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> at least 5% of every transaction

In EU 0.3% or 0.2% depending on card type: https://www.reuters.com/article/us-eu-payments-cards-idUSKBN...

The company supplying and supporting the card machine adds a fee, so it's more like 1-2%.

You can easily get sub 2% in the US if you shop around and have ok volume. Just as much exaggeration in this thread as in the article.

5% per tx?! Remember, in Europe debit is way more common than credit and the fees are capped.

And I'm pretty sure no receipt and under-reported taxes. But what am I saying, that's only something that happens in PIGS, nobody evades taxes in Germany...

Banks charge for handling large volumes of cash though - can be as high as 2% I think; and as others have said 5% is way way more than you'd be paying to accept card payments. If anything the economic incentives are towards going completely cashless these days.