Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
An ice cream store in my area doesn't take cash. The owner said everyone uses debit or credit cards and he's afraid that cash could be "counterfeit", so he doesn't take it. Has anyone else heard of this?
Federal Express dropoff locations don't take cash. Not taking cash saves the cost of having to bond or very intensively vet employees. It may also reduce insurance premiums.
I work at a charity thrift store, and our clientele regularly present us with $100 dollar bills. They are also often day laborers, and I assume that's how they are getting paid. I will refuse a big bill for a small purchase, simply by saying I can't make change for it. But, it's the truth, not a ploy to avoid them. I did ask once about the risk of counterfeit money being accepted, and was told it hasn't been a problem.
At the end of the day, our receipts are about 50-50 cash and debit/credit card. We have 2 registers, and several people ring on them during the day. It also has not been an issue in terms of money missing.
Some worry about counterfeit bills. Some stores in more high-crime areas also worry about the risk of getting robbed. That risk is significantly diminished when all they take is credit/debit, particularly in a place like an ice cream store, where there probably isn't much that would be of value to a robber.
When I was re-establishing my credit, I took out a car loan through a loan company that was centered in a not-so-nice part of town. They didn't take cash either, even when you went to pay the loan in person. You had to bring in a money order. The same was true when I lived in a not-so-nice apartment in a not-so-nice area...you couldn't take cash to the property manager's office...it had to be a money order.
I see signs like these all around. I was in retail for over 30 years, never had a robbery or stolen cash. Keep register in secure area, locked, and only available to employees deters problems. Our cash intake was far higher than credit card intake.
Count yourself lucky. The twenty plus years I've been doing this I have seen quick change cons, grab and runs, and a couple of robberies, one that resulted in a death.
Cash is only about 20% of our daily business but takes up about 25-30% of my daily routine spending my time making change, verifying tills, counting down at night and setting up for the next morning, balancing the safe and making the deposits.
I for one would be happy to go strictly debit, credit and eft as it would reduce the risk of counterfeiters, quick change artists, etc. and deter some of the petty theft by employees. It would also simplify the daily paperwork and processing.
That's a pretty blatant incorrect statement. I see more cash purchases today than CC's. Even at the grocery stores many are using cash. I use cash 90% of the time. My neighbors use cash as often. Cash talks, CC's don't.
Sure in Mayberry but not in the real world. Cash is becoming increasing obsolete. It's gotten to the point that now people can pay using their cell phones. They don't even use credit cards. People use Apple Pay and even have it on their Apple watch. Furthermore, most Americans are purchasing items on-line in exchange for going to stores so that is yet another reason why you couldn't be more wrong.
I see signs like these all around. I was in retail for over 30 years, never had a robbery or stolen cash. Keep register in secure area, locked, and only available to employees deters problems. Our cash intake was far higher than credit card intake.Where I get gas the station offers .03 cents discount for cash.
I've seen those gas stations. Those are not normal gas stations. They are usually run by shady people that bait people into coming to their station by offering really chap gas until you pull in and you see that rate is only if you pay cash. However, most intelligent people have credit cards that reward them far more than that in cash back or rewards.
Most people are wise and have a reward card. If you pay off your balance each month, there is no penalty to using a credit card and you get rewards each time you spend. For example, if you spend a 100K in a year on your Southwest Airlines card, you get a free companion pass. So I put my business expenses on that and essentially my wife gets to fly free with me. Why on earth would I pay cash for something when there are rewards like this?
This is why cash is becoming obsolete. Everyone is trying to max out their reward points. Now things that were previously could not be paid with credit cards are now available to be paid with CC. The only people who I know that still value cash are the elderly due to their ignorance and irrational fear of credit cards.....oh yeah and mobsters too for obvious reasons
Quote:
Originally Posted by DubbleT
Count yourself lucky. The twenty plus years I've been doing this I have seen quick change cons, grab and runs, and a couple of robberies, one that resulted in a death.
Cash is only about 20% of our daily business but takes up about 25-30% of my daily routine spending my time making change, verifying tills, counting down at night and setting up for the next morning, balancing the safe and making the deposits.
I for one would be happy to go strictly debit, credit and eft as it would reduce the risk of counterfeiters, quick change artists, etc. and deter some of the petty theft by employees. It would also simplify the daily paperwork and processing.
It is for all the reasons you stated that our practice stopped accepting cash and we saw no loss of patients. We have not had one complaint about it because nearly everyone has a credit card these days.
Sorry buddy but you're wrong and very naïve about spending/buying/finances. Cash is king and will be for a long time. I've had a dozen pm's agreeing with me on this subject.
Google 'cash is king' and maybe you'll learn something. There are a multitude of sites on the subject
BTW Mayberry is up to date with modern conveniences, buying, spending and everything else in the real world.
As a cashier in a dollar store (think Family Dollar, Fred's, Dollar Tree etc), I can tell you that cash itself is fine, but big bills on small transactions are not. DO NOT, and I mean, DO NOT come in and buy $2.43 of items and then spring a $100 on us, and most of all fail to ask if we have it.
"That's all I got"--TOUGH. Go to a bank first and break that sucker down. One person doing it is fine, but when you have 4-5 people an hour doing that, before you know it you're all but out of any usable bills for the rest of the business day.
Also a pain in the rump in terms of cash--having a bill that's $2.21 and the customer deciding they MUST MUST MUST pay with $5.21 or $10.21 but that you MUST make it something and 21 cents because getting back 79 cents is apparently akin to dragging an elephant uphill on an icy road. More specifically, it's not giving the 21 cents, it's searching through every pocket and every bag and every nook and cranny in one's car while the line is backing up vs having it pretty much ready within 5 seconds or so. That long line you see--this sort of thing is the reason why.
The store doesn't put up signs saying something like they don't accept bills equal or greater to $50?
Cash is only about 20% of our daily business but takes up about 25-30% of my daily routine spending my time making change, verifying tills, counting down at night and setting up for the next morning, balancing the safe and making the deposits.
Great point!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
