Detroit Businesses could be fined if they do not accept cash under new ordinance Published by CBS Detroit As of 2023, the Detroit City Council instituted restrictions on businesses regarding cashless operations for the purpose of protecting consumers that do not have access to bank accounts or cashless services. This ‘prohibition on cashless operations’ primarily applies to businesses which offer consumer goods or food for sale at a physical location. For instance, a bodega, a food truck, or a restaurant. Technological advances have broadened the payment options available. The decision to accept or refuse these options can have significant consequences for small businesses and their customers. Debit and credit card payments are common, and merchants are typically charged a 1.5-3.5% fee for credit card payments . Businesses like Stripe and Square offer point of sale technologies that mitigate the physical bulk of cash registers, charging businesses 2.6%-2.9% per t...
University of Michigan Law School Community Enterprise Clinic (CEC) Blog