The Electronic Payments Coalition (EPC) applauds the National Parks Service (NPS) at Devils Tower National Monument for its decision to solely accept electronic payments for park entry. The NPS—like so many other cost-savvy organizations—recognized that cash transactions placed a heavy burden on their park staff. In their announcement, NPS cited reduced administrative costs, increased park revenue, and greater payment security as reasons for their transition to cashless fee collection.
On each point, they are spot on.
First, the NPS listed wasted labor hours as a primary reason they switched from physical currency to electronic payments. Counting and handling cash created unnecessary and wasteful administrative burdens. This reflects EPC’s own research on the hidden costs of cash. In fact, EPC found that $38.5 billion was spent in 2017 on counting, collecting, and recounting physical dollars.
Additionally, the NPS stated that transitioning to electronic payments would improve the safety and security of the park’s payment operations. Holding large quantities of physical currency creates unnecessary risk and opportunities for wrongdoing. Among American retailers, cash theft costs approximately $40 billion each year. And that that’s not even considering the money spent on security measures like on-sight guards and armored cars for transport.
Finally, the NPS argued that the cost savings from switching to electronic payments allow the park to create a better experience for all its visitors. According to EPC’s Cost of Cash infographic, the cost of cash accounts for 9.1 percent of total cash received, compared to just 1 – 3 percent for electronic payments. What’s more, electronic payments speed up transaction times, creating a smoother payment experience for park visitors.
To see why the National Parks Service and other organizations are making the switch, click here to learn more about the value of electronic payments.
ABOUT THE ELECTRONIC PAYMENTS COALITION: We are the credit unions, community banks, payment card networks, and financial institutions that support the backbone of our economic system: electronic payments. We believe investing in new technologies and legislating national data security standards will create a stronger payment system. Most of all, we are committed to the protection of Americans from fraud and data breaches. Whether you represent a metropolitan area, the suburbs, or rural America we are committed to ensuring your consumers have access to a secure and reliable payment system.