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Cash is still king: San Francisco to ban credit-only stores
- username444 8y agoI ran a pop up shop and totally understand not wanting to deal with cash. It adds overhead (counting, bank runs, accounting entries) and puts you at higher risk for robbery. But I also use cash for most of my daily purchases, because I don't trust banks to not sell my spending habits. It's a complicated situation, and for now, requiring cash is a smart move. Most people will default to cards (most places I go buy from, turn on the card reader before even asking if I'm using cash), and we'll probably end up there eventually. Hopefully, not before better consumer privacy regulations.
- londons_explore 8y agoThe government could help make this better for stores by allowing a "cash receiving machine" which destroys and counts all cash put into it. The government can then print/make new cash, while the business gets that credited to their bank accounts. Now the business doesn't have on-site cash to handle. The cost of reprinting money is pretty low, especially considering how few people use cash.
- londons_explore 8y agoBusinesses can get round this ban by saying "we accept cash, but don't give change". Lots of vending machines/parking meters already do this. It dramatically simplifies cash handling, because now all incoming money can just go in a theft proof in-only safe.