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by tothrowaway
1346 days ago
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There's a cost to handling cash. It can get stolen by employees or robbers. It can leak away when giving incorrect change. There's a chance you get counterfeit bills. The bank charges you to deposit it. And most brick and mortar businesses aren't paying the 3% that Stripe & friends charge. They get much better rates. |
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Even when you deal with customers properly and fairly, you take a risk handling credit cards because you can deal with false disputes and chargebacks long after you've already provided the product or service. It doesn't matter if you can provide detailed records proving that you provided the service (including signed shipping records and emails from a customer verifying delivery) the payment dispute is judged in a non-transparent process by a busy person that barely puts 30 seconds into checking your documentation and usually has much more of an incentive to favor the fraudster.
And on top of being out on the product and losing your payment, you also have to deal with paying an extra chargeback fee to the payment provider for them to have to deal with the dispute.
Worse still: every one of these false disputes holds the potential to trip some random algorithm at a payment processor and effectively kill your business by them blocking your account due to too much fraud. It's not super common, but it does happen that businesses get destroyed due to fraud.
As long as you walk free and have at least 1 arm, nobody can ever prevent you from handling cash.