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.
It is a charity gift shop run by elderly people. They want to take cash.
Although they lose some customers by not taking cards… and cards are very much king in a retail operation… if people really want the item, which should be at a reasonable charity thrift store price, they will go get cash and come back for it.
What is the average price of a transaction? How is inventory kept? How are donations priced?
It seems like the operation is built as it wants to be, a tax-exempt, charity thrift store that operates on donations.
It is a glorified yard sale. There is no need to upgrade anything for any reason. If it ain’t broke, don’t fix it.