneck requires the employment of a sufficient number of clerks who must deal
one on one with the customers. It is very important for a business to hire the exact number of clerks to do the job. If too
many clerks are employed, the business wastes money that would otherwise be profit. If too few clerks are hired, customers
will have to wait in long lines to make purchases, possibly causing a loss of business because of the inconvenience suffered
by the customer.
Clerks must take steps to ensure that when a customer pays with a check that the check is good. This can be
an involved and time consuming process. Many stores verify checks by computer. Sometimes the clerk must manually check the
name of the person presenting the check against a list of people who have passed bad checks in the past. The clerk must verify
the identity of the person presenting the check, along with their phone number and address. All of these steps that must be
taken to ensure that the check is good not only cost the business money, but also inconveniences other customers who must
wait in line while the clerk makes certain that the check is good.
Sometimes a business, even though it has taken steps to ensure that a check is good, will inadvertently accept
a check that is fraudulent or written on an account that has insufficient funds. When this happens the business must pursue
collection of the funds, which often involves law enforcement and the courts, and can be very time consuming and expensive.
Problems With Cash
While dealing with customers on a cash basis presents fewer problems than accepting checks, there are still
many problems inherent to doing business with cash. These problems include waiting for the customer to find the cash they
wish to present for payment, and then time is spent as the clerk must count out the proper amount of change to be returned
to the customer. When the clerk doesn’t have the proper change to give to the customer, then everyone in line must wait
while change is brought to the clerk. These and other problems are created when cash is used and slow the pace at which business
can be done.
The number of clerks needed to handle transactions with the customer is not only a great expense to the business
from a payroll standpoint, but also because of the errors that are inevitably introduced into the system when clerks who,
as all humans do, make mistakes. It is a very time--consuming and, therefore, expensive process for businesses to locate and
correct mistakes made by their employees as they handle and count currency and checks.
Accounting for both cash and checks received by a business is something that must be done manually. Money
must be counted so a starting balance can be established at the beginning of each business day. At the end of each business
day, all of the cash and checks received must be counted and entered into the accounting system where it must be balanced
against the beginning balance.
A portion of the money and all of the checks received must, from time to time, be physically transported to
a bank. This usually requires the services of an armed transport company. All of these tasks which must be performed when
a business receives cash and checks create delays in the flow of funds that are used by the business. Delays in depositing
cash prevent businesses from immediately using the funds. Waiting for checks to be processed by the banks causes an even greater
delay for businesses, which prevents them from using their funds. Any delays in the use of money cause a loss of profits and
costs businesses any interest that would otherwise be earned by their financial account.
Another consideration for businesses is that each time money is handled or transported it increases the vulnerability
to theft or loss.
The expenses associated with the handling, counting, and transporting of currency and checks are great. The
costs of handling and the delays between the time the money is received and the time it is available for use, must be passed
on to the customer in the form of higher prices, or the expense reduces the profits of the company.
No Checks, No Cash, No Problem-The Cashless/RFID Solution
With the cashless system all the problems and expenses associated with accepting checks will be eliminated,
because checks will no longer be used.
When payment is made using the cashless system, the person making the purchase will be instantly identified
and the amount of the purchase will be checked against the customer's account balance to ensure they have sufficient funds
to pay for the goods or services. The sale will then be immediately approved or declined. Once these steps have been taken,
the amount of the purchase is immediately transferred from the customer's account to the business’s financial account.
No fraud, no problem with insufficient funds, and no time consuming waiting in line by other customers. All of the steps that
are needed to complete the transaction will be done in a matter of microseconds.
By eliminating paper currency, coins, and checks, businesses will no longer have the expense of accounting
for the cash and checks that come into, or are passed through the businesses. Businesses will no longer have to transport
currency or checks to the bank. This will allow for a much more efficient, more secure, and therefore more profitable use
of their funds.
There will no longer be any handling, manual counting, or transporting of currency because there will no longer
be any form of physical currency. All "money" will consist of electronic credits stored within and transferred between computers.
All business transactions will then be a simple matter of computers instantly transferring credits from the customer's stored
value card or financial account to the business's account.
Once the cashless system of electronically transferred credits has been fully implemented, clerks will no
longer be needed to scan items being purchased or receive payments from customers. By combining the cashless monetary system
with the RFID system of inventory control, customer check out will be completely automated and check out time will be all
but eliminated. The items to be purchased by the customer will be automatically scanned by simply pushing their shopping cart
through a check out lane or by passing through a scanner at the exit of the business. Each item in the cart will be scanned,
and the cost of the items will then be instantaneously debited from the financial account of the customer. This will greatly
reduce the number of people employed by retail businesses. It will be necessary to have only a few customer service employees
whose only task will be to resolve problems that the customer might have with the system. The money saved in wages and benefits
as employee positions are eliminated will result in greater profits for businesses and lower prices for the consumer.
The electronic transfer of funds also eliminates the expenses and security risks inherent to physically transporting
currency and checks. No more transporting funds over streets and highways by armored vehicles. Instead, electronic credits
will be moved instantly and securely from computer to computer through communication systems.
Since the cashless system will enable businesses to instantly transfer to their accounts payments received
from customers, the funds received will be available for immediate use by the business, while beginning to accrue interest
at the very moment of transfer.
Security is another area that will be improved once a totally cashless system is implemented. The more secure a company’s
assets are, the more profitable it will be. We will look at a few of the security concerns of businesses and how they will
be alleviated by the transition to the cashless monetary system.
Identifying every item in a business with an RFID chip and having scanners at every entrance and exit of a
business will speed check out and all but eliminate shoplifting. If someone attempts to steal an item from a business, the
stolen merchandise will be detected when the thief attempts to carry the stolen merchandise through the scanner at the exit
of the business.
If the thief has their RFID financial transaction card with them, the price of the items would be debited
from their financial account as they exit the business. The result would be that the thief would end up paying for the merchandise
they attempted to steal. If the system determines that they have insufficient funds in their account to pay for the merchandise,
an alarm will sound and they will be identified as their card is scanned. If they do not have their RFID financial transaction
card on their person, the merchandise that they attempt to steal will be detected as they pass through the scanner and an
alarm will alert the staff of the business that there has been an attempted theft.
Robbery and Theft
Losses due to the theft of funds are another area in which security will be improved almost to perfection. Robbery and
theft of currency will become things of the past since there will no longer be any physical money that can be stolen. This
is because the currency of the cashless society will be virtual money which does not consist of paper or metal, but electronic
ones and zeros that do not exist outside the memory banks of computers.
Another security risk which will be completely eliminated by the implementation of the cashless system is the loss suffered
by businesses when they accept counterfeit money. Despite many recent security improvements in the design of paper currency,
counterfeiting continues to be a problem because high quality fraudulent money can now be produced with aid of modern computers
With the cashless monetary system there is a wall between people and the currency that they use. The system of commerce
which uses electronic credits instead of paper currency is a closed system that cannot be accessed by the counterfeiter. Any
increase in the money supply would be immediately detected by the system. Since the cashless monetary system can only be accessed
by the individual or business for the transfer of funds within the system, the ability of anyone on the consumer or business
side of the system to inject fraudulent funds into the system is eliminated.
Since money will no longer pass through the hands of employees and all counting will be done by computers, errors due to
employees miscounting currency will no longer be a problem. Losses due to currency or checks being misplaced, lost, or stolen
will also be eliminated since checks and physical currency will no longer exist.
Losses Due to Disasters
Even though a business may make thousands of sales each day, no money will be stored at the place of business.
All funds will be stored in the system’s computers. The fact that physical money will no longer exist also will prevent
the loss of funds by fire, natural disaster, or any other peril that can destroy paper money or checks.
These are just some of the reasons retail businesses not only desire the cashless system of commerce but are
presently converting to it as rapidly as they can.
Personnel and Payroll
While the cashless/RFID system of commerce provides an almost infinite number of advantages to businesses when dealing
with their customers, it will also provide many improvements in the handling of payroll and personnel.
To determine the number of hours worked by an hourly employee, a person, either the employee themselves or
someone else, must create a record of the employee’s attendance. Some companies have time clocks and require employees
to “clock in” and “clock out”. Other companies use an honor system and have employees fill out a time
card to document attendance.
The problem with these methods, and others that are presently used by business is that they are susceptible
to human error and fraud. Errors can be made by the employee or the employer.
Once people are required to receive an implanted chip in their bodies, documenting employee attendance will
be done by scanning each employee’s RFID chip as they enter the workplace and when they leave. A record will be made
of the time the employee is actually present in the workplace.
Another advantage for businesses is that an employee’s time at their actual workstation can be documented
as well. By installing RFID scanners at every desk or workstation, the employer will have a record of the actual time the
worker spends on the job and the time spent away from their workstation. Employers will know if an employee exceeds the allotted
time for breaks. Managers could verify an employee’s presence at their workstation anytime they desire. This will enable
employers to base pay on actual time at the work station.
The ability to know where every employee is at all times will be a tool that will allow businesses to better
manage their workforce and to improve efficiencies.
Productivity and Quality Control
The amount and quality of work of each employee can be monitored in an RFID controlled environment. When the chip is scanned
at the beginning of the work day, the employee will be logged in at their work station. If the worker is performing a job
in a manufacturing facility or has a production line job, then their work can be matched against number of products passing
through the work station. Also any errors or substandard products can be traced to a particular worker. This will enable employers
to pay only for actual quality work performed rather than hours at the workplace.
Once a system is in place that creates a perfect record of employee’s presence on the job, paying the
employee will be greatly simplified. No one will need to document employees’ time on the job. Calculations of salaries
will be performed by computers. No checks will be printed or distributed since an employee’s pay will be automatically
transferred from the company’s financial account to the employee’s account.
In effect this system will allow for the elimination of whole payroll departments as we know them today. Fewer
employees, more profits.
By requiring everyone to have an implanted RFID chip, any unauthorized personnel who enter the workplace will
be immediately detected, located and identified. If someone breaks into a business, not only will an alarm be given, but the
identity of the intruder will be recorded as well.
This method would be far more reliable than the most modern digital camera systems that are available today.
In order to thwart the cameras of security systems, the intruder needs only to wear a mask. The information on a person’s
RFID chip can still be retrieved even if a mask or disguise is worn.
A Gold Mine of Personal Information
Systems have already been put in place by some retailers to monitor the purchasing habits of their customers
in order to increase profitability. While most people scarcely think about these information gathering systems, they are in
fact precursors to the system that will be used to prevent unauthorized people from buying or selling during the reign of
In order to entice customers to surrender their personal information, many retailers offer discounts to customers
who accept "preferred customer" cards. A customer who uses a "preferred customer" card receives discounts on certain purchases
that are not available to customers who do not have a discount card. The additional savings are not without conditions, which
are not usually known by the user. When a customer applies for one of these cards, they are required to give certain information
to the retailer in exchange for the privilege of using the card. In addition to giving the retailer one's name, an applicant
is often required to give their address, age, and sometimes other personal or financial information.
Once a retailer has this information, they use it to track the card holder’s purchases and create a
profile of the person’s purchasing habits. Whenever a cardholder uses their card to receive the discounts that are being
offered by the retailer, they are identified by the store's computer and a record of the items purchased is entered into the
customer's computer file. Other information that is collected includes the name and location of the store where the purchase
was made, the price paid for each item, the date and time the purchase was made, and the method of payment used to make the
This personal information is surrendered by the customer every time they use their discount card. The retailer
can then use the profile that is created to increase their profitability. The information is used to make decisions concerning
which products and services they should provide to their customers. The information can also be used to target individuals
with specific types of advertising. The information that is gathered reveals a great deal about the preferences, and even
the personal life of the customer. For instance, files containing information about prescriptions and other items purchased
at a pharmacy can reveal much about an individual's health. The file that is created about a person’s purchasing habits
would include a list of the kinds of publications a person reads which can give insight about their personality, religious
and political beliefs. The amount of money that is spent on certain items in a given time frame can be used to estimate a
person's disposable income. These a but a few of the ways that information garnered from "preferred customer" cards can be
used to find out even the most personal details of someone’s life.
Businesses that offer such discount cards always promise that they will protect the customer's privacy. The
truth is, there is no guarantee that the information will not be compromised. In fact, the customers privacy is greatly compromised
each time a “preferred customer” card is used. One reason for this is, that since the customer’s information
is valuable to others businesses retailers regularly sell the information that they have gathered to other businesses. Since
this information is kept on file in the computers of the businesses that have gathered it and in the computers of those who
have purchased it, there is always the possibility of unauthorized access and distribution of the information.
The information provided by customers when they apply for a discount card and when they make subsequent purchases
using the card is indeed very valuable, and it is a hidden treasure for businesses. Personal information is continually sought
out by retailers and marketers who use and sell what in the past was your private information.
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The information gathering systems of today are the prototypes of the global system that will control all buying
and selling when the anti-Christ comes to power. One day soon we will see these systems perfected and merged into one seamless
system of economic control, and then it will be used as a powerful weapon against all who refuse to submit to the beast.
A Revolution in Retail Vending
In today's marketplace, many products are delivered to consumers via vending machines. Vending machines are
an almost autonomous point of sale. No clerks are needed to deal with customers since the machine itself receives payment,
makes change, and delivers the product to the customer. However, since the machines dispense products and receive coins and
paper money for payment, they must be serviced regularly. Money must be removed from the vending machine and a sufficient
amount of money must be kept in the machine to make change when necessary. Conversion to the cashless monetary system will
bring many improvements to the vending machine industry which will improve efficiency, profitability and security.
The cashless monetary system will totally transform the retail vending industry. First of all, vending machines
will no longer have to be equipped with the complicated mechanisms which are now necessary to receive coins and paper currency
and to give change. Since the devices that handle the money are electro-mechanical and have many moving parts, they are subject
to breakage, along with normal wear and tear. This necessitates the stocking of expensive replacement money--changing mechanisms
and the employment of technicians in order to ensure continuous operation. Any time a vending machine is not operating, profits
With the advent of the totally cashless monetary system, the complicated electro-mechanical money changers
will be replaced with electronic scanners that have no moving parts. This will reduce the frequency of failures and reduce
the number of spare parts that must be kept on hand for repairs. Repairs and routine maintenance will be simplified too, since
any problems with the electronic circuitry and the associated software can be identified using built in self diagnostics.
When malfunctions occur, they will be detected by the vending machine's computer, allowing service personnel to diagnose the
problem from a remote location using a digital communications link. The immediate detection of malfunctions would reduce costly
downtime. Identifying the problem before traveling to the location of the machine enables the technician to bring the exact
parts needed for repair of the machine and the proper tools to get the machine back in service. This would help reduce the
number of costly return trips to the maintenance shop and allow the technician to use the time saved to repair other machines.
And of course, fewer service technicians would be needed.
Another way efficiencies will be improved is by the elimination of the manual collection and counting of the
money received by the machines. When machines receive paper currency and coins for payment, employees of the vending companies
must travel to each machine on a regular basis to collect money from the machines. Employees must also restock coins in the
machines, which are necessary to make change.
With a communication link to each machine, it will no longer be necessary for employees to travel to the machines
to collect money or to stock change. The cashless payments received from customers will be instantly transferred to the financial
account of the business that operates the machines.
Since there will be no cash in the machines, thieves will have less incentive to break into them. With a reduction
in break-ins there will be fewer damaged machines. Some thefts might continue to occur as thieves break into machines to steal
merchandise. Getting away with thefts of merchandise will become more difficult though, because the stolen items and the thief
can be identified by RFID.
The restocking of machines will be much more efficient as well. At present, the restocking of merchandise
involves employees traveling to each machine on a regular basis to manually
check the amount of merchandise in the machines. Since it is presently impossible for the person who services
the route to know how much product remains in each machine, it is necessary for the employee to load and transport a large
amount each product to be restocked.
With communication links to each vending machine and RFID chips in each item that is stocked in the machines,
the distribution center can be notified by the machine itself when inventory levels have dropped below a predetermined level.
This will allow for the immediate restocking of the machine. If the supply of product in a machine is adequate, then that
particular machine would be serviced later, thereby eliminating an unnecessary trip to its location.
The ability to do this would save employee time, and the expense of unnecessary travel. The inventory on hand
in each machine could also be checked at any time from any remote location by simply contacting it through the communications
link. Since an employee will no longer have to travel to each machine collecting money and replenishing the supply of change
in the money changer, fewer employees will be needed to service a the machines.
Even changes in the price of the product being sold could also be made from the home office or any other location
by utilizing the communications link between the home office and the machine.
Each of these changes that would take place as a result of converting to a cashless system would result in
greater efficiency and therefore, more profits for the vending industry.
Why the Travel and Tourism Industry Will Accept the Cashless System
The travel and tourism industry, like all other businesses, has inefficiencies and security problems that
can be greatly reduced, if not totally eliminated, by the cashless monetary system.
In a cashless world, the traveler would no longer have to carry cash or traveler's checks. A traveler’s
funds would be available to him almost anywhere in the world. This would mean fewer worries for the traveler concerning the
conversion of traveler’s checks to cash, or the possibility of theft or loss.
There would also be the elimination of problems in the exchange of funds for foreign currencies since a cashless
system would allow for the creation of a single global currency.
In a world concerned about terrorism and crime, better and more efficient ways to screen travelers are constantly
being sought. Long lines, searches (including humiliating body searches), possible confiscation of items that might, in the
opinion of the screener, be used as weapons, have dissuaded many from taking all but the most essential trips. The growth
of the travel industry has been, no doubt, somewhat retarded by the increase in security measures that have made travel much
With the cashless/RFID system of commerce and personal identification, physical passports and other travel
documents would be replaced with electronically accessed documents, in which would be stored data pertaining to the individual,
including biometric data for identification, and his or her itinerary. Who the traveler is, where he has visited, where he
plans to go, what he has spent, will all be known by authorities and business by using a simple electronic scan.
Radio frequency identification (RFID) chips, which can be imbedded in passports, tickets, etc., can be scanned
from a distance, so that the documents do not need to be removed from a pocket, handbag, or briefcase. By not having to remove
a document for presentation much time would be saved, and the number of employees required to process travelers would be reduced.
Of course, carrying these documents won’t be necessary when the RFID chips are implanted in people’s bodies.
Baggage and Traveler Linked
The use of RFID chips will also allow a great improvement in the area of baggage handling. By using RFID,
airlines and other carriers, as well as security agencies, would be able to match travelers with their luggage when they check
in and, with the proper scanning equipment, ensure that the passengers and their luggage are in fact on the same airplane
or other conveyance. This will prevent luggage from being lost and will reduce the opportunities for terrorists to smuggle
explosives or other harmful substances on board.
With such a system in place, the travel industry will be able to operate much more efficiently and security
will be increased. With many of the present inconveniences of dealing with security reduced or eliminated altogether, the
traveler will have a more enjoyable experience. If travelers enjoy their trip, then they will be more likely to travel. If
people travel more, then the travel industry will make more money.
It is easy to understand how the cashless system of commerce will be preferred by the traveler and the travel
We have looked at only a few reasons why some segments of the business sector of our economy will accept the
cashless/RFID system of commerce. The benefits of this system are very appealing to many who are in business, and will be
accepted by nearly everyone.
Continue to Chapter 5