As a small pizza place, if I take a credit card payment, I must:
- have some way to process it. This requires hardware, often leased, sometimes owned.
- which requires an extra phone line, OR, internet connection
- and requires a service, and fees to be paid to that service (between 3 to 5% depending upon card).
- and, the money can be challenged (chargebacks), which requires loads of time to deal with... or you just loose the cash
When I take cash, I require... none of the above!
In both cases, I have a bank account, deposit fees, and more from the banks.
I'm guessing you're going to say things like "employees steal cash" or "fake bank notes" or some other such thing. Yet in 6+ years, we had one counterfeit $20.
But if not, what other hidden fees are built into cash?
- have some way to process it. This requires hardware, often leased, sometimes owned.
- which requires an extra phone line, OR, internet connection
- and requires a service, and fees to be paid to that service (between 3 to 5% depending upon card).
- and, the money can be challenged (chargebacks), which requires loads of time to deal with... or you just loose the cash
When I take cash, I require... none of the above!
In both cases, I have a bank account, deposit fees, and more from the banks.
I'm guessing you're going to say things like "employees steal cash" or "fake bank notes" or some other such thing. Yet in 6+ years, we had one counterfeit $20.
But if not, what other hidden fees are built into cash?