Friday, November 20, 2009

What would be the reasons for a restaurant to accept cash only?

There's a restaurant in town that takes only cash and checks and I wonder why. I think they'll get out of the transaction fee from credit card companies. Is that 1%? Could they also do it to evade taxes?

What would be the reasons for a restaurant to accept cash only?
No, most of the time its 2.5% or higher for restaraunts and there is a swipe fee of $.25 cents which all adds up.. cash only is good but its not the norm nowadays
Reply:Some of the credit card fees are up to 3% - quite a bit to pay for small businesses. I guess they could do it to evade taxes too.

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