New York On Track To Ban Cashless Stores And Restaurants

[Cal Carpenter]

29. You're missing at least 2 downsides

off the top of my head...

- security risk - data breaches/theft/hacks of millions of credit card user's info (much more likely to impact an individual than a physical robbery simply because of the scale)
- processing costs for small businesses. Credit card processors take 2 to 3% of the charges to cover processing costs. As a small retail business owner in a low-margin industry, those fees are the reason I sometimes can't cash my own paycheck. For giant companies, it may be a wash because they have to pay employees to count their cash drawers after their shifts, more room for human error, etc. But for the little guys like me, it fucking sucks.