5 ms·
Jokes on you. Merchants prefer credit cards because there is less loss than cash. 2.5% is nothing compared to 5-10% loss at the register. Plus easier and more
by tonymet 1mo ago
Jokes on you. Merchants prefer credit cards because there is less loss than cash. 2.5% is nothing compared to 5-10% loss at the register. Plus easier and more accurate accounting.
- 1970-01-01 1mo agoIf you're expecting 10% loss at the register and have terrible service, that's a 1-2 punch for bankruptcy.
- Onavo 1mo agoACH is still the best https://gocardless.com/ https://gocardless.com/
- dylan604 1mo agoGreat, so it is immediately deducted from my account and swiftly deposited into the recipient's account in 3-5 business days.
- Onavo 1mo agoFor B2B transactions that's actually decent. And any disputes can be sorted out in court.
- anjel 1mo agoWhile cc banks are in these times starting to side more with vendors on charge disputes, its still far more recourse than bank drafts offer you in a transactional dispute
- massagedpelican 1mo ago20% more expensive than stripe, no?
- Onavo 1mo agoCheaper actually, a lot less fees. Stripe is usually death by a thousand cuts.
- aand16 1mo ago90% of cash I give to restaurants goes in the pocket, not the register. Bad service = card always.
- nonethewiser 1mo agoAre you saying servers keep 90% of what you pay? Tip and otherwise? What country? How do you know? How could a business possibly operate in this reality?
- dmoy 1mo agoNot necessarily servers, just not into the register as a tracked transaction. Tax fraud, essentially. E.g. you go to the Minnesota State Fair, merchants may offer to not charge sales tax if you pay cash. It is shockingly brazen sometimes. > How could a business possibly operate in this reality? Extremely lax enforcement on the part of the specific US state's department of revenue
- aand16 1mo agoThe country of Europe. /s I hand the cash to the cashier and they respond with "thank you, have a nice evening", while eventually handing me a printout of my order from their tables organiser software, instead of the legally required fiscal receipt.
- seri4l 1mo ago>5-10% loss at the register Where did you get this number from?
- foobarian 1mo agoClankers found me one study [1] that suggests total handling costs may actually be this bad, but are highly business dependent e.g. restaurants are worse than grocery stores [1] https://www.ihlservices.com/product/the-cost-of-cash-handling https://www.ihlservices.com/product/the-cost-of-cash-handlin...
- zahlman 1mo agoI'm just seeing what looks like an attempt to sell me a PDF. What actually is the source of such costs? The cashier still has to be paid even if the customer is using a card. Presumably there isn't anywhere near that much theft from registers, or people messing up giving change?
- supertrope 1mo agoEmployee theft. Store manager theft. Robberies. Counterfeits. The extra time spent at each cash transaction and re-counting at the end of the day. Going to the bank, or paying an armored car service. Banks charge merchants a percentage of each cash deposit. Buying safes and pointing cameras down at each register.
- tonymet 1mo agoGreat examples all around !
- porridgeraisin 1mo agoThis. My extended familys shop really benefitted from moving away from cash. Now the only source of cash is people who are paying from their black money stashes.
- consumer451 1mo ago
- asdff 1mo agoIf your employees are stealing you should probably nip that in the bud...
- supertrope 1mo agoCash allows for many more opportunities for diversion.
- asdff 1mo agoYou know they count the till against the reciepts right? And frequently have cameras over the register drawer pointed at the employee? And send people to jail who try to do this?
- supertrope 1mo agoMy point is you cannot entirely eliminate insider theft just suppress it. Cash payments are a lot "leakier."
- asdff 1mo agoNot my problem as the customer.
- ThunderSizzle 1mo agoNo, but it shows up in the bill just like everything else. Cost of doing business