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Originally Posted by Shaun @ Tru6
^^^ off topic, but those restaurants aren't cash only because of credit card fees, they are cash only to avoid paying their fair share of taxes. Same goes on here in Boston, one of the most corrupt cities in the country.
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Quote:
Originally Posted by Jim Richards
The barber shop I go to is a cash only place. I think that some of the cash-only businesses do that to avoid credit card transaction fees (2.5-3%), and some do that to avoid paying their fair share of taxes. I wonder how closely the cash-only businesses are scrutinized by the IRS.
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It is also the credit float...credit card companies are notorious for plus 30 day terms, etc.
A small business, like a barber shop, can be impacted by that. My barber shop, owned by the smartest Korean woman on the planet is cash only for that reason. I asked
