Quote:
Originally Posted by dangonay
If I see a restaurant that only accepts cash I refuse to eat there. Why would any reputable business NOT accept multiple forms of payment? It's a fact in retail that accepting plastic (especially credit cards) increases spending. It's easy to give in and splurge on a more expensive meal (item) if you have room on your Visa. Numbers I've seen indicate that consumers using plastic spend 10-18% more on average per transaction.
The way I see it is this: if you don't take plastic you're either laundering money (doing creative accounting) or the owners couldn't qualify to get a POS machine (bank didn't like their references). Or maybe they lost their right to accept cards due to shoddy practices. Whatever the reason, they're not getting my money.
|
Do you work at a place that takes Visa/MC/AE etc?
Being reputable and being profitable are two different things. Lots of restaurants (especially Asian ones) survive on penny pinching and cut throat prices. These low-to-mid priced restaurants can't afford the 1.5-3% + POS terminal rental fee. As well, like any other business, they would be susceptible to credit card fraud and would be ultimately responsible for the financial penalty. Taking cash, on the other hand, guarantees immediate payment.
While cash only does create a nuisance for some, its very unlikely someone would walk into a restaurant without any cash on them.