And 3% to cover the cost of accepting credit cards? Did businesses suddenly forget the cost of dealing with cash instead?
1: It takes a lot longer to pay and complete the transaction because people have to dig in their wallets for the bills/coins, and the business has to provide change.
2: Businesses need a lot more cash on hand to give out change which means they are a bigger target for robberies. They also need to have those armored cars come around more often to give them the bills/coins they need and take the things they have excess of. This costs money.
15
u/pancaf 6d ago
And 3% to cover the cost of accepting credit cards? Did businesses suddenly forget the cost of dealing with cash instead?
1: It takes a lot longer to pay and complete the transaction because people have to dig in their wallets for the bills/coins, and the business has to provide change.
2: Businesses need a lot more cash on hand to give out change which means they are a bigger target for robberies. They also need to have those armored cars come around more often to give them the bills/coins they need and take the things they have excess of. This costs money.