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Old 09-23-2022, 11:56am   #1
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Default Non cash use fee.....

When businesses open up and take credit cards along with cash as payment they agreed up front to pay the fee associated with the credit card use. Same with debit cards.......fast forward to "covid" ....businesses didn't want to touch cash because depending on what day it was the covid cooties were transmitted in various ways.
Don't you think it's wrong to charge this fee when it's considered to be a "cost of business" expense ?
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Old 09-23-2022, 12:00pm   #2
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I think there should be a discount for cash.
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Old 09-23-2022, 12:08pm   #3
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Credit card fees cost businesses alot of money... American express is the highest IIRC.
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Old 09-23-2022, 12:13pm   #4
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Credit card fees cost businesses alot of money... American express is the highest IIRC.
Then the other option is to be a cash only business ....I have gone to restaurants that will not accept Amex for that reason. When I was a partner in the company we did take credit cards.....rare it was but when we did we paid the fee.
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Old 09-23-2022, 1:21pm   #5
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At this point cash may be more expensive for a business to receive. Itís more likely to be stolen/lost, then has to be deposited to the bank in order to make any bill payments.
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Old 09-23-2022, 4:49pm   #6
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Originally Posted by FLEXjs View Post
It's been common here in Canada for certain venues to not accept credit cards or to add fees for their usage.

I remember for many many years Costco and Grocery Stores would not accept credit cards. They finally do now but I am guessing they must have some special arrangement where they pay lower fees than restaurants, retail, and other higher margin businesses.

Most convenience stores here will not accept credit cards and will even add a nominal amount for debit cards for sales under a certain value.

Years ago we bought all new appliances and I really beat them up on price and got a good deal, provided we paid cash. We paid 80% in store cash (debit) and I held back 20% until delivery. We had no choice but to pay that balance on delivery via credit card so we had to add back 2.5% on the 20% balance.

There's nothing forcing any business to accept credit cards. They usually do because it means more sales, but they sacrifice 2-3% profit. For some businesses, like grocery stores, that 3% can be a significant amount of their net profit.

As long as they are up front about their policies I see nothing wrong with it.

Cash is King.
No cash at Costco ? Heck I would just rob every person going in the store, they would have to have at least $300 on them. Even in Canadian dollars that would be enough for 1/2 tank of gas.
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Old 09-23-2022, 4:54pm   #7
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There's nothing forcing any business to accept credit cards. They usually do because it means more sales, but they sacrifice 2-3% profit.
Actually they simply jack up all their prices by 3% to cover the processing fees, In effect the people who pay cash are subsidizing the people who use credit cards. This is why I always pay with a credit card, pay it off in full every month, and collect all the cash back rewards.
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Old 09-23-2022, 5:04pm   #8
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I don't know if the rest. or biz is actually making a profit from CC?

I know they pay a fee to whatever company processes the CC transactions.
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Old 09-23-2022, 5:56pm   #9
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I always pay with a credit card, pay it off in full every month, and collect all the cash back rewards.
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Old 09-23-2022, 6:14pm   #10
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Actually they simply jack up all their prices by 3% to cover the processing fees, In effect the people who pay cash are subsidizing the people who use credit cards. This is why I always pay with a credit card, pay it off in full every month, and collect all the cash back rewards.
This. About the only thing I use cash for is tips for various service workers where the tip is usually just a couple of bucks
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Old 09-23-2022, 7:42pm   #11
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This. About the only thing I use cash for is tips to Porter and various service workers where the tip is usually just a couple of bucks
CheapoÖÖ
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Old 09-23-2022, 9:40pm   #12
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Originally Posted by Stangkiller View Post
At this point cash may be more expensive for a business to receive. Itís more likely to be stolen/lost, then has to be deposited to the bank in order to make any bill payments.
This. The average credit card rate to a business is less than about 4%
Try and match that with cash transactions: taking to the bank, cashier's time, loss percentage...
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Old 09-24-2022, 4:44am   #13
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I have boat mechanics, tree trimmers, pressure wash guys, pest control people, etc.. that routinely work around my house; none of them balk at cash, all of them give me a discount for it....

With 87,000 new IRS agents and this adminstration wanting to track every $600 transaction I think cash will be around for a LONG time...
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Old 09-24-2022, 6:51am   #14
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If for instance every diner raised the price of everything by ten cents,I bet hardly anyone would blink an eye and not bitch.....they would probably make more then with the charge that upsets most people.
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Old 09-24-2022, 6:54am   #15
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The last few years have seen several businesses that do not accept cash credit or debit cards only. Mostly in food coffee shop type businesses cuts out employee cash theft.
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Old 09-24-2022, 7:06am   #16
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The last few years have seen several businesses that do not accept cash credit or debit cards only. Mostly in food coffee shop type businesses cuts out employee cash theft.
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Old 09-24-2022, 7:16am   #17
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Plastic money spends SO easy.......
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Old 09-24-2022, 7:44am   #18
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The last few years have seen several businesses that do not accept cash credit or debit cards only. Mostly in food coffee shop type businesses cuts out employee cash theft.
This. All a waiter has to do is not go to the cash register. Pocket the cash, thank the customer and reset the table.
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Old 09-24-2022, 9:20am   #19
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Do you think the waiter drives a big block?
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Old 09-24-2022, 9:31am   #20
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Originally Posted by Frankie the Fink View Post
With 87,000 new IRS agents and this adminstration wanting to track every $600 transaction I think cash will be around for a LONG time...
Don't bet on that.

Governments around the world are working hard to introduce digital currencies controlled by their respective central banks. When paper money is replaced by a digital currency every single transaction, no matter how small, is automatically tracked and logged. Governments are creaming their jeans over that kind of control.

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