Since technology makes it so easy to accept credit cards now, there’s no wonder why so many businesses have embraced alternative methods to cash. A lot of businesses offer all sorts of payment options beyond just cash and credit cards for their customers.
While there is certainly an advantage to making payments more convenient for your customers by giving them plenty of choices, there are some businesses that would do much better off accepting cash only. Take a look at some of the benefits of running a business that only lets their customers pay with cash.
The first and perhaps most obvious benefit to only accepting cash is the lack of fees. Every time that a customer runs a credit card, there are transaction fees associated with them. Not only do the transaction fees come out of your pocket, but you also need credit card equipment to be able to run the charges. When you accept cash only, all you need is a cash register.
Credit card machines are frequently running into issues. Whether your customer’s card results in a decline code or maybe your credit card processor is down, there are all sorts of challenges that can stop you from being able to make a charge.
However, customers are able to pay with cash regardless of whether your processor is down. They could even pay if your electricity is out! Paying with cash is a painless and simple way for your customers to purchase from you.
Accounting can start to get quite complicated when you have to separate your different forms of payment on paper. Between online payments and credit cards, it can start to make your head spin when it comes time to start your accounting process. However, when the only thing you’re counting is cash, there’s much less fuss to worry about.
Fewer Security Problems
When you combine money with technology, it’s possible that people with the right know-how could hack into your system. Cash-only limits the amount of vulnerability you have and puts you last at risk for someone compromising your delicate information. Although it’s still possible for someone to come in and steal your cash, putting it in the bank each day makes you much less vulnerable to theft.
If you’re someone that doesn’t like paperwork in general, then a cash-only business is ideal. Cash requires less of a paper trail, which in some cases may be a drawback. It can be nerve-wracking for some businesses that prefer the security that comes with a credit card paper trail. Since some people prefer to have plenty of paperwork in order to prove their sales, they like to have the proof on hand.
However, if you’re looking for a no-fuss process, which requires very little paperwork, then cash is the way to go.