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.
A large portion of sales are going to wind up being card if they decide to take cards. My suggestion is to raise prices 10% across the board and then have a 10% discount for cash transactions if they want to do it that way. Alternately they could just go ahead and raise prices 10% across the board and just not offer a cash discount. As far as percentages of people paying with a card, I would peg it right at about 75%.