Updated: Feb 28, 2021
Credit cards, digital wallets, and other high-tech payment methods give consumers a staggering variety of payment options. Unfortunately, the convenience these technologies offer may come at a price that can make launching a new business even more stressful and expensive. If you’re opening a store or restaurant, below are a few reasons to consider installing an ATM on-site and going cash-only.
Why Run a Cash-Only Business?
1. Processing Fees Eat Into Profits
Credit card companies take a percentage of every transaction they process, which can add up to significant losses over time. To accept these payment methods, you’ll also have to invest in card readers, a digital point-of-sale system, more internet bandwidth, and secure servers to protect customer information. Deciding not to accept cards helps contain costs, allowing you to put every cent back into your business.
2. Minimize the Risk of Data Theft
Over half of all hacking attempts target small businesses, as they often don’t have the expertise or resources to protect their information. However, businesses that only accept cash don’t have to collect sensitive customer data at all, so you won’t have to worry about falling victim to a costly data breach.
3. Simplified Accounting
Business accounting is complicated enough, especially if you’re tracking income from credit cards, mobile payment apps, and online orders. A cash-only business only has to keep track of a single revenue stream, freeing up hours every week you can devote to your business.
Ensure your customers have access to cash with a FREE ATM placement from Heath ATM. Email or call us at (800) 849-3029 to get started!