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Old 07-27-2017, 05:18 AM
 
Location: East of the Sun
450 posts, read 376,907 times
Reputation: 593

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A large credit card company is planning to offer businesses a ten grand bribe to start refusing to accept cash. If you don't have a credit card they don't want your business. What if, like me, you prefer to pay cash for everything? I don't want strangers using my personal information to target me with ads. Not accepting cash would be the beginning of the end of personal privacy. I can just see a person at the checkout with a trolley full of groceries. The cashier tallys the order and says "swipe your card". The person says I don't have one but here's cash. "Sorry, we don't take cash." An argument erupts and the angry customer walks out empty handed while the frozen food in the trolley begins dripping onto the floor.
If you agree such a situation isn't good for the average person you might want to let some know. Who, I don't know but the V**a credit card company might be a good place to start.
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Old 07-27-2017, 09:15 AM
 
Location: North Idaho
24,707 posts, read 32,372,129 times
Reputation: 50169
I doubt that would be legal. Federal law says that our money is legal tender which basically means it has to be accepted.

Legal issue aside, a store would have to be insane to stop taking cash and alienating a portion of their customers. They'd most certainly lose more than $10,000 in business plus, it is not free to the store to accept credit cards.

In the grocery store, I suspect that most people are using debit cards not credit cards, but plenty of people are using cash. Even the credit card customers use cash for small purchases. I've never seen anyone put a can of soda on their credit card.
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Old 07-27-2017, 11:59 AM
 
5,258 posts, read 2,974,908 times
Reputation: 5798
Quote:
Originally Posted by oregonwoodsmoke View Post
I doubt that would be legal. Federal law says that our money is legal tender which basically means it has to be accepted.
Actually, there is no federal statute requiring a business to accept currency. Businesses are free to decide if they want to accept currency unless there is a state law requiring it.

See: https://www.federalreserve.gov/faqs/currency_12772.htm
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Old 07-27-2017, 03:05 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
32,426 posts, read 59,087,209 times
Reputation: 35544
I have been to several businesses that don't accept cash. Just last night, I went to a restaurant that accepts only cash. Not a big deal since I knew about it and stopped at a cash machine, but normally we never use cash any more. We have two credit union and one bank debit cards plus the credit cards, and use different ones for different things. If one gets hacked we will still have money.
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Old 07-28-2017, 12:04 PM
 
Location: Union City, NJ
1,870 posts, read 1,204,437 times
Reputation: 2438
Where's your source that credit card companies are offering businesses $10,000 to only accept cards? And where do I sign up for this?
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Old 07-28-2017, 12:32 PM
 
5,258 posts, read 2,974,908 times
Reputation: 5798
Quote:
Originally Posted by HudsonCoNJ View Post
Where's your source that credit card companies are offering businesses $10,000 to only accept cards? And where do I sign up for this?
I'm not the OP but here is a link:

Visa offers restaurants $10,000...if they stop accepting cash - Jul. 14, 2017
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Old 07-28-2017, 09:32 PM
 
319 posts, read 589,830 times
Reputation: 400
That's terrible. Visa will skim 2-3% plus variable swipe fee from every transaction.
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Old 07-29-2017, 10:57 AM
 
Location: Texas
12,876 posts, read 5,285,705 times
Reputation: 24972
I'd like to know which businesses are accepting this bribe, so that I won't deal with them anymore.
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Old 07-29-2017, 02:15 PM
 
33,031 posts, read 23,491,813 times
Reputation: 8980
Quote:
Originally Posted by HudsonCoNJ View Post
Where's your source that credit card companies are offering businesses $10,000 to only accept cards? And where do I sign up for this?

I've seen an article claiming that VISA is offering businesses $10,000 to only accept cards.
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Old 07-30-2017, 09:37 AM
 
2,947 posts, read 1,012,893 times
Reputation: 2407
I'm already cashless for the most part and often refuse to do business with retailers that do not accept credit cards. So this has little impact on me.
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