coronavirus and money

Is Coronavirus Changing the Way Paper Money is Used?

COVID-19 was only discovered at the end of December 2019, which is not an efficient amount of time for testing the spread of the virus. The CDC found that COVID-19 was still found 17 days after passengers left a Princess Cruise Ship. If the virus can stay aboard a cruiseship; how long can it stay on paper money or coins? As of now there is no official report that connects paper money or coins to COVID-19 (coronavirus), but it is documented that it can carry viruses, such as influenza . Influenza and coronavirus are both viruses spread in similar ways. According to a study posted by the U.S. National Center for Biotechnology Information (NCBI), influenza can survive on paper money. Studies have stated viruses on paper money can live anywhere between hours to days.

Based on what is known about the spread of the coronavirus, cashless payments may be a safer choice. Cashless payments can be in the form of credit card, debit card, ACH or other electronically sent currency. The safest payment method would be made by an individual’s own mobile phone, tablet, or computer. Sending payments online or mobile device is nothing new to some industries. Online and mobile payments have already been used by many utility companies, doctor’s offices to food delivery companies.

As COVID-19 or novel coronavirus spreads throughout the United States businesses are being hit with a loss in sales. Despite the spread of coronavirus; people still need services and bills still have to be paid. Many people are turning to social distancing and encouraging hand washing. The one thing that can hold the viruses and bacteria is paper money and coins.
Businesses across the U.S. are just starting to temporarily ban the acceptance of paper and coin currency. Temporary cash bans have already started from restaurants to toll booths. In an article from CNBC, a Bain & Co partner, Thomas Olsen stated that merchants were encouraging people not to use cash.

Places that have higher risk of virus exposure, such as hospitals and doctors’ offices would benefit by electronically sent payments. Co-payments or doctor visits could be easily sent digitally without increasing interactions. Not only the healthcare industry, but every industry could benefit by using electronic payments to decrease interactions.

Electronic payments can be adopted by businesses and provide secure instant payments without handling cash. Payments made online or through mobile devices use a secure payment gateway. Payment Gateways provide a secure portal for businesses to process credit card, debit card, ACH, or even check payments. Connecting a payment gateway to a business’s existing billing system also provides better accountability.
Businesses must adapt to new business practices in the wake of coronavirus. Services to customers can still be offered without contact. This may mean altering business practices and adopting online or mobile payments.

If you want to learn more about integrating your billing to accept online or mobile payments; contact PaymentVision. We allow businesses to accept payments anytime or anywhere.