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09/11/2009 -
Although many of New York's taxi drivers protested when credit card processing machines became mandatory in taxis two years ago, the move may have actually kept the taxi industry afloat during the recession, the New York Times reported."Credit cards helped the New York industry stay stable in a time when the rest of the for-hire industry was in significant decline," Alfred LaGasse, CEO of the national trade group Taxicab, Limousine and Paratransit Association, told the newspaper.
Not only does credit card processing make tipping easier for taxi customers - there are pre-set buttons on the credit card machine suggesting tip amounts - but it also is more convenient for an increasingly cash-less society.
"It's becoming a way of life in the taxi world," Matthew W. Daus, New York's taxi commissioner, told the Times. "New Yorkers are getting more accustomed to going around without cash. We think it's a good thing."
Credit card processing can be a benefit not just to taxi cabs - studies have shown that businesses that accept credit card payments can improve their cash flow and actually boost their sales.
