Cashless society......problem for many.

[srj10]

Local Tesco has eight self service tills, only two take cash now.

 

[markemark]

For very small businesses, terminals require some sort of phone line or internet connection which which they may not have. There are mobile options but the rates for theses can be 5-10% so I can see why cafes, for example, don't have if they don't want the hassle/expense of internet.

 

[Alex321]

A friend visited recently and enquired if I had a Samsung cable to charge his phone as he'd forgotten his. I did (or he could have bought one). It was for the train e-ticket on his phone.

In the race towards a cashless, fully dependent - on - phones society, I think folk might want to consider some advice from one of my favourite movie quotes, 'The more you overthink the plumbing the easier it is to stop up the drain' (CC challenge, which movie??).

One of the Star Trek movies I think. Can't remember which.

 

[Alex321]

Local Tesco has eight self service tills, only two take cash now.

None of the self service tills in any of the supermarkets round here I can think of take cash any more. That is two Tesco Express (Cowbridge & Pontyclun), a Waitrose, and a big Sainsbury in Bridgend. Not sure about the Tesco in Talbot Green, when we shop there it is usually the main weekly shop, so we never use the self service tills.

 

[Electric_Andy]

For very small businesses, terminals require some sort of phone line or internet connection which which they may not have. There are mobile options but the rates for theses can be 5-10% so I can see why cafes, for example, don't have if they don't want the hassle/expense of internet.

there is a trade-off though, between making transactions cheap for yourself, or making them difficult for customers. I've often not even gone into a shop if a sign says cash only (and I don't have cash). I changed Barbers for exactly that reason, as with the old one you always had to queue and then go to a nearby shop to get cash out, then fart about waiting for them to find change for a tenner. My new Barbers lets you book on an app, no waiting, and I just flash my phone to pay. Easy peasy, even though it's £4 dearer

 

[markemark]

there is a trade-off though, between making transactions cheap for yourself, or making them difficult for customers. I've often not even gone into a shop if a sign says cash only (and I don't have cash). I changed Barbers for exactly that reason, as with the old one you always had to queue and then go to a nearby shop to get cash out, then fart about waiting for them to find change for a tenner. My new Barbers lets you book on an app, no waiting, and I just flash my phone to pay. Easy peasy, even though it's £4 dearer

I agree. Sometimes it's not business owners making commercial decisions but maybe just don't have anyone who can help sort it out for them or commercial landlords who aren't helpful.

 

[Regular.Cyclist]

Business banking costs, whether that is paying in and taking out cash or taking contactless payments. cash, however has / had one significant advantage (asi from the fact it easier to fiddle the accounts).

A shop keeper, taking cash only, cam deal with all their customers without incurring any bank charges. They can they take some of that cash and pay a supplier or pay wages, again without incurring any charges. It is only when they want to deposit some excess into a bank that they first pay charges. Look at that against contactless payment where they pay fees on every single transaction.

 

[Sallar55]

Business banking costs, whether that is paying in and taking out cash or taking contactless payments. cash, however has / had one significant advantage (asi from the fact it easier to fiddle the accounts).

A shop keeper, taking cash only, cam deal with all their customers without incurring any bank charges. They can they take some of that cash and pay a supplier or pay wages, again without incurring any charges. It is only when they want to deposit some excess into a bank that they first pay charges. Look at that against contactless payment where they pay fees on every single transaction.

The shopkeeper does not pay ,he passed it on to the customer. Banks love cashless as its harder to keep up with all your spending so many fall into debt. I loved cash , a set amount in readies. Also if you're an impulsive buyer cash helps . With cash by the time you go and withdraw money or dig the cheque book out the notion to buy can fade away every now and then.

 

[Andy in Germany]

The shopkeeper does not pay ,he passed it on to the customer.

Yes and no: if we sell something for 6,50€ we can't add the 2% or whatever it is if someone produces a card, so effectively we are losing that money.

I know local chemists will only accept a card if the value of the sale is over a certain amount because they reckon they basically lose their profit to the card company.

Banks love cashless as its harder to keep up with all your spending so many fall into debt.

Yes; that's a big problem, although even cards here are debit rather than credit cards.

 

[Regular.Cyclist]

The shopkeeper does not pay ,he passed it on to the customer. Banks love cashless as its harder to keep up with all your spending so many fall into debt. I loved cash , a set amount in readies. Also if you're an impulsive buyer cash helps . With cash by the time you go and withdraw money or dig the cheque book out the notion to buy can fade away every now and then.

In essence cash or cashless the shopkeeper always passes on bank costs. In a cash only situation it is easier for the shopkeeper to keep those costs down and, if he still charges the same price, as the cashless shop along the road, he profits more.

 

[Alex321]

Yes and no: if we sell something for 6,50€ we can't add the 2% or whatever it is if someone produces a card, so effectively we are losing that money.

You can't add the charge to your selling price for any individual item or bill, but a merchant will set their margins so that it covers any transaction costs.

I know local chemists will only accept a card if the value of the sale is over a certain amount because they reckon they basically lose their profit to the card company.

That used to be commonplace here, but is very uncommon nowadays.

Yes; that's a big problem, although even cards here are debit rather than credit cards.

We have a mixture here. Almost all current accounts come with debit cards, but most of us also have a credit card (many people have more than one).

 

[stephec]

Business banking costs, whether that is paying in and taking out cash or taking contactless payments. cash, however has / had one significant advantage (asi from the fact it easier to fiddle the accounts).

A shop keeper, taking cash only, cam deal with all their customers without incurring any bank charges. They can they take some of that cash and pay a supplier or pay wages, again without incurring any charges. It is only when they want to deposit some excess into a bank that they first pay charges. Look at that against contactless payment where they pay fees on every single transaction.

I read something yesterday, don't know how true it is but it's along the same lines as this.

A small business owner, let's say a barber, is given a ten pound note from a customer. He then goes to his local car wash and pays with that note, the car wash owner goes to a market stall and uses the same note, and so on.

Now the barber's customer pays £10 by card, 20p goes to the card payment handler leaving the barber £9.80, he pays the car wash by card, another 2% goes to the card handler, etc. until eventually the original £10 has now been taken by the bank in fees instead of still being in circulation.

 

[Andy in Germany]

You can't add the charge to your selling price for any individual item or bill, but a merchant will set their margins so that it covers any transaction costs.

That used to be commonplace here, but is very uncommon nowadays.



We have a mixture here. Almost all current accounts come with debit cards, but most of us also have a credit card (many people have more than one).

I've seen perhaps two credit cards in the last two years at work. A lot of people still ask if they can use a card at all.

 

[Gillstay]

It's a sale. This is important because it means the seller is earning money, not living off charity.

Okay, yes but when I buy one its not out of any need its a charitable gesture. A thing banks don't do unless its for their chairman etc.

 

[Mike_P]

There is a time cost to handling cash though. Cashing up etc which all costs money in terms of employees time.