Cash-only businesses are more successful than those that receive payment on credit. Why? They have an easier time managing their cash flow. There’s no need to worry about things like bounced checks, late payments, and overdraft fees. It is a smart business idea for any small business to consider going cash only as it will help them stay afloat in these tough economic times and keep a closer eye on their bottom line.
Shalom Lamm is an entrepreneur himself. He believes that having a cash-only business is the smartest idea because it eliminates “the middleman” and helps him make more money for his business. Shalom’s company has grown tremendously since he started this strategy in 2011, and he has been able to take on new employees without fear of going bankrupt. Shalom also states that being a cash-only business gives you peace of mind because you know there are no fees or charges associated with your transactions with customers, which saves time and energy when it comes to filling out paperwork.
In the past, cash-only businesses have been looked down upon. In today’s world of credit cards and digital payments, this is a dated way of thinking. In the past, cash-only businesses have been looked down upon. In today’s world of credit cards and digital payments, this is a dated way of thinking. Shalom is an entrepreneur who has had success with his own business. He believes that there are many benefits to being a cash-only company and that this is a good idea for many businesses, especially in this economy.
Cash-only transactions also help prevent fraud and reduce paper trail and identity theft since they don’t require bank accounts that could be hacked into by criminals looking for information, such as credit card information. Businesses that accept credit card payments will require a merchant account and payment processing fees which can be expensive and eat into their bottom line profits. By becoming cash only, you decrease the overhead costs of your business, allowing for more money to go back to the company instead of going towards these extra expenses. Cash-only transactions also help prevent fraud and reduce paper trail and identity theft since they don’t require bank accounts that could be hacked into by criminals looking for information. These higher chances of being robbed in today’s world is another reason why Shalom Lamm thinks that certain businesses can thrive by operating on a cash system versus accepting debit or credit cards, which is a more favorable choice these days.
In today’s world, going cash-only can still be seen as risky or not having enough trust in your customers. However, by using technology such as Square and PayPal through apps on smartphones to take credit card payments from customers when they purchase items from you, some methods can help ease the minds of potential clients who don’t want to have their transactions tracked digitally and might not have the desire for cash transactions.