Cash Forward Blog

The History and Future of Cash - Part 2

June 25, 2020

As we learned in the last article, ATM’s were the first spark that gave consumers independence over their cash management. They were the initial inspiration for digital cash management platforms and banking apps, which ironically are beginning to phase out the ATM. Over time, companies continued to evolve and demand more out of these machines. This resulted in rising costs for maintenance and a shrinking benefit to small businesses and consumers alike.

As it turns out, only 14% of U.S. based consumers use ATM’s anymore. At the end of the day, cash and ATM use steadily declining, so businesses need to adapt and overcome.

The Real Cost of ATM’s

The cost for building, maintaining, and running ATM’s (not to mention the associated transaction fees) make it especially difficult for small business owners to justify investing in one. The median price for an average ATM is around $10k, with the cheapest, used models costing around $2k. At their best, these ATM’s can bring in up to $1500 a month. This means it can take over 6 years to begin to turn a profit.

So why would any business invest in an ATM then?

The History and Future of Cash - Part 3

July 10, 2020

As we learned previously, small businesses have struggled in the past to keep up with corporate giants and an evolving technological field. We also learned that despite the growth of digital money trends it is very unlikely that cash use is ever going to stop. In fact, plenty of people still prefer to use cash when they have it available.

This is great news for small business owners

Cash flow is always great for small businesses that need to keep customers spending money with them instead of giants such as Amazon, and is just one of the reasons why many small businesses may have more a chance of standing up to the behemoths than they might think.

Technology is Your Secret Weapon

While technology has been the reason traditional ATMs are being used much less and e-commerce has begun to dominate the market, it is also the main resource you can take advantage of. New tools are being introduced all the time that aim to make it easier for startups and small businesses to scale and develop at a fraction of the cost and time it traditionally takes.

This holds true for both physical businesses as well as aspiring app developers. For example, according to Codementor, it normally costs upwards of $200k to start and build a normal iOS application. Due to new financing and assisted infrastructure options, this number can be cut in half.

Why Nearly 50 Million Adults in the US Remain Underbanked

July 1, 2020

Banking is not the same industry it was 50 years ago. What was once considered a staple of the economy has since caused many Americans to lose trust and faith in its effectiveness. With the advent and rapid advancement of the digital age, banks are starting to lose touch with their consumers and have failed to convince many people that they even need a bank in the first place. While policymakers point to the fact that the overall number has decreased slightly over the last few years, it still remains a pressing issue that is only hurting the growth and expansion of the lower and middle classes.

There are two types of people who struggle with access to proper banking:


The underbanked are those who are considered to not have access to critical services that help them stay afloat in times of stress. These services include lines of credit and loans and cause underbanked individuals to resort to payday loans and money orders. These are the ones who really suffer from rigid and non-conforming legacy banking practices.


The unbanked are those who just do not have a bank account. These people struggle financially and are unable to secure bank account due to either account minimums, monthly fees, or poor credit.

These two categories of people make up tens of millions of Americans.

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