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.
Where I live (Canada) the banks charge about 2.25% as a cash deposit fee. Credit card fees are not that different. By far the least expensive way to take payment is with a debit card - only 3-4 cents per transaction.
The security risk of cash is not worth it in that context. And my electronic payments show up in my account the next day. It’s hard to beat the convenience.