As many as 74% of transactions are conducted without cash involved, while 71% of shoppers prefer to pay with a credit or debit card. With consumers showing such a high propensity for card payments, retailers have a dilemma on their hands — should they shift their store businesses closer to a cashless experience?
It’s true that the average retailer wastes up to four hours per day counting cash, but card-based payments involve interchange fees that average out to 2% per transaction. Additionally, going completely cashless excludes a certain subset of consumers, since 7.5% don’t even have a bank account.
Discover the pros and cons of operating a cashless business in this infographic from Fundera.