COLUMBUS, OH — With the decline of pennies in circulation and retailers opting for rounding prices, Ohio legislators are exploring various payment options for consumers.
House Bill 554, known as the Currency Access to Spend Here (CASH Act), proposes that stores and government entities must accept cash for transactions below $500.
Supporters argue that the bill safeguards customers who lack credit cards, are wary of digital payments, or just prefer using actual cash.
“It’s straightforward: Cash remains fundamental to American business,” Congressman Dave Thomas stated in a news release. “Our taxpayers should always have access to cash in their everyday lives.”
During his testimony, Thomas clarified that the bill isn’t meant to burden businesses; it merely necessitates one cash register per establishment.
“Your local Walgreens might have several registers, but this bill only mandates cash acceptance at one,” he explained. “Similarly, your local clinic might have various payment windows, with at least one designated for cash payments.”
Moreover, unlike earlier versions of the bill, HB 554 does not exempt places like parking lots or sports venues.
This means that cashless locations, such as those at Huntington Bank Field where the Cleveland Browns play, must provide at least one cash payment option.
As cash transactions become increasingly complex, there’s a rising push to safeguard cash payments.
The federal government has halted penny production, leading many retailers to round cash totals to the nearest nickel. Without clear guidance from federal authorities, businesses are left to decide how they will round — whether up, down, or through a mix of both.
“I think increased rounding will lead people to pay digitally,” noted Steve Stivers, president of the Ohio Chamber of Commerce. “It seems to dissuade cash payments.”
This rounding could make retailers more hesitant about accepting cash.
A local convenience store chain, Kwik Trip, has recently opted to round all cash transactions down, anticipating an annual loss of nearly $3 million.
Stivers emphasized that businesses confront financial and legal risks, regardless of the direction they take. The chamber is advocating for national guidelines to ensure consistent practices across all businesses, helping customers know what to expect at checkout.
Alternative Payment Methods
Ohio legislators are also deliberating on permitting cash payments under new proposals.
House Bill 206 would allow Ohio residents to open accounts secured by gold and silver bullion held by the state treasurer. Users can make payments from these accounts via a debit card or a mobile app, with automatic conversions to dollars at the point of sale.
“You only realize the implications when you say, ‘Hey, I’m using this money to buy your coffee,'” said Butler County Republican Jennifer Gross in October.
In April, Ohio Secretary of State Frank LaRose and Treasurer Robert Sprague requested the State Savings Board to explore options for allowing cryptocurrencies to be used for state fees and services.
These proposals collectively illustrate the rapid evolution in payment methods for goods and services.
