Cash Only Businesses
Businesses who want to remain cash only often find themselves stuck between a rock and a hard place:
Staying cash only reduces credit card fee expenses, but you run the risk of losing business from customers who don’t carry cash and/or prefer to pay with credit cards.
If you place an ATM machine within your establishment to allow customers who don’t always carry cash to still make purchases, you run the risk of alienating customers who don’t like paying ATM fees.
Accepting credit cards allows you to capture sales from the customers who come into your establishment without cash, but the increased expense from credit card fees can cut into your margins because some of your customers that used to pay cash will now pay with credit cards as well.
For example: 66% of retail transactions in the US are done on credit and debit cards. Depending on the ratio of credit to debit cards, a business that brings in $100k/month could pay fees ranging from several hundred to a few thousand a month. Over the course of a year this could amount to $10,000-$20k+, a rather significant amount of money to a small business owner.
For high volume, cash only businesses that bring in $100k/month or more, we have a couple of special programs that will enable you to remain cash only by offering heavily discounted and even free ATM withdrawals to your customers.
Contact us today to get started, one of our sales consultants can walk you through the options available and design an arrangement that best suits your needs.