The average cost of cash acceptance at bars and restaurants has surpassed 15%, according to a recent report by the Small Business & Entrepreneurship Council (SBE Council). The report highlights that card and electronic payment options offer significant savings for many businesses, along with convenience and safety for consumers.
Cash transactions present security concerns as physical currency can be easily stolen. To mitigate theft risks, businesses incur additional expenses on security measures such as hiring on-location guards and utilizing armored cars for cash transport. Despite these efforts, U.S. retailers reportedly lose $40 billion annually to cash theft.
The SBE Council advocates for investment in new technologies and the legislation of national data security standards to establish a more robust payment system.