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>The idea that accepting cash is cheap is actually a myth. While some business owners might think the 3 percent fee for processing credit cards is a burden, res
by alexjplant 2y ago
>The idea that accepting cash is cheap is actually a myth. While some business owners might think the 3 percent fee for processing credit cards is a burden, research from IHL Group shows that cash handling costs many retailers between 4.7 and 15.3 percent.
How cute. The value proposition of accepting cash isn't to save on transaction fees, it's to save on Uncle Sam's fees. Cash doesn't have to go into a register and get Z'd at the end of the day (or have a Quicken invoice to go with it, depending upon the type of business). Although I neither condone, participate in, or tolerate tax fraud, it's absolutely a thing, and their failure to mention it doesn't inspire confidence in their conclusions.
- makeitdouble 2y agoThat's a thing only if you don't emit receipts or use a modern POS system. In particular it would happen in flee markets or in old shops that only keep a very forgiving paper trail. But otherwise your POS won't let you get away with that, and your customers will usually be grossed if you're handing them goods for cash without any receipts. Food business could be the last bastion where it would somewhat work on a regular basis IMHO.