by Tony Mercer, Director of Operations
ATM USA, Powered by PAI
In times of crisis, cash is a valuable, and even life-saving, resource. The American Red Cross lists extra cash - small bills and change – among the basic supplies needed in your emergency survival kit. This underscores the critical role that physical currency plays during emergencies. But how does cash help?
The Importance of Cash in Emergencies
There are countless reasons to keep an emergency fund, both for personal reasons and for your business. In regions that experience seasonal natural disasters, having a stash of cash can be critical to guarantee the ability to obtain necessities until life is back on track. Interest-accruing credit cards or debit cards do not work if the electricity or internet is out. To pay regular and even unexpected expenses the best plan is to keep cash on hand.
Security Aspects of Cash in Emergencies
While electronic payment methods are convenient, cash offers unique benefits during emergencies:
Independence from Technology: Cash doesn’t rely on electricity or internet, making it usable during power outages or network failures.
Universal Acceptance: In crisis situations, cash is often the only form of payment accepted.
Privacy: Cash transactions leave no digital trail, which can be crucial in certain emergency scenarios.
Immediate Liquidity: Cash provides instant access to funds without relying on banking systems that may be disrupted.
Cash for Basic Living Expenses
During times of crisis, consumers still need to purchase necessities like food and water. But wide-spread power outages can make it almost impossible for consumers and companies to do business electronically. Keeping physical money accessible means business owners can still sell goods as needed, even if it means tallying inventory and profit by hand, the old-fashioned way.
Weather Preparedness and ATM Availability
While retailers can’t accurately predict the surge in cash demand during an emergency, having a stocked ATM on-site ahead of predicted natural disasters is a plus. ATM availability will draw foot traffic to your location and likely boost business as people prepare for incoming storms. In some instances, such as with customers who use payroll cards or when their bank branches have already closed, your ATM may be the only access consumers have to their money.
Business Cash Reserve
For business owners, it can be vital to keep several months’ worth of expenses available in cash. Many factors, such as damage to your business location and extended power or water outages, can affect the ability to re-open after an emergency, especially for entrepreneurial families who depend solely on income from a private business. Liquid assets can pay basic living expenses and allow for rebuilding as soon as the emergency is over.
According to certified financial planner Michael Dubis, “Cash is always important to have, whether it’s for an emergency or an opportunity.” Business owners especially can benefit from keeping extra cash accessible and having a stocked ATM on site ahead of natural disasters. Cash is crucial when the chips are down.
One of the greatest services local business owners can provide to customers is being cash-ready before the onset of seasonal events like tornadoes, snowstorms, hurricanes, mudslides, earthquakes, and brush fires.
Having an on-site ATM and dependable repair and replenishment services can help you prepare for emergencies and support customers during times of duress. While it's ideal to have a credit line that can be tapped during emergencies, the security and reliability of cash make it an indispensable resource in crisis situations.
Contact ATM USA, Powered by PAI, to find out how you can make sure your business has reliable ATMs and cash access when things go wrong!
Brandon Tant, Account Manager
btant@atmusa.com | 919-535-0090 | Schedule a Meeting
Darren Smith, Vice President, ATM Management
darren@atmusa.com • 919-534-3232 • Schedule a Meeting
Craig Helmers, Vice President, ATM Management
craig@atmusa.com | 919-534-3233 | Schedule a Meeting