[NickC25]

I'm paying the same taxes, yes, but on top of taxes, I'm paying a cut of each (pre-tax) sale to the CC company or payment processing platform (Stripe, for example, charges 2.3% of each transaction). That cut, while it might seem like pennies to a customer (because in a sense, it literally is roughly a quarter for a given $10 charge) but over time and at scale, those cuts really add up.

If my revenue is say, $1m, that's roughly $23k that a CC or payment processor gets right off the bat, so I'm paying taxes on the $1mm but the cut takes a nice hit off my end profits. That $23k would be infinitely more valuable if I could reinvest it in my workforce, my product, my team, or myself.

I'm not a restaurant but I am a food service provider. I wish I could go cash-only but that would restrict who I do business with, which at the stage I'm at, is not really an option.

[PopAlongKid]

>If my revenue is say, $1m, that's roughly $23k that a CC or payment processor gets right off the bat, so I'm paying taxes on the $1mm but the cut takes a nice hit off my end profits.

If you are talking U.S. income tax, that is incorrect. You are not paying taxes on $1 million, rather you are paying taxes on $977K since the payment processing fees are tax-deductible.

[petre]

You could incentivize people to pay cash by giving them a 2.3% discount while raising your prices with the same amount to cover banking comissions.

[buzzdenver]

IMO the crux of the issue is that CC companies can legally forbid you from charging a different amount for CC vs cash transactions.

[graywh]

https://www.nationalmerchants.com/is-it-legal-to-surcharge-o...