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Small businesses put in sweat equity to handle cash payments, like the owner going to the bank to make a deposit. If they had to pay an hourly employee to do th
by ses1984 3y ago
Small businesses put in sweat equity to handle cash payments, like the owner going to the bank to make a deposit. If they had to pay an hourly employee to do that, it might even out with credit card processing fees. Also small businesses can fudge numbers with cash payments in a way that’s a lot harder to do when some other company keeps a record of all of your cc transactions.
- ta1243 3y agoYup, cash handling costs are significant when done as a service, they can be cheaper if you don't account for the time and risk (of both theft and forgery). Banks in the UK typically charge about 0.6-0.8% to pay cash in for large companies, and even more for small ones, and very few locations will take cash. However nothing beats that sweet sweet tax evasion that cash allows.