61–70 of 98 posts
Anecdote: I've never seen this. I have seen "cash only" still, though.
Why are businesses no longer accepting cash? What are the positives and negatives for businesses? What are the positives and negatives of accepting cash for businesses? Other then 6 million people across the united states cannot buy from your shop. I can guess at reasons for both but I do not run a business.
The benefit of accepting cash is, besides there being no processing costs, is that it makes it really easy to... uhhhh, fudge your revenue numbers. I've had a few cash transactions where I ask for a receipt from the business and the owner scowls at me.
> Other then 6 million people across the united states cannot buy from your shop.
Depending on the type of business you run, I can almost assure you these customers are not going to be in your target demographic.
Why are businesses no longer accepting cash? What are the positives and negatives for businesses? What are the positives and negatives of accepting cash for businesses? Other then 6 million people across the united states cannot buy from your shop. I can guess at reasons for both but I do not run a business.
https://www.accc.gov.au/business/selling-products-and-servic...
I want to highlight an adjacent point: The Bank Secrecy act was established in 1970 and the $10k back then had the same buying power as $78k now. Its fucking bullshit that this law has not been repealed. With crazy inflation over the past few years $10k of cash is a fairly trivial sum. In SF, if you paid 2 months of rent in advance your landlord would have to go through extra acrutiny.
It doesn't go through "extra scrutiny" in any meaningful sense. It just gets reported to the IRS so people don't evade taxes.
Anecdote: I've never seen this. I have seen "cash only" still, though.
> A recent Bankrate survey shows basic monthly service fees range between $5 and $15. Beyond these steady fees, banks earn $4 to $5 each time people withdraw cash from an ATM or need services like getting cashier’s checks. Unexpected bills can result in overdraft fees of about $25 each time an account is overdrawn. are there no free bank accounts in the US? in the UK you can pay to be ripped off and have a "premium"…
There’s plenty of free bank accounts. Almost every bank offers them, too, or they’re free with stuff that the “average” person would do (ie, have 2 direct deposits per month). Overdrafts are another story, many bank accounts allow overdrafts and even do predatory things to increase the amount of overdraft fees. Bank of America got sued for this behavior.
I am struggling to see a scenario where anyone in America doesn't have a bank account today out side of 1) They just don't want one. 2) The relatively rare, but devastating case of getting caught up in some overbearing AML/Government regulation that makes banks not want to open an account for you. 3) Lack of knowledge about what is available. 4) Maybe some one who has no smartphone, as many of these organizations require some kind of device to interface with them, as they don't have many physical branches... but cheap Android smartphones are readily available to most Americans...
Card-based transactions becoming so pervasive has made me wonder if countries should start redirecting their efforts to building nationalised payment infrastructure that would allow citizens to transact electronically with zero fees, rather than their main function being managing and printing physical currency. Maybe some countries have done this already, but in Australia at least we're basically building our entire…
Card-based transactions becoming so pervasive has made me wonder if countries should start redirecting their efforts to building nationalised payment infrastructure that would allow citizens to transact electronically with zero fees, rather than their main function being managing and printing physical currency. Maybe some countries have done this already, but in Australia at least we're basically building our entire…
I believe much of the EU has done that. The US is going in a similar direction with FedNow, although at typical US pace.
I don't know whether that was because they were concerned about robberies, or because they didn't want any of the street people sitting in there and making it less attractive. (Like in another nearby fast-food place.)
Cash-free can be a conscious way to avoid serving much of a socioeconomic demographic you don't want to serve. A bit like the past practice of refusing to serve certain racial/ethnic groups, and posting signs stating that.