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Even for a small retailer, (i)zettle costs 1.75%[1] per transaction. No monthly fees. I honestly can't see how cash can compete with that. You need to spend tim
by beefield 6y ago
Even for a small retailer, (i)zettle costs 1.75%[1] per transaction. No monthly fees. I honestly can't see how cash can compete with that. You need to spend time managing your change. You need to have some kind of register. You need to take your cash to the bank (which is far from free, and takes time). You need to manage your operations so that nobody steals or loses your money. Only "benefit" in cash is that tax avoidance may be easier, if you are into such things.
If I'd start a small business, I would flat out refuse to take cash. (in Europe)
[1] https://www.zettle.com/gb/help/articles/1084775-pricing https://www.zettle.com/gb/help/articles/1084775-pricing
- moduspol 6y agoI think it's totally doable if you can avoid cash completely, but for most of the costs of handling it, they hit when you take your first dollar. If you're already buying a cash register, counting, making change, stocking cash/change, making a trip to the bank, etc., the incremental costs of additional cash transactions are minimal. Even with steps up for things like time-locked safes or pickups by armored cars. I agree with the sentiment, though. I guess realistically if it were my business, I'd need some significant evidence that I wouldn't be losing money by not accepting cash. That's the extraordinary claim, after all, with the vast majority of businesses doing it. I think I've seen a few food trucks in my area that don't take cash.