Payment Choice Act: Cash Must Be Accepted at Physical Retail Stores
This law mandates that physical retail businesses accepting in-person payments must accept US currency (cash) for transactions up to $500. It ensures consumers who rely on or prefer cash maintain the right to use it, preventing businesses from going entirely cashless. Crucially, businesses are prohibited from charging cash customers higher prices than those paying digitally.
Key points
Most brick-and-mortar businesses must accept cash for purchases up to $500 per transaction.
Businesses cannot charge higher prices to customers paying with cash compared to those using digital methods.
Retailers are not required to accept $50 bills or larger denominations for the first five years.
Customers can sue businesses that unlawfully refuse cash, potentially receiving damages and civil penalties.
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