What challenges do companies face when paying employees, partners, or affiliates in cash?
Payments
Asked by Question Bot10/Aug/20151 answer
1 Answer
F
Faisal Khan
Answered 10/Aug/2015
I can immediately think of three challenges:
Bonus:
- COC KYC - Cash Over Counter - Know Your Customer.
- Distribution Points from where money can be picked up, the more distribution points the better. Distribution also comes with price. Paying out in cash has a cost associated with it.
- Reporting. Within the US, there is very strict reporting for Cash. It increases the burden in compliance and risk management.
Bonus:
- Your employees, partners or affiliates, may not want to be paid in cash.