Retailers Going Cashless
Stroll into a Kit and Ace store and you're struck by the minimalist style that highlights the brand's comfortable, street-smart clothing line. But if you wanted to buy a scarf, maybe one that's on sale for about $50, don't bother paying with cash. Kit and Ace won't take your Benjamins — or Hamiltons, Jacksons or Grants. It's nothing personal. It's a no-cash policy that has been adopted by Kit and Ace.
Total Retail's Take: As someone who prefers to pay for things in cash, this policy from Kit and Ace strikes me as odd. One, the retailer has to pay a merchant fee for every credit card transaction it processes. That would seem to me to be a good enough reason for pushing the use of cash in-store. Second, in theory the more payment options you give consumers the better, right? There are a lot of people like me that prefer to pay in cash. Is Kit and Ace willing to lose those customers? The argument against accepting cash in-store, and I'm sure provides the basis for Kit and Ace's policy, is better security against employee theft and robberies, as well as a seamless shopping experience — i.e., not having to wait at the register to get change from the cashier. Count me in the nay column for Kit and Ace's cashless policy.