Credit card payments have become the primary mode of payment here in the United States, and in Canada. But there are still stores and restaurants with signs posted that say, “Cash only.” Their fear of accepting checks and their distaste for paying a fee for accepting credit card payments hold them back from moving into the 21st century’s primary mode of payment.
But what that cash-only restauranteur doesn’t understand is that he is drawing fewer customers to his place because there are many, particularly in the under-30 age bracket, who will avoid such a place because they prefer the convenience of using their credit or debit card. Especially if a group is going together – the chances are pretty slim that every person in the group will have cash, whereas it’s nearly universal that they will all have a credit or debit card with them.
So, if a business owner gets even 50 extra customers in a week, he will more than make up for the 2-3% that he shells out for the credit card processing company.
