Just a couple of days, I asked SQUARE how many customers really abandon a purchase because merchant does not accept credit cards. You can find the tweet thread here:
I've no truck with your boat merchant (pun unintended) but is it possible that (1) he does not accept credit cards because he finds the 1-2% MSC too high or (2) he cannot accept credit cards because he hasn't found any bank willing to extend a merchant-acquirer
account to his business?
Not sure if SQUARE has entered UK but, as I'd highlighted in this blog post, other mPOS providers may not be able to help a merchant stuck with issue #2 above.
Well, maybe "cash only" has other benefits.
a) simplicity of the method in itself (even illiterate people can count cash piles)
b) simplicity of having a single method vs having to support several methods (cash + card + whatever else)
c) and of course cash has hidden benefits ;-)
© Finextra Research 2018