A Maryland coffee shop spent less on green beans last year ($12,827) than on the card-processing fees ($18,645) it pays to financial institutions. “That’s depressing,” the owner said.
In Silver Spring, a Maryland suburb of Washington, D.C., cash is becoming a rarity as consumers increasingly rely on credit cards, apps and online purchases during the pandemic.
For Bump ’n Grind, an independent coffee and vinyl record shop, that is a growing burden. The shop, which roasts its own coffee beans, spent less on green beans last year than on the card-processing fees it pays to the financial institutions that enable cashless payments.
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