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I purchase, restore, and sometimes sell old woodworking machinery as a side gig to subsidize my own purchase of woodworking equipment for my shop. I have had m
by Loughla 3y ago
I purchase, restore, and sometimes sell old woodworking machinery as a side gig to subsidize my own purchase of woodworking equipment for my shop.
I have had multiple cash transactions above $3,000 every year that I've done this. Not to avoid taxes, not to keep them off the books, but because one of the parties has either the unwillingness or inability to take electronic payments. Elderly people, those located in rural or otherwise isolated areas, those with a natural distrust of government for whatever reason, or those with a distrust of banks in general. These are all valid use cases.
This law would make it nearly impossible for me to do what I do (on the side).
- ryandrake 3y agoYea, assuming you're in the USA, I don't think a similar restriction would be workable here in America. Too many people are unbanked or for other reasons transact mostly in cash. And even for those who do have bank accounts, we don't have the nice, bank-based money transfer solutions that are commonplace in the rest of the developed world--we're stuck with shit-tier solutions like Zelle and Venmo and PayPal. I wouldn't say I routinely do large (>$3000) cash transactions, but I do them often enough that I guess I'd be a criminal in the Netherlands.
- tekknik 3y ago> we're stuck with shit-tier solutions like Zelle and Venmo and PayPal. Hopefully not for too much longer: https://en.wikipedia.org/wiki/FedNow https://en.wikipedia.org/wiki/FedNow
- systems_glitch 3y agoA mechanic we used before moving had a strict no checks policy. He had a bad check for the repair of a church bus, from a church, framed in a fancy gold-painted frame, with "IN GOD WE TRUST, ALL OTHERS PAY CASH" below it.
- nottorp 3y agoBut that's because you still use checks over there :)
- frumper 3y agoA stolen credit card isn't any different.
- systems_glitch 3y agoConsidering that the last time one of my CC numbers was stolen, it was used to pay for air conditioning service, I'm sure that is also a concern for tradespeople!
- nottorp 3y agoNo pin? No 3d secure?
- allset_ 3y agoIn the US? Nope.
- systems_glitch 3y agoReally really, it's like that here. I guess it's somehow cheaper to write off fraud than updating everything? Probably some actuary sweating the day the scale tips the other direction. It's incredible how lax the rules are for how verified the CC information needs to be for a transaction to clear. There was a HN article about it not that long ago, w.r.t. dealing with Stripe or one of the other big processors. Stuff like the CVV can be wrong, the issued name can vary by some heuristic, etc.
- throwaway2037 3y agoYou are paying a mechanic face to face with a stolen credit card? Man, this whole string of posts has become utterly farcical. <Adjusts tin foil hat>
- dangus 3y agoIt’s unwillingness, not inability.