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I’m not. Visa and Mastercard collected $138 billion in service fees in 2021. They are among the most profitable companies in the world. You’re pretending that c

I’m not. Visa and Mastercard collected $138 billion in service fees in 2021. They are among the most profitable companies in the world. You’re pretending that cash handling is a binary. You need a blend. For example, after extensive testing we are not going to send wire transfers exclusively in gold bricks. Though the loss weighs heavy on me. But you should be very careful in eliminating cash. I assume cash handling fees are made up by banks who want more transaction fees. That’s not a real thing in my experience. I many times have gotten a discount for cash. I have not shopped a few places because they don’t accept cash. But I have yet to be charged a cash fee by any of the banks I use. And they have insane surveillance data on their customers from doing so. Data that is used for all kinds of unintended purposes. Cash is also one of the last strongholds left to maintain anonymity and keep purchasing information truly private without handing heaps of data to the corporations that make a buck off your receipts—or worse, to hackers, in the case of a data breach. To say nothing of the unbanked… which is a massive issue. If that’s the future you want, we don’t see eye-to-eye. You are giving up a LOT more than you realize.

gruez 3y ago
>Cash handling fees are made up by banks who want more transaction fees. That’s not a real thing. I have yet to be charged a cash fee by any of the banks I use. That's because you presumably have a consumer account. If you had a business account and were depositing thousands in 20 bills they're probably going to charge you fees.
- DANmode 3y ago
  Remember when banks made their money by taking in as many deposits as possible, and then lending that money out?
fzeroracer 3y ago
The fact that you immediately assume that something doesn't exist because you don't encounter it is insanely presumptuous of you. The entire reason why small businesses moved away from cash is because its cheaper even taking into account fees. Food trucks, popups, small merchant kiosks. Not needing to take cash means far less overhead. You're more than welcome to argue the benefits of cash transactions and in most cases I would agree. But you should not miss the truth of the situation.
- newaccount74 3y ago
  And danger to employees! My partner used to work as a waitress, and was always very nervous when she had to go home with a days revenue when she was the last to leave. Electronic payments are much safer, no physical cash someone can steal.
- pasttense01 3y ago
  No, it's not the entire reason. If a store doesn't accept customers' preferred payment methods some of them will switch to competing retailers who do.
- JackSlateur 3y ago
  Here, in France, small businesses are delighted when I pay in cash From what they tell me, that's because: - they get 100% of the money (no tax) - it grants them the right to cheat with tax declaration (which is always good) - it can be quicker and easier than credit card (I'm think of those guys who sells stuff for 5€, for instance) I believe medium/large businesses loves credit cards, because the people doing the payment are low-waged, untrusted people, who cannot do maths etc (or whatever the reasons managements got in their head) But small businesses ? When you give money to the owner of said business ? They have credit cards because the consumers use them, but they hate them

gruez 3y ago

>Cash handling fees are made up by banks who want more transaction fees. That’s not a real thing. I have yet to be charged a cash fee by any of the banks I use. That's because you presumably have a consumer account. If you had a business account and were depositing thousands in 20 bills they're probably going to charge you fees.

DANmode 3y ago
Remember when banks made their money by taking in as many deposits as possible, and then lending that money out?

fzeroracer 3y ago

The fact that you immediately assume that something doesn't exist because you don't encounter it is insanely presumptuous of you. The entire reason why small businesses moved away from cash is because its cheaper even taking into account fees. Food trucks, popups, small merchant kiosks. Not needing to take cash means far less overhead. You're more than welcome to argue the benefits of cash transactions and in most cases I would agree. But you should not miss the truth of the situation.

newaccount74 3y ago
And danger to employees! My partner used to work as a waitress, and was always very nervous when she had to go home with a days revenue when she was the last to leave. Electronic payments are much safer, no physical cash someone can steal.
pasttense01 3y ago
No, it's not the entire reason. If a store doesn't accept customers' preferred payment methods some of them will switch to competing retailers who do.
JackSlateur 3y ago
Here, in France, small businesses are delighted when I pay in cash From what they tell me, that's because: - they get 100% of the money (no tax) - it grants them the right to cheat with tax declaration (which is always good) - it can be quicker and easier than credit card (I'm think of those guys who sells stuff for 5€, for instance) I believe medium/large businesses loves credit cards, because the people doing the payment are low-waged, untrusted people, who cannot do maths etc (or whatever the reasons managements got in their head) But small businesses ? When you give money to the owner of said business ? They have credit cards because the consumers use them, but they hate them