Cash is the most commonly accepted and reliable form of payment for a business. Many small businesses operate as "cash only" merchants. Years ago this wouldn't have been uncommon, but with advances in technology, business owners must ask themselves if they're hurting their bottom line by limiting payment options.
If you're thinking about starting a cash only business or if you're considering expanding your current payment options, be aware of the pros and cons of only accepting cash.
Pros of accepting only cash:
Cons of accepting only cash:
The nature of some small businesses may make it smarter to stay cash only. Flea markets, street vendors, and lawn service providers are just a few examples of common cash only small businesses. At the end of the day, you will have to decide which payment options will create the most success for your business.
SOURCE: U.S. Small Business Association
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