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What's the motivation for a store to not accept cash? Is it possible that cash has a > 3% "fee"(or whatever stores pay for cc processing) when you roll in cash

What's the motivation for a store to not accept cash? Is it possible that cash has a > 3% "fee"(or whatever stores pay for cc processing) when you roll in cash registers, armored car services, employee handling time, theft, etc?

undefined3840 7y ago
Pretty much
mod 7y ago
From the article: "Businesses are experimenting with going cashless, hoping to speed up transactions, combat theft and create a safer environment for their employees." As the owner of a brick and mortar business (a bar), I can tell you that we do about 60% cash transactions. I just put in an ATM to try to up that number. I'm tired of paying close to 3% fees on cards. We have had some cash theft from employees but to eliminate that would require 100% credit, which isn't an option for me. A big part of our clientele is service industry, and they're bringing in their cash tips and spending them.
- RandallBrown 7y ago
  I never thought about cashless places doing it because they were worried about theft from employees. I assumed it was to prevent thieves from coming in and robbing the place. (Makes total sense though that employees would be much more likely to do the stealing)
  - Spooky23 7y ago
    My grandfather owned bars and would fire any honest bartender. His philosophy was that a bartender who wasn’t stealing was smarter than he was.
- walshemj 7y ago
  Probably start up business or popups who might not qualify for traditional banking or don't wasn't to go through the hoops.
analog31 7y ago
Indeed, some of those things are fixed costs, that might be hard to justify if cash has dwindled to a small percentage of sales. You still have to maintain (i.e., probably rent) a cash register, even if it contains no cash.
Spooky23 7y ago
No. Cash is cheap. Losses were around 0.1% and costs were <1% when I did retail eons ago. Might be higher in risky environments due to insurance, worker’s compensation, etc.

undefined3840 7y ago

Pretty much

mod 7y ago

From the article: "Businesses are experimenting with going cashless, hoping to speed up transactions, combat theft and create a safer environment for their employees." As the owner of a brick and mortar business (a bar), I can tell you that we do about 60% cash transactions. I just put in an ATM to try to up that number. I'm tired of paying close to 3% fees on cards. We have had some cash theft from employees but to eliminate that would require 100% credit, which isn't an option for me. A big part of our clientele is service industry, and they're bringing in their cash tips and spending them.

RandallBrown 7y ago
I never thought about cashless places doing it because they were worried about theft from employees. I assumed it was to prevent thieves from coming in and robbing the place. (Makes total sense though that employees would be much more likely to do the stealing)
- Spooky23 7y ago
  My grandfather owned bars and would fire any honest bartender. His philosophy was that a bartender who wasn’t stealing was smarter than he was.
walshemj 7y ago
Probably start up business or popups who might not qualify for traditional banking or don't wasn't to go through the hoops.

analog31 7y ago

Indeed, some of those things are fixed costs, that might be hard to justify if cash has dwindled to a small percentage of sales. You still have to maintain (i.e., probably rent) a cash register, even if it contains no cash.

Spooky23 7y ago

No. Cash is cheap. Losses were around 0.1% and costs were <1% when I did retail eons ago. Might be higher in risky environments due to insurance, worker’s compensation, etc.