Merchants who don't take cash (businesses, idea, offer, sales)
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We get the same kind of nonsense and we are not allowed to put up 'non approved' signage, but really we shouldn't need to.
It shouldn't have to be spelled out to people to not use hundred dollar bills for purchases under $5, especially not first thing in the morning at a small business. Frequently hear "Sorry, that's what they gave me at the bank" and it's like dude, take it to a teller and tell them you want twenties for pete's sake, we aren't here to break your big bills, we only have a few hundred in twenties!
We get the same kind of nonsense and we are not allowed to put up 'non approved' signage, but really we shouldn't need to.
It shouldn't have to be spelled out to people to not use hundred dollar bills for purchases under $5, especially not first thing in the morning at a small business. Frequently hear "Sorry, that's what they gave me at the bank" and it's like dude, take it to a teller and tell them you want twenties for pete's sake, we aren't here to break your big bills, we only have a few hundred in twenties!
Yes, exactly. I'm a fan of signs myself, but yes to me it should be common knowledge to ASK before you spring a $100 bill on someone over a $3 purchase first thing in the morning. Hello?
We get the same kind of nonsense and we are not allowed to put up 'non approved' signage, but really we shouldn't need to.
It shouldn't have to be spelled out to people to not use hundred dollar bills for purchases under $5, especially not first thing in the morning at a small business. Frequently hear "Sorry, that's what they gave me at the bank" and it's like dude, take it to a teller and tell them you want twenties for pete's sake, we aren't here to break your big bills, we only have a few hundred in twenties!
Common knowledge is in short supply these days. For example, I've seen far too many AYCE buffets with signs saying you're not allowed to share food with those who didn't opt in on the buffet, and you can't take food home. Besides, some folks really don't know about how businesses are run.
My feelings on this are mixed, though in practice chances are, if you don't take cash, you don't get my business. I can see the benefits for a business not accepting cash, but I have one card and it is my Paypal Debit card. I have to go and grab a Paypal MyCash card to load up my Paypal for that to work, and I do that for my bills every month, but when it comes to day to day purchases, unless the cost at where ever is only worth the extra couple bucks that sits on my Paypal after bills, I only have cash, and I'm not going to spend the fee to load up my card just so some place doesn't have to take cash.
Now this may change in the future if Paypal gets an option to direct deposit into it, and I will more steadily have money sitting in it, but as it stands, take cash or lose my business because I don't have a regular card.
My feelings on this are mixed, though in practice chances are, if you don't take cash, you don't get my business. I can see the benefits for a business not accepting cash, but I have one card and it is my Paypal Debit card. I have to go and grab a Paypal MyCash card to load up my Paypal for that to work, and I do that for my bills every month, but when it comes to day to day purchases, unless the cost at where ever is only worth the extra couple bucks that sits on my Paypal after bills, I only have cash, and I'm not going to spend the fee to load up my card just so some place doesn't have to take cash.
Now this may change in the future if Paypal gets an option to direct deposit into it, and I will more steadily have money sitting in it, but as it stands, take cash or lose my business because I don't have a regular card.
I should have specified, no idea why I didn't. I have the PayPal Business debit card, not the PayPal Prepaid debit. There is an option to deposit into the prepaid version, but not mine, which pulls directly from my PayPal account. My card has no fees, and has a 1% cash back program on it, but the prepaid has a bunch of fees that I don't agree to, such as a monthly, and transaction fees.
take cash or lose my business because I don't have a regular card.
Not specifically pointing to you but businesses who go to credit / debit card only option have done ( or should have done) analysis of how much of their business is cash only, how many will switch to a card of cash is not accepted, how many will walk away and what is the revenue that will be lost. This has to be balanced against the costs for taking cash ( counting at end of day, depositing, extra security, risk of armed robbery, employee theft and so on).
If it balances out ar there is not much loss in dropping the cash option, they will do it. Just like Fedex has done. You need Fedex more than they need you, is their thinking when they went to card only option.
Not specifically pointing to you but businesses who go to credit / debit card only option have done ( or should have done) analysis of how much of their business is cash only, how many will switch to a card of cash is not accepted, how many will walk away and what is the revenue that will be lost. This has to be balanced against the costs for taking cash ( counting at end of day, depositing, extra security, risk of armed robbery, employee theft and so on).
If it balances out ar there is not much loss in dropping the cash option, they will do it. Just like Fedex has done. You need Fedex more than they need you, is their thinking when they went to card only option.
Like I said, I get it. But in reality for me, I don't have a regular bank account. I have PayPal, and have to spend $4 to load it up every time I want money in it. If and when they ever add direct deposit, I will try to make sure there is plenty in there so I have the extra on my card to use at such a place. But for now, let's use the ice cream shop example that was earlier on this thread. Chances are, if it's like the places near me, me going there with my wife and son is going to come out to about $6 or $7. So yeah, I'm walking away because for me it makes no sense to spend over half the cost of the ice cream to go load up money onto my PayPal account so I can use my card.
Like I said, I get it. But in reality for me, I don't have a regular bank account. I have PayPal, and have to spend $4 to load it up every time I want money in it. If and when they ever add direct deposit, I will try to make sure there is plenty in there so I have the extra on my card to use at such a place. But for now, let's use the ice cream shop example that was earlier on this thread. Chances are, if it's like the places near me, me going there with my wife and son is going to come out to about $6 or $7. So yeah, I'm walking away because for me it makes no sense to spend over half the cost of the ice cream to go load up money onto my PayPal account so I can use my card.
I agree that in the case of ice cream you will walk away. If you want to send by Fedex you might have to either load the card or use UPS or post office.
I help a person with his liquor store business. Liquor stores have high risk for armed robberies and many a business owner or seller has died from gun shot wounds. Making such a business card only will mitigate the risk. The thieves want cash, not a liquor bottle.
When we look at the sales 60 % are sold to bars who pay by cheque or an electronic form of payment. Of the remaining 40 % store sales 50-60 % is via cards and 40 % is cash. The cash buying public may not switch to a card in 50 % of cases. That non switchable portion is still significant that the owner persists with cash option, with all the hassles and risk of having cash transactions. A small bonus is the amount saved by not paying the 2 % to the credit card company.
Last edited by kamban; 09-16-2016 at 12:19 PM..
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