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Cash has no overhead, no transaction fees. I use cash for local businesses because that 3-5% matters. I don't think Visa and Co need that money as much as my lo
by coldpie 11y ago
Cash has no overhead, no transaction fees. I use cash for local businesses because that 3-5% matters. I don't think Visa and Co need that money as much as my local businesses do. When buying from huge businesses, I'll use plastic because it's more convenient and they can take the hit.
Cash is also largely untraceable and does not leave transaction records with my name on it. Sometimes I buy things that I don't want people to know that I've bought.
These, especially the latter, are two things I'm not really willing to compromise on. Some people dream of a cashless economy, but I would not like it.
- tjlivesey 11y agoCash can actually be fairly expensive for businesses to handle. It needs to be insured, transported and often banks will charge fees for depositing cash into a business bank account. Depending on the specific circumstances, it can actually be as, if not more, expensive to process than cards.
- schnable 11y agoPlus the additional exposure to risk of robbery or theft by employees. Unless the objective to hide income, businesses not taking cards is typically penny wise and pound foolish.
- coldpie 11y agoAnd yet, my local liquor store gives a 1% discount if you use cash (no, this doesn't violate the CC merchant agreement), a local diner doesn't even accept credit/debit cards, and the owner of another restaurant immediately went for cash when I asked if they cared. I don't buy it.
- tjlivesey 11y agoI'd venture a guess that that the liquor store and the restaurant do this for "accounting purposes" and the diner is living in the 80s. As I say though, I'm sure it varies based on specific situations, my experience is based on working with small business owners based in the UK.