Myrtle Beach Area Chamber of Commerce
The Myrtle Beach Area Chamber of Commerce has been a cornerstone of the local business community since its founding in 1938. Dedicated to promoting economic growth, tourism, and community development, the Chamber represents a diverse range of businesses including hospitality, retail, and service industries. Over the decades, it has played a vital role in shaping the region’s reputation as a premier vacation destination, supporting local businesses through networking opportunities, advocacy, and marketing initiatives. Committed to fostering a thriving economic environment, the Myrtle Beach Area Chamber of Commerce continues to serve as a leader in regional development, embracing innovation and collaboration to ensure sustainable growth for the Myrtle Beach area.
News Summary
South Carolina lawmakers are debating House Bill 3694, which would mandate businesses to accept cash payments, addressing the rising trend of cashless transactions. The bill seeks to protect lower-income individuals who rely on cash for daily transactions. Although there has been no progress since its introduction, similar laws exist in other states. Additionally, South Carolina plans to allow debit card payments for lottery purchases starting July 1, 2023, aiming to modernize operations amid changing consumer preferences.
Columbia, South Carolina – South Carolina lawmakers are currently considering House Bill 3694, which would require retail establishments to accept cash payments. This potential legislation comes as a response to the growing trend of cashless transactions across the country, where many customers are opting for digital payment methods, such as credit and debit cards and mobile wallets.
While federal law stipulates that coins and currency are considered legal tender for all debts, businesses are not federally mandated to accept cash. Instead, they are permitted to determine their own payment policies unless a state law mandates otherwise. Currently, South Carolina lacks any such law requiring the acceptance of cash payments. However, in some other states, including New Jersey, legislation exists to ensure businesses accommodate those without access to cashless payments, highlighting an increasing concern over financial inclusivity.
The implications of this proposed law are significant, especially for lower-income individuals in South Carolina who heavily depend on cash for daily purchases. According to a Pew Research Center report released in 2022, about three in ten Americans with household incomes under $30,000 report using cash for nearly all their transactions. This underscores the necessity of maintaining cash payment options in order to prevent discrimination against individuals lacking access to credit or banking services.
Despite the challenges, the Myrtle Beach Area Chamber of Commerce President has asserted that businesses should have the autonomy to decide how they wish to conduct transactions based on market demand. This sentiment echoes within the retail community, where some businesses prefer cash-only operations for the simplicity it offers, while others appreciate the benefits of a cashless system.
The introduction of House Bill 3694 in January 2023 catalyzed discussions but has not seen further progress since being referred to the Committee on Labor, Commerce, and Industry. Furthermore, while counties in South Carolina retain the authority to create local ordinances mandating cash acceptance, no such laws have been enacted, and there is no evidence of individual cities or towns imposing cash payment requirements to date.
In a related development, South Carolina is set to modernize its lottery operations beginning on July 1, 2023, by allowing lottery retailers to opt in to accept debit card payments. This shift comes after a long-standing policy that restricted lottery purchases to cash-only transactions since 2002. The new debit card option is anticipated to potentially increase lottery proceeds by an estimated $15 million, addressing concerns from the state regarding declining revenues from lottery sales.
Lawmakers have pointed out that the move towards cashless options is essential for keeping lottery products relevant, especially as consumer preferences evolve. The South Carolina Education Lottery has reportedly generated nearly $8.9 billion since its inception in 2002, with a significant portion of these funds directed into the state’s education system.
Meanwhile, some retailers remain hesitant to fully embrace cashless payment methods. Concerns primarily revolve around transaction fees that accompany debit or credit card transactions, which can erode profit margins. To mitigate these costs, retailers who choose to accept debit cards may implement minimum purchase amounts for card transactions, allowing them to retain some control over transaction expenses.
It remains to be seen how the South Carolina legislature will influence the future of cash transactions in the state. As society continues to navigate the digital age, this discussion emphasizes the importance of balancing profit with inclusivity, ensuring all individuals have access to essential goods and services—regardless of their payment preferences.
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Additional Resources
- Herald Online: South Carolina Lawmakers Consider Cash Payment Bill
- WYFF4: South Carolina Lottery Introduces Cashless Payments
- WYFF4: South Carolina Nurse Involved in Inmate Misconduct
- PR Newswire: Study on U.S. Cities Going Cashless
- Wikipedia: Cashless Payment
Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
