Originally Posted by dcgolfdr
As a business owner you have to accept all forms of payment. No one carries cash, some people write checks but most use a credit or debit card. As other have mentioned merchant fees do cut into profits but it is a part of doing business. Also as a business owner there are many tax incentives in place from the govt. Work with a good accountant who understands the everchanging tax laws, take advantage of the laws in place and pay less tax the legal way. Didn't GE or a company similar not pay any tax this past year? It wasn't because they only took cash.
There are a couple of restaurants I really like, but don't frequent as much because they only take cash. I rarely have any cash on me at all so when I'm hungry...I really don't want to stop by an ATM prior.
A con (albeit not a big one) of taking cash only is that it increases the possibility of getting fake bills. The places that only take cash mentioned earlier told me that they have been victims of such crime. Primary with fake $20 bills.