More businesses are not accepting cash
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Re: More businesses are not accepting cash
#2Re: More businesses are not accepting cash
#3Unrelated but husband and I stopped at an Indian grocery store to pick up some items for a chicken tikka masala recipe we found on YouTube.
They insisted we pay cash, even though they had a machine to swipe a card.
We don’t carry cash and assumed their card machine was broken. As we apologized and started leaving, they suddenly agreed to accept a credit card.
Presumably the transaction costs per swipe are high, although we were spending about $30 and not 50 cents or something minuscule.
My more cynical side thinks they preferred cash because it’s harder to trace. Credit card transactions are probably automatically reported to the IRS by the payment processing company. Cash... well, unless the IRS sends someone to physically to your location, it’s harder to trace and easy to dodge taxes.
Re: More businesses are not accepting cash
#4Unrelated but husband and I stopped at an Indian grocery store to pick up some items for a chicken tikka masala recipe we found on YouTube. They insisted we pay cash, even though they had a machine to swipe a card. We don’t carry cash and assumed their card machine was broken. As we apologized and started leaving, they suddenly agreed to accept a credit card. Presumably the transaction costs per swipe are high, altho…
They are charged somewhere around 3%, it certainly adds up for an already extremely thin margin.
Additionally your point about cash being less traceable is also at play, cash income is far less likely to be reported to the IRS.
Add both of those factors in and it is clear to see why cash is preferred by small businesses.
Re: More businesses are not accepting cash
#5In other news, businesses do not concern themselves with customer needs, news at 11.
Re: More businesses are not accepting cash
#6Unrelated but husband and I stopped at an Indian grocery store to pick up some items for a chicken tikka masala recipe we found on YouTube. They insisted we pay cash, even though they had a machine to swipe a card. We don’t carry cash and assumed their card machine was broken. As we apologized and started leaving, they suddenly agreed to accept a credit card. Presumably the transaction costs per swipe are high, altho…
I had a cab driver do this to me once, in 2016 or so. He dropped me off at the destination and told me it’d be $20 or whatever, cash only. I didn’t have cash on me, and said all I had was a card. He demanded that I prove I had no cash. Being a little dumbstruck and just wanting to get away from him I showed my empty wallet and he begrudgingly pulled out a phone with a square reader on it. Left a very sour taste in my mouth about cabs.
It’s no surprise why Uber/Lyft are eating their lunch.
Re: More businesses are not accepting cash
#7It's good to see some lawmakers siding for the use of cash, which is most unlike the ones in power wanting to curb freedom and increase surveillance through their "war in cash". If all businesses stop accepting cash, we'd live in a much poorer world of sorts.
Re: More businesses are not accepting cash
#8https://outline.com/MzStTw
Cool, didn't know you own the rights to this WSJ article:
From the Outine.com T&C:
>You represent and warrant that you have the right to grant, to the Company an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide license (with the right to sublicense) to use, copy, publicly perform, publicly display, reformat, translate, excerpt (in whole or in part) and distribute such User Content for any purpose, commercial, advertising, or otherwise, on or in connection with the Site or the promotion thereof, to prepare derivative works of, or incorporate into other works, such User Content, and to grant and authorize sublicenses of the foregoing.
Re: More businesses are not accepting cash
#9Unrelated but husband and I stopped at an Indian grocery store to pick up some items for a chicken tikka masala recipe we found on YouTube. They insisted we pay cash, even though they had a machine to swipe a card. We don’t carry cash and assumed their card machine was broken. As we apologized and started leaving, they suddenly agreed to accept a credit card. Presumably the transaction costs per swipe are high, altho…
Considering the tax loopholes and deals the super rich get, I actually have no problem with the small mom/pop shops doing what they can to get a break on the fees.
Re: More businesses are not accepting cash
#10Unrelated but husband and I stopped at an Indian grocery store to pick up some items for a chicken tikka masala recipe we found on YouTube. They insisted we pay cash, even though they had a machine to swipe a card. We don’t carry cash and assumed their card machine was broken. As we apologized and started leaving, they suddenly agreed to accept a credit card. Presumably the transaction costs per swipe are high, altho…
I'm curious why you don't carry cash?