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From a business owner perspective, it can be cheaper to operate a card only business than a cash only business, especially if you intend to do it legally and wi
by bob1029 1y ago
From a business owner perspective, it can be cheaper to operate a card only business than a cash only business, especially if you intend to do it legally and with a proper bank.
There is no bank on earth that will service a cash heavy (only) business for free. The cost/risk/fees of moving the physical cash around can be worse than what Visa charges.
You could go one step further and think about it from the bank perspective. The cost of physically transacting cash when you could send a packet across the ether to accomplish the same is a wild increase in energy expenditure, etc. Someone had to physically drive to the bank to move the cash. There's no other option. Possibly in a gigantic armored vehicle. Often times multiple times per week. Handling all of this activity is very expensive for all parties involved.
- mixmastamyk 1y agoI often did the cash drop for a local restaurant. It certainly wasn’t free, but having a lackey drop a few thousand in a plastic bag into the night slot was affordable. It’s not quite enough money to worry that it might be stolen regularly. The bank has counting machines and a safe built in the last century as well.