Can a business refuse to accept cash?

Some companies are deciding to go cashless as electronic payment methods are becoming more popular. Jan. 25, 2013 (CTV)

Cash is no longer king. Businesses can, in fact, set their own policies when it comes to methods of payment, according to Consumer Protection BC. However, if a business does decide to limit certain methods of payment, it is good practice to put up a sign informing consumers.

The reasons why a business may refuse to take your cash can vary. Some may want to avoid dealing with cash as a way to protect against counterfeit money, while others may keep cash out of the hands of employees to stop theft.

Some major companies are deciding to go cashless as electronic payment methods are becoming more popular. In 2010, Air Canada and West Jet announced they would no longer accept cash as payment for on board purchases. And you will need a debit or credit card if you want to pay for a renewed passport or any other fees at Passport Canada.