A business is charged a fee from the issuer each time they accept a debit or credit card for payment. Some business’ are now adding the fee onto the cost of their services. It used to be there was no fee for using a debit card, but that seems to have changed.
For a small business it is very costly when an item is returned to the company. They are charged up to 3.5% when the sale is made, and up to 3.5% when the item is returned, resulting in a net loss of 7% of the sale price.
I work part time as a cashier for a food chain and believe a card is used 90% of the time for purchases. Paying with a check is used much less than paying with cash. We only accept checks from local residents who have their address printed on the check.
I can leave my wallet at home and buy gas and groceries at Kroger and Whole Foods with my phone.
Amazon started developing a cashless/cardless/scan-less grocery store a few years ago. No registers, no scanners, no payment processors. Walk in, load your cart, bag your own goods, walk out. Billing for everything is automatic through your Amazon account.
They know what you got. They know where you are. They know who you are.
Cameras are everywhere. Literally. Actually.
Cash is difficult to track. Invisibility and anonymity are luxuries purchased with cash only.
All modern countries are working more towards a cashless society. The US will probably never go COMPLETELY cashless, partly because some transactions are easier with cash, some people only trust cash, and there's a demand for US dollars both inside AND outside the borders. (Currency exchange places need cash of different countries on hand, or they go out of business.)
Since cash is hard to track, some people will always be fans of cash, and it's easier to pay taxis and some other services with cash than without. And I dare you to go down to the Diamond District and try to buy something expensive by card- you'll always get a better bargain with cash.
A number of other transactions are easier by card, however, and the cards are lighter to carry than cash.
All modern countries are working more towards a cashless society.
Let's face it. The technology has arrived. Don't blame the government. It's far more secure for retail establishments to transact with cards. The hassles of dealing with cash make financial institution fees a simple cost of doing business, and less expensive to the business establishments.
So, yes, we are moving in that direction. However, I don't see cash as being outlawed any time soon.
Let's face it. The technology has arrived. Don't blame the government. It's far more secure for retail establishments to transact with cards. The hassles of dealing with cash make financial institution fees a simple cost of doing business, and less expensive to the business establishments.
So, yes, we are moving in that direction. However, I don't see cash as being outlawed any time soon.
For practicality reasons, I don't see cash as being outlawed at all, especially US dollars. Maybe in a few centuries, or if the End Times begin and all bets are off.
Covid did amazing things to boost cashless society.
It's so long since I used cash that I have to look very carefully at both notes and coins to be able to recognise what they are. I usually pay by debit card, but for big purchases, by credit card, because there are extra protections if the item purchased goes wrong. My bank issued me a global debit card, which is awesome and I can use in almost all countries, without any surcharges, and I can just pay in the local currency, whatever that might be. For fun, travelling around recently, I used that card to buy things in four different currencies within 12 hours.
Even the homeless guys, begging, have card machines (and probably better phones than my 2012 model with a badly cracked screen).
For sure, banks make a charge to the retailer. But the retailer gets a benefit, too: doesn't have to count lots of cash at closing time, no time wasted in taking it to the bank, no risk of being mugged to any employee whilst taking cash to a bank, and less risk of being burgled for the cash that they don't hold on the premises.
When I was in New Zealand, oh, late 1980s, cards were widespread then, far more than anywhere else. You could go into any store and use your card to draw out cash and retailers welcomed that because they didn't then have to bank that cash. Cards were almost the de facto mode of payment. And now, most of Europe and Asia (Singapore, etc) are deeply into using cards.
Surely in the US people are not still on a regular basis using cheques?????? (Or even, checks!)
Cash? Useful at the local yard / garage sale.
It's also useful for those on a tight budget and who have difficulty managing to have a fistful of cash and to know that amount of cash, and that alone, has to get them through to next payday or whenever. If they spend it all at once, well - tough. There's no more available.
But the retailer gets a benefit, too: doesn't have to count lots of cash at closing time, no time wasted in taking it to the bank, no risk of being mugged to any employee whilst taking cash to a bank, and less risk of being burgled for the cash that they don't hold on the premises.
Yes, that's what I was considering as benefit to the business/retailer... Definitely mitigates some labor costs and security risks.
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waysider
I can't remember the last time I used cash for anything, aside from the coin-drop, self serve car wash..
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Stayed Too Long
A business is charged a fee from the issuer each time they accept a debit or credit card for payment. Some business’ are now adding the fee onto the cost of their services. It used to be there was no fee for using a debit card, but that seems to have changed.
For a small business it is very costly when an item is returned to the company. They are charged up to 3.5% when the sale is made, and up to 3.5% when the item is returned, resulting in a net loss of 7% of the sale price.
I work part time as a cashier for a food chain and believe a card is used 90% of the time for purchases. Paying with a check is used much less than paying with cash. We only accept checks from local residents who have their address printed on the check.
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Nathan_Jr
I can leave my wallet at home and buy gas and groceries at Kroger and Whole Foods with my phone.
Amazon started developing a cashless/cardless/scan-less grocery store a few years ago. No registers, no scanners, no payment processors. Walk in, load your cart, bag your own goods, walk out. Billing for everything is automatic through your Amazon account.
They know what you got. They know where you are. They know who you are.
Cameras are everywhere. Literally. Actually.
Cash is difficult to track. Invisibility and anonymity are luxuries purchased with cash only.
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WordWolf
All modern countries are working more towards a cashless society. The US will probably never go COMPLETELY cashless, partly because some transactions are easier with cash, some people only trust cash, and there's a demand for US dollars both inside AND outside the borders. (Currency exchange places need cash of different countries on hand, or they go out of business.)
Since cash is hard to track, some people will always be fans of cash, and it's easier to pay taxis and some other services with cash than without. And I dare you to go down to the Diamond District and try to buy something expensive by card- you'll always get a better bargain with cash.
A number of other transactions are easier by card, however, and the cards are lighter to carry than cash.
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OldSkool
How else can it be decided who can buy or sell unless its totally controlled?
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Rocky
Let's face it. The technology has arrived. Don't blame the government. It's far more secure for retail establishments to transact with cards. The hassles of dealing with cash make financial institution fees a simple cost of doing business, and less expensive to the business establishments.
So, yes, we are moving in that direction. However, I don't see cash as being outlawed any time soon.
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Rocky
And easier to steal undetected.
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WordWolf
For practicality reasons, I don't see cash as being outlawed at all, especially US dollars. Maybe in a few centuries, or if the End Times begin and all bets are off.
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waysider
I ain't broke but I'm badly bent.
Everybody loves those Dead Presidents.
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Twinky
Covid did amazing things to boost cashless society.
It's so long since I used cash that I have to look very carefully at both notes and coins to be able to recognise what they are. I usually pay by debit card, but for big purchases, by credit card, because there are extra protections if the item purchased goes wrong. My bank issued me a global debit card, which is awesome and I can use in almost all countries, without any surcharges, and I can just pay in the local currency, whatever that might be. For fun, travelling around recently, I used that card to buy things in four different currencies within 12 hours.
Even the homeless guys, begging, have card machines (and probably better phones than my 2012 model with a badly cracked screen).
For sure, banks make a charge to the retailer. But the retailer gets a benefit, too: doesn't have to count lots of cash at closing time, no time wasted in taking it to the bank, no risk of being mugged to any employee whilst taking cash to a bank, and less risk of being burgled for the cash that they don't hold on the premises.
When I was in New Zealand, oh, late 1980s, cards were widespread then, far more than anywhere else. You could go into any store and use your card to draw out cash and retailers welcomed that because they didn't then have to bank that cash. Cards were almost the de facto mode of payment. And now, most of Europe and Asia (Singapore, etc) are deeply into using cards.
Surely in the US people are not still on a regular basis using cheques?????? (Or even, checks!)
Cash? Useful at the local yard / garage sale.
It's also useful for those on a tight budget and who have difficulty managing to have a fistful of cash and to know that amount of cash, and that alone, has to get them through to next payday or whenever. If they spend it all at once, well - tough. There's no more available.
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Rocky
Yes, that's what I was considering as benefit to the business/retailer... Definitely mitigates some labor costs and security risks.
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