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Status:
"It Can't Rain All The Time"
(set 29 days ago)
Location: North Pacific
15,754 posts, read 7,593,334 times
Reputation: 2576
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Quote:
Originally Posted by AnesthesiaMD
It's becoming more like the movie Demolition Man. They use credits in the future instead of money. Regrettably, many things in that movie seem to be coming to fruition.
Can you quote the exact section of law that you're referencing, with a link as well?
Rather than post one particular link(there are many), I suggest you google, Article 1, section 10 of the united states constitution.
Pick any link you want,as they all say the same thing, "states are prohibited from making anything but gold and silver as legal tender."
I would submit, that also means credit cards are not legal tender.
Oh, and just for reference, take out a twenty dollar bill (if you have one), and read the words on the bottom left side on the face of the bill.
Now I guess it would come down to what is legal, and what isn't.
According to that twenty,and the wording in the constitution,legal means I can use that twenty to pay "ALL' debts, and that would include eating in a restaurant.
The part that could be deemed as illegal, would be a business refusing to accept legal payment, which that twenty dollar bill certainly is.
Is anyone here old enough to remember in school when they used to teach us how to write out a check and balance your checkbook ?
Quote:
Originally Posted by MPowering1
I'm older than dirt and I don't remember that. But I went to private schools. (baby boomer here)
Now people in certain parts of the country are asking, 'Is anyone here old enough to remember in school when they used to teach us how to write in cursive?'
Ah, the good old days.
I don't believe they ever taught that in school (my school didn't). I remember my dad (born in 1945) saying every school should and that his school didn't.
Retailers have a choice to accept credit, debit or cash.
If I were a retailer I would prefer to avoid the risks of a cash business.
On the otherhand, it's easier for a business to avoid declaring cash income.
I use a C/C for everything, including a $1 ice tea/ Coke at McDonalds. I like the audit trail of where my $ go.
Only the $ amount is entered. The c/c processor, thus big brother, doe not know what I have purchased.
I believe the standard % charged for a Credit Card use at a retailer is 4%.
That $1 ice tea/coke at McDonalds only nets 96 cents to McDonalds after THEY pay the 4% fee.
They would probably prefer the $1 in cash.
I've had my Credit Card cloned twice in the last 3 years -- both times after using it at a restaurant.
It's easy for a thief to clone a card when it's outside your view.
I doubt many businesses will bite. Visa is offering a one-time cash infusion, which might attract some start up business. But other businesses need cash transactions because they use those to make their tax bills lower (i.e. not reporting those to the government)
It's not correct to assume they are only trying to dodge taxes. Business owners like cash because they don't pay fees on cash. Credit cards are a convenience but businesses pay fees so people can have this convenience. A friend of mine owns a small, community oriented service business that consists of a great many people paying smallish amounts ($20-$40). She only accepts cash/checks because this allows her to keep her prices lower because she isn't paying the CC companies a percentage of every dollar she brings in. The fees suck and the truth is we all end up paying for the convenience of plastic because most businesses just end up including the fees in the price of the products. The less cash we use the more we all end up paying Visa/MC, Amex, etc.
It's not correct to assume they are only trying to dodge taxes. Business owners like cash because they don't pay fees on cash. Credit cards are a convenience but businesses pay fees so people can have this convenience. A friend of mine owns a small community oriented service business that consists of a great many people paying smallish amounts ($20-$40). She only accepts cash/checks because this allows her to keep her prices lower because she isn't paying the CC companies a percentage of every dollar she brings in. The fees suck and the truth is we all end up paying for the convenience of plastic because most businesses just end up including the fees in the price of the products.
Plus, if you read article 1 section 10 of the constitution, credit cards, or anything other than gold and silver are not legal tender(payment).
So, if they aren't legal tender,they are illegal tender,meaning against the law.
I believe the standard % charged for a Credit Card use at a retailer is 4%.
That $1 ice tea/coke at McDonalds only nets 96 cents to McDonalds after THEY pay the 4% fee.
They would probably prefer the $1 in cash.
Doubtful. Between employee theft and having to pay someone to take it to the bank, it's probably considerable cheaper to eat the four cent charge.
There are quite a few card-only restaurants around here. Dealing with cash is simply too much of a hassle unless you're planning to evade taxes.
Recently I was trying to pay a bill with one debit card. It was refused (I later found out my bank's anti-fraud system flagged it) so I used another card that I hadn't used in a month. It was compromised on that very transaction.
So I had two card numbers stolen (both chipped cards) in the space of 24 hours, both at restaurants.
Doubtful. Between employee theft and having to pay someone to take it to the bank, it's probably considerable cheaper to eat the four cent charge.
There are quite a few card-only restaurants around here. Dealing with cash is simply too much of a hassle unless you're planning to evade taxes.
When I was a teenager I worked in a fast food restaurant. We did not accept credit cards, none did at the time. I was usually at the counter/register. The cash was highly controlled and I couldn't leave until the register had been counted out, every dime had to be accounted for. Stealing it without a gun would be very difficult unless the manager was a complete loser who paid no attention. All the money went into a bank bag and the manager made the deposits. It was not a big deal (jeez, I'm feeling old).
I left my business a couple of years ago when I moved cross country, but I would have loved to be cash only and avoid those fees. Dealing with cash is not anywhere near as much of a hassle as paying those fees but people expect to pay with plastic these days so it's difficult to not accept them. The fees can be 2-4%! Why do people think the only reason to avoid CCs is tax evasion? I think that may be an indication that Visa will get the cashless society they want. I highly dislike the idea of a business not accepting our basic currency. On a personal level I just find it wrong but I'm staying out of any constitutional argument.
Last edited by detshen; 07-15-2017 at 10:35 PM..
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