For many many years a retail business that I work for has been cash only. The people who own the business are elderly, and they have been very resistant to upgrading their POS to take credit and debit cards. Their reasoning is that they can’t afford the fees. Every day they lose multiple sales because people don’t always carry cash. I need some hard statistical facts to bring to them to convince them that they will make more money taking carts, even if they have to forfeit a small percentage for fees. Anyone know where I can get these sorts of numbers? For example the average percentage that sales increase when people decide to upgrade their payment system to take cards.
There might be more to it than you know. They might be quietly putting the cash in their pockets and the IRS is completely unaware of their actual income. It’s not an insignificant amount of money, if they do that.