Many Entrepreneurs Hesitant When It Comes to Introducing Cashless Payments

Bratislava, 18 April (TASR) - Although entrepreneurs in Slovakia are aware of their new obligation to enable customers to make cashless payments, only some 60 percent of them have already found a solution, while 40 percent are still putting it off, according to the findings of Global Payments (GP), one of the world's leading providers of payment services and technologies. "According to our experience, some 60 percent of entrepreneurs have already arranged some kind of solution, while 40 percent are still waiting. This mainly concerns smaller entrepreneurs, such as car repair shops, various repairmen and service technicians, hairdressers or beauty service providers, who are delaying meeting this obligation as long as possible or are seeking just a formal way to comply with the law without actually using cashless payments in practice," said GP Slovakia manager Michal Kitko. Cashless payments still aren't commonly accepted in Slovakia, especially at markets and bazaars, by doctors, and in some health-care facilities. These segments are among the ones most reluctant to accept payment cards. Adapting to the new legislation also poses a challenge for taxi drivers and private carriers, as well as for beauty and hairdressing salons, barber shops and local craftsmen, such as plumbers or repairmen. All of these professions will have to adapt to the new obligation. According to GP, people still aren't familiar with the legislation, which is causing unnecessary panic in the market. The most important information for every self-employed and business is that no QR payment solution is mandatory. The new law only stipulates that as of 1 May 2026, entrepreneurs must enable customers to make cashless payments for goods or services exceeding €1. However, it's entirely up to the entrepreneur to decide which cashless payment method to adopt. ko/df/am