By Laura Woods
WWR Article Summary (tl;dr) With the rise of mobile payments and sustained popularity of credit cards, cash-only businesses are few and far between. For women in business who don’t start adapting to mobile and still operate primarily with cash; beware the risk of losing customers and profits.
Although many people still prefer to get paid with cash, according to a recent GOBankingRates.com study, businesses with cash-only policies seem to be a thing of the past.
Thanks to the rise of credit and debit cards, as well as the evolution of peer-to-peer payment services, such as Venmo, Square Cash and PayPal, there is less of a need for you to have cash in your pockets at all times.
Still, there are certain industries whose practitioners who have retained cash-only policies. Here are six of them:
In 2015, consumers spent $8.51 billion on nail services, according to Nails Magazine. According to the magazine’s 2014-2015 report on the nail industry, about 10 percent of all U.S. nail techs only accept cash, and 42 percent of clients paid for their services in cash, making it the most popular form of payment.
Since cash is the most frequently used form of payment, it seems likely that cash-only nail salons will be able to continue to thrive without changing their practices.
You’d be hard-pressed to find a franchise restaurant that’s cash-only. However, it’s not uncommon for smaller restaurants to have cash-only policies, especially mom-and-pop restaurants, small exotic eateries and long-standing establishments.
Cash-only restaurants have it tough, though, most people want to pay with their cards. According to Zagat’s 2016 National Dining Trends report, “the top ‘dining deal-breaker’ is a cash-only policy.”
With the rise of mobile payments and sustained popularity of credit cards, cash-only restaurants risk losing customers and profits if they don’t start adapting.