4 ms·
This analysis ignores the cost to the merchant of handling cash. I don't know how high it is. I've seen various numbers thrown around but it's hard to tell wh
by aix1 5y ago
This analysis ignores the cost to the merchant of handling cash.
I don't know how high it is. I've seen various numbers thrown around but it's hard to tell what's accurate and what's not. What is clear, however, is that the cost is non-zero.
- hluska 5y agoI can give you a bit of data that is roughly thirty years old. When I was a youngster, I had a job at Subway. I was freakishly nerdy and good at math, so I ended up doing cash most of my shifts. If it went well, it took me twenty minutes. Most of my coworkers spent double that time. If we split the difference (30 minutes) and factor in my big hourly wage ($7 an hour), it’s at around $3.50 a business day per location. That’s not huge money, but still works out to close to $1,300 a year for one location. Multiple that by a few million and it’s a serious cost. Great comment.
- aix1 5y agoThanks for the insight! I imagine there must be other costs, such as secure storage and transportation of cash? Also a bank might impose handling fees? (The latter in particular is pure guesswork on my part.)