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Could Small Cash Transactions Boost Business Profits? The Benefits Of Small Payment Cashing
- High street stores going cashless could leave small businesses behind the profit curve.
- Small cash transactions help drive profits for local businesses and provide consumers with greater spending freedom.
- Promoting small cash transactions can reduce high card processing fees, which can chip away at store profits.
- Encouraging cash transactions ensures small transaction fees remain minimal for a healthier income as a local store.
- Offering services such as cashback or change for note transactions can make your store more accessible for locals who still use cash.
- Cash-based payments carry no risks of chargebacks, unlike credit-based payment methods which often result in significant chargeback fees.
- Small cash transactions are not without challenges - inconvenient card limits, security risks and the risk of being audited for tax repayment.
- Successful high street businesses are those that maintain a balance of payment options including cash, card payments and smartphone transactions.
- While cash is no longer the most popular form of payment, it remains an important form of payment that society shouldn't forget.
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