Cash Payments: From a Consumer’s Point of View

cash-payments

Someone walks into your store, looks around at a few things, picks up something and heads to the register. On their way up, they see a sign, stop, look around and then place their item back on the shelf and walk out without making a purchase. What caught their eye? What deterred them from making a purchase? And what did they look around for after seeing the sign? What did you do wrong?

 

If you’re a small business owner of a convenience store, you may have asked yourself these questions, but it’s likely you know the answers already. The customer saw the sign in the front which read “CASH ONLY” - as in cash payments. They looked around for an ATM and noticed you had one in the corner. However, this was an off-brand one, meaning they would likely pay a fee to withdraw money and suddenly, those treats they were purchasing didn’t seem worthwhile, so they returned them to the shelf and left. This is not every customer obviously.

 

According to CNBC, as of 2019, 3 out of 10 adults say they make zero purchases using cash, so roughly 7 of those remaining 10 make purchases with cash. Doesn’t sound like much, but let’s do some math on that. If you have 100,000 customers per year who spend $10.00 on average when visiting your store, you have projected revenue of $1,000,000. Now if 3 of 10 or 30% won’t make purchases with cash as you require, of that projected million you would have earned, you now have lost out on $300,000.

 

Now, why would someone let the off-brand ATM deter them from making a withdrawal to purchase the items they came in for? Well, in addition to the fees that consumers will have to pay for withdrawing their own money, there’s always the thought of fraud through the use of skimming devices that are strategically placed in some ATM’s which are not monitored like the ones found at your local bank. This makes one feel uneasy when it comes to using the off-brand ATM and after considering all of that, they may feel safer visiting another small business with more payment options. This is strictly a view from a consumer’s perspective.

 

I personally won’t shop at a store that doesn’t accept card payment options, even if there is an ATM in the store. I’m only one person, but there are many others who feel this way as well and that could be a business boomer for you to obtain that 30% of consumers who won’t spend cash. If the cost is a factor, consider how much more revenue you’d have if you have 30% more consumers doing business with you.

 

Just a thought…stop only accepting cash payments and accept credit card payments. Give Cloudswipe a try…

35 Comments

  1. Dave Holmes on October 4, 2019 at 6:06 am

    Ԝe are a group of volunteers and stareting a
    new scheme in our community. Your website offcered us with ѵaluaЬle information to work on. You’νe done an impressive
    job and our entire community wll be thankful to y᧐u.

    • Kendall on October 15, 2019 at 8:54 am

      Thank you

  2. bahoebooks.tumblr.com on October 8, 2019 at 3:59 pm

    Normally I do not learn post on blogs, however
    I would like to say that this write-up very
    pressured me to check out and do so! Your writing taste has been amazed me.
    Thanks, quite great post.

    • Kendall on October 15, 2019 at 8:54 am

      Thank you very much. We intend to keep them coming

  3. coin master hack on October 10, 2019 at 8:24 am

    Good article. I’m facing some of these issues as well..

    • Kendall on October 15, 2019 at 8:54 am

      Thank you, hopefully this helps

  4. apexcoinsfinder on October 13, 2019 at 7:53 pm

    Hello to every , because I am in fact keen of reading this web site’s
    post to be updated daily. It carries good stuff.

    • Kendall on October 15, 2019 at 8:55 am

      Thank you

  5. how to get free apex coins ps4 on October 14, 2019 at 6:32 am

    We’re a bunch of volunteers and starting a brand new scheme in our community.
    Your web site offered us with useful info to work
    on. You have performed an impressive process and our
    whole group shall be thankful to you.

    • Kendall on October 15, 2019 at 8:55 am

      Thanks, hope to keep benefiting others

  6. เสื้อโปโล on October 14, 2019 at 8:44 pm

    Hey there! Would you mind if I share your blog with my zynga group?
    There’s a lot of people that I think would really appreciate your content.
    Please let me know. Thank you

    • Kendall on October 21, 2019 at 5:17 pm

      I don’t mind at all

  7. solar led lights outdoor review on October 15, 2019 at 3:59 pm

    You can definitely see your expertise within the work you write.
    Thee arena hopes for more passionate writers such as yyou
    wwho aren’t afraid to ssay how they believe.

    At all times go after your heart.

    • Kendall on October 18, 2019 at 7:31 am

      Thank you kindly

  8. bbs.yx20.com on October 19, 2019 at 8:59 am

    I know his if off topic but I’m looking into sstarting
    mmy own weblog and was curious what all is required to get
    setup? I’m assuming having a blog like yours would cokst a pretty penny?
    I’m not very web savvy soo I’m not 100% positive.
    Any suggestions or advice would bee greatly appreciated.
    Thanks

    • Kendall on October 21, 2019 at 5:16 pm

      I would contact kyle brown, the creator of this website. He may have better Intel for you on that.

  9. sumlom.tumblr.com on November 7, 2019 at 12:50 pm

    Every weekend i used to pay a quick visit this web site, because i wish for enjoyment, since this this site conations genuinely
    fastidious funny information too.

    • Kendall on November 16, 2019 at 11:45 pm

      Thank you

  10. aviation headphones sale on November 9, 2019 at 3:06 am

    Thank youu for sharing your info. I really appreciate your
    efforts and I am waiting foor your next post hanks once again.

    • Kendall on November 16, 2019 at 11:45 pm

      Thank you. Looking forward to posting more

    • Kendall on November 16, 2019 at 11:52 pm

      Thank you

  11. Wilbur on November 10, 2019 at 2:44 pm

    Every weekend i used to go to seee this wweb site, because i wish for enjoyment, as this this web site conations genuinely nice funny
    maerial too.

    • Kendall on November 16, 2019 at 11:52 pm

      Thank you. Glad u enjoy

  12. plenty of fish dating site on November 11, 2019 at 8:39 pm

    I am genuinely happy to glance at this weblog posts which consists of tons of helpful data, thanks for providing such information.

    • Kendall on November 16, 2019 at 11:53 pm

      Thank you and you’re welcome

  13. I couldn’t resist commenting. Well written!

    • Kendall on November 16, 2019 at 11:54 pm

      Thank you

  14. vurtilopmer on November 15, 2019 at 8:27 pm

    Excellent post. I used to be checking constantly this blog and I am impressed! Very helpful information particularly the closing part 🙂 I maintain such info a lot. I used to be seeking this particular info for a long time. Thank you and best of luck.

    • Kendall on November 16, 2019 at 11:55 pm

      Thank you. Glad it helps

  15. Fernando on November 17, 2019 at 6:20 pm

    Hi there to all, how is everything, I think every one is getting more from this web page, and your views are fastidious in favor
    of new people.

    • Kendall on November 21, 2019 at 4:31 pm

      Thank you

  16. vurtilopmer on November 17, 2019 at 6:40 pm

    An interesting discussion is worth comment. I think that you should write more on this topic, it might not be a taboo subject but generally people are not enough to speak on such topics. To the next. Cheers

    • Kendall on November 21, 2019 at 4:31 pm

      Thank you. Plan to write similar info on the subject

  17. tinyurl.com on November 20, 2019 at 8:28 am

    This site was… how do you say it? Relevant!!

    Finally I have found something which helped me. Thanks!

    • Kendall on November 21, 2019 at 4:32 pm

      Thank you. Glad you enjoyed

Leave a Comment