How COVID-19 is accelerating the shift to a cashless society
PHILADELPHIA — Tom Ivory, the founder of the Baker Street Bread Co. in Philadelphia’s Chestnut Hill section, fought a valiant effort for years to rein in bank fees by imposing a minimum credit card purchase of $10. But more customers wanted to go cashless, and Mr. Ivory eventually relented and accepted plastic for any transaction, no matter how small.
About 78% of the purchases at the cafe and store are now paid through credit cards or other electronic transfer — up from 10% just five years ago.
“You have to keep up with technology,” Mr. Ivory said. “To operate as just a cash business today is a suicide mission. You’re just not going to succeed.”