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What You Need To Know About Cash vs Card

By February 20, 2020January 20th, 2021No Comments

We have gone over some of the top 8 reasons to take cards. Here are even MORE reasons why taking a card and being a small business is beneficial.

When you are not taking cards, you are losing out on a big piece of revenue from the loss of potential customers. Consumers want the quickest and easiest way to pay. having multiple payment types should go without saying. But in case you need a little nudge to help see the benefit we can break it down into some stats.

We have talked about cash and checks being a dying breed, so therefore we already know that most people are not carrying cash at all, or nothing more than a few dollars for a soda run.

Bankrate did a really cool study on how much cash American’s are carrying on the daily. Here are the results of that study

More than two-thirds of consumers carry $50 or less on a regular basis.

  • About 9 percent of those surveyed say they don’t carry any cash at all.
  • Six percent of those making $75,000 or more carry more than $250 in cash, compared with 2 percent of the overall population.
  • The amount of cash people carry with them is fairly consistent across different age groups.
  • Women tend to carry less than men. Seventy-seven percent of women carry $50 or less on a daily basis, compared with 61 percent of men.
  • Who carries large amounts of cash anymore or wants to pay a $3-$5 ATM fee?
  • It may come at an expense to your business, but some customers will not want to shop at your business if you do not accept credit cards. Either they’ll completely avoid your business, or they’ll spend far less money.

When taking these stats into count, in addition to the 8 Top Reasons To Take Cards it should help you see the bigger picture and the benefits of having multiple payment options. Combine that with more information on consumer trends and there shouldn’t be a doubt in your mind that taking cards is a smart move, so why not do it with one of the best in the industry!

Contact us today to speak with a Payment Professional.

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