OT: No Cash accepted

[rwsaunders]

Only reasons to go cashless are to reduce employee theft, minimize the labor in handling cash, reduce security risks and to track your activities via credit card and mobile device use.

[oldpotatoe]

Originally Posted by Black Dog

Funny thing here is that stores that are cash only are usually run by folks that think the paying corporate tax is optional and are always a bit sketchy. People like electronic payment to make sure that business are pulling their weight and no evading taxes.

Think you mean sales tax..and yes, cash transactions 'can' end up being under the table. I doubt customers like electronic payment to make sure some business' are paying their sales taxes..doubt any customer really cares. They like electronic because of the ease of doing so..

Another thing to mention..25% Federal tax on gross profits..nothing fair about that. BIG penalty for being efficient, successful business. Not surprised 'some' make sure they are successful but on papaer, have no profit at the end of the year..IncomeTax and Sales tax 2 way different things tho.

[bikinchris]

This costs the customer. Every form of cashless payment takes a percentage of the transaction.

[jlwdm]

And handling cash takes a percentage of the transaction.

Jeff

[BobbyJones]

Originally Posted by gdw

https://www.msn.com/en-us/money/mark...cid=spartanntp

Thanks for the update. Been missing out on alot of interesting stuff in the quest to avoid the political circus that seems to dominate the news.

Here's a new question for everyone, kinda sort of related:

I simultaneously cut WAY back on Starbucks purchases AND started using their app.

For those of you that use these type of purchase apps, how much do you load on at a time and how long does it last you? Just curious on others behaviors.

[verticaldoug]

Originally Posted by gdw

I'm not buying their line. Most stores with competent cashier's can check out customers paying with cash faster than those who use plastic and the employees in nicer restaurants who man the registers don't touch the food. As to theft, they are more apt to be ripped off by their own employees rather than neighborhood thugs. Methinks their policy impresses their target millennial market and they should pay their people higher wagers.

You are very wrong here. Going cashless is a time saver but the biggest savings happen when you go contactless. If you have a short time rush situation (lunchhour, intermission etc) you can process more people. There is no question about it. As for theft, yes employees are apt to steal at any part of the chain. So again you benefit from reduced theft and cost of having to handle the money post sale.

The discrimination part of it is really more predatory but this is at the card provider level. Interchange fees are more regulated in Europe and not as expensive to use. The USA is a different animal. When you get into reloadable debit cards extra designed for the poor, you often find predatory fees imbedded. this needs to be more regulated and changed.

[oldpotatoe]

Originally Posted by jlwdm

And handling cash takes a percentage of the transaction.

Jeff

Sorta but not really on the scale of credit card transactions.

This costs the customer. Every form of cashless payment takes a percentage of the transaction.

It costs the retailer. Everytime I swiped a customer's credit card it COST ME 1.5-2% of the transaction, regardless of what the customer did with their account(THEIR CC fee). About $12,000 per year for my wee store.
Cash...I had to count it and take it to the bank..some $ involved in the form of time but certainly not the YUGE $ CC companies take in.

CC companies ought to be paying retailers..w/o retail(even online/MO/web based) they wouldn't exist.
Mr Visa and Mr MasterCard have swimming pools full of $100 bills.

[jlwdm]

Places like Chick-Fil-A can handle much more business with credit cards. The drive through line is usually really long here, but with a couple of employees standing at the back of the card line and customers using credit cards the line moves really fast. So customers do not hesitate to get in a long line.

Mercedes Benz Stadium in Atlanta speed up their cash process by making all prices including tax be even dollar amounts. Along with more points of sale and lower prices they increased food and beverage sales dramatically.

Jeff

[fiamme red]

http://gothamist.com/2019/04/26/swee..._cash_less.php

In addition to its reputation for creative salad combinations and long lunchtime lines, the fast-casual chain Sweetgreen is also known for its innovative but controversial cashless payment system. The no-cash policy at Sweetgreen locations, in place for several years now, has been ensnared in a growing backlash against the trend of retail establishments spurning cash. As a result, Sweetgreen announced yesterday that it would start accepting cash in all of its locations by the end of 2019...

[old_fat_and_slow]

Way to go Gotham City! I hope other cities follow suit!

We like our cash, and our old-fashioned ways d@mnnit!

[ryker]

For those who think paying with cash is a right, how do you feel about vendors that don't accept large bills? Do you think vendors should have a float of cash on hand to dispense change or is it acceptable if a vendor accepts cash in exact change only?

[gdw]

A vendor should be able to make change from a $20. It's nice if they can handle $50 and $100 dollar bills as well but I'm not surprised or upset if they can't.

[MattTuck]

Originally Posted by gdw

A vendor should be able to make change from a $20. It's nice if they can handle $50 and $100 dollar bills as well but I'm not surprised or upset if they can't.

Mr. Moneybags over here with $50 and $100 bills....

[CunegoFan]

Originally Posted by MattTuck

Mr. Moneybags over here with $50 and $100 bills....

https://www.youtube.com/watch?v=8u_IBee53Rs

[jlwdm]

I think it is ridiculous for a government at any level to legislate that a business must take a certain type of payment. The times are changing, and people need to change. If you want to use cash go to a place that accepts cash. I personally carry a fair amount of cash (minimum of $500) even though I don't use it as much as I used to. My wife does not like to carry cash and freaks out if she has $20.

Jeff