Couple small places neat me are cash only operations. I don’t know why but in 2023 to be cash only seems a little suspect to me. Any legitimate reason?
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Tax man or other debts
Laundering
Conspiracy theorist
Old and/or immigrant mentality
…these are the main reasons.
You answered your own question.
Only businesses I can think of that have a legitimate reason to be cash only are businesses related to cannabis.
Because people don’t want to fund a tyrannical government that sends our money to terrorist organizations…or something like that…I don’t blame them…I’ve considered going cash only as well
Money laundering for Tony Soprano.
Simplicity.
Businesses near me charge 4% more if you use a card because that is what they pay in processing fees. One went cash only but most give you the choice. I learned to have cash for those places.
Because you think avoiding taxes is more important than being relevant and legitimate in the world of business and finance.
Yep. Half the people in here stating otherwise and complaining about cc fees are most likely shady business owners making excuses. Very little reputable businesses only take cash these days.
No credit card processing fees. No equipment to buy. No chargebacks. No fraudulent purchases. Less bookkeeping. Just keeps everything pretty simple.
I am not advocating it but I understand it. I have also seen a rise in credit card only businesses. I feel like both have their advantages and disadvantages. but most likely you are losing business if you restrict how people can pay.
The only entity they should worry about seeming “suspect” is the IRS. If they are happy, the it doesn’t matter.
rise in credit card only businesses.
Doesn’t everywhere have to accept cash as legal tender or is that a myth?
The barbershop I go to went cash only and installed an ATM.
Because Visa alone PROFITED $32,000,000,000 in the last 12 months… that’s just Visa, not MasterCard, Discover, AmEx, etc. It’s nuts we hand so much cash to them and complain about prices increasing on everything.
For the fiscal year 2022, Visa reported earnings of US$14.96 billion, with an annual revenue of US$29.31 billion, an increase of 21.6% over the previous fiscal cycle - Wikipedia
They did not profit 32 billion. Google is free and easy to use
I worked on a Christmas tree farm and they are only open for a month so it’s not worth getting set up for CC transactions.
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Probably trying to avoid credit card fees. It’s insanely expensive for small businesses owners. That’s why some of them are passing the fees on to their customers. It’s also easier to hide money, so that could be it as well.
Save on processing fees. But it’s more than likely to try to keep uncle Sam out of it.
Variety of possible reasons.
Avoids card fees & charge backs for stolen cards or disputed purchases, can’t get a bank account due to poor credit/id theft/no photoid & proof of address, main clients are cash buyers who are elderly or from very traditionalist cash orientated societies where credit cards or online payment apps are not socially acceptable.