Status of Everything Attachments

[TN8Man]

How long until we live in a cashless world? From the recent actions taken by the central banking system its sooner than most think.

 

[Oaktree]

Anyone who thinks businesses don’t charge to cover credit card fees (either overtly or baked into prices) has never owned a business.

I don't think anyone's claiming otherwise, but I can count the number of times I've ever gotten a discount for paying in cash on the fingers of one hand, so I might as well do what's most convenient for me.

Many locally owned restaurants around here do that. So do a lot of flea markets and antique shops.

Most restaurants around here are locally owned, and I can't think of a single time they've charged me a different price for CC vs cash. I would imagine the vast majority of flea market sellers are doing it under the table, so it makes sense they'd only take cash. I don't do antique shops.

You see it in small towns where most are paying cash and just the tourists pay via CC. I flat out tell people we prefer cash to help keep prices down. Works more often than you'd think. Before the smaller services like Square, Stripe, etc came about, merchants services was costing me a minimum of 100 per month even if we did not use the service (like winter) just to keep an account open to be able to take cards. These days it's 3-4% with secure reader, add a swipe charge for strip reading and more for key in.
I'd say 80% of our business is cash then again there is just me, myself and I on the payroll. Wife does the office for a place to live.

You don't say what your business is, so it's hard to draw any conclusions on how it works cash vs. cc.

You do bring up something I've always wondered about, and that is those cellphone ap "banks" like Chime, etc. The tv ads claim they don't charge any fees, so how do they make money?

I've been paying the small mom and pop places in cash for the last while. It helps them out and I'm OK with it. In smaller rural areas you have to support local places because they are part of the community you live in and that's the reason you live there.

The local people would open their store for me at night in an emergency. That sure has a value.

Most of what I buy from mom & pop places is relatively inexpensive and just as easy to pay cash so I do. If it was buying something more than $100 or so (say an appliance) I'd use CC. I don't carry large amounts of cash.

I have never heard of a store owner (assuming you could track them down) who would open their store at an odd hour. What kind of "emergency" are you referring to?
The only exception is a neighbor (now retired) who ran an auto repair business out of his home. Often as not he was putzing around in his shop on a Sunday or in the evening anyway and would help out a customer. Even when he was still open, he was souring on the idea...too many people treating him as being open 24/7.

 

[Oaktree]

The seller also has to pay the sales tax and it is tacked on top

Apples and oranges, plus not all states have sales tax.

 

[TN8Man]

The seller also has to pay the sales tax and it is tacked on top

?
It's the buyer that pays the sales tax.

 

[ultrarunner]

I don't think anyone's claiming otherwise, but I can count the number of times I've ever gotten a discount for paying in cash on the fingers of one hand, so I might as well do what's most convenient for me.

Most restaurants around here are locally owned, and I can't think of a single time they've charged me a different price for CC vs cash. I would imagine the vast majority of flea market sellers are doing it under the table, so it makes sense they'd only take cash. I don't do antique shops.

You don't say what your business is, so it's hard to draw any conclusions on how it works cash vs. cc.

You do bring up something I've always wondered about, and that is those cellphone ap "banks" like Chime, etc. The tv ads claim they don't charge any fees, so how do they make money?

Most of what I buy from mom & pop places is relatively inexpensive and just as easy to pay cash so I do. If it was buying something more than $100 or so (say an appliance) I'd use CC. I don't carry large amounts of cash.

I have never heard of a store owner (assuming you could track them down) who would open their store at an odd hour. What kind of "emergency" are you referring to?
The only exception is a neighbor (now retired) who ran an auto repair business out of his home. Often as not he was putzing around in his shop on a Sunday or in the evening anyway and would help out a customer. Even when he was still open, he was souring on the idea...too many people treating him as being open 24/7.

I have had some after hour emergencies at the hospital and Grainger opened their warehouse too me without question and Grainger isn’t a small company…

 

[Eagle1]

I don't think anyone's claiming otherwise, but I can count the number of times I've ever gotten a discount for paying in cash on the fingers of one hand, so I might as well do what's most convenient for me.

Most restaurants around here are locally owned, and I can't think of a single time they've charged me a different price for CC vs cash. I would imagine the vast majority of flea market sellers are doing it under the table, so it makes sense they'd only take cash. I don't do antique shops.

You don't say what your business is, so it's hard to draw any conclusions on how it works cash vs. cc.

You do bring up something I've always wondered about, and that is those cellphone ap "banks" like Chime, etc. The tv ads claim they don't charge any fees, so how do they make money?

Most of what I buy from mom & pop places is relatively inexpensive and just as easy to pay cash so I do. If it was buying something more than $100 or so (say an appliance) I'd use CC. I don't carry large amounts of cash.

I have never heard of a store owner (assuming you could track them down) who would open their store at an odd hour. What kind of "emergency" are you referring to?
The only exception is a neighbor (now retired) who ran an auto repair business out of his home. Often as not he was putzing around in his shop on a Sunday or in the evening anyway and would help out a customer. Even when he was still open, he was souring on the idea...too many people treating him as being open 24/7.

I own an RV park/ Campground in MO for now. Closing end of summer.
As for odd hours help. We are outside of a town of 600 with just a few stores. Every one knows the owners because there few employees, most the families man the stores 5 1/2 days week. Need something on Sunday or Saturday afternoon you better know the hardware store owner so he can open the door for you, or you will have a 160 mile round trip to Lowes or Menards.
Not even Casey's is 24 hours, close at 10 or 11 PM but open up at 5 am

 

[Eagle1]

?
It's the buyer that pays the sales tax.

You send your sales tax payment to the state? I have to fill out paperwork documenting sales and send the money to the revenue office every quarter.

 

[Eagle1]

FYI here is the MO Department of Revenue policy when you pay taxes.

Debit & Credit Card
The Department accepts MasterCard, Discover, Visa, and American Express. Debit cards are accepted and processed as credit cards. Please allow 5-6 business days for debit and credit card transactions to apply to your tax account. Please note that your payment will be postmarked the date you submit payment. There will be a convenience fee of 2.0% + $0.25 per card transaction, regardless of amount

NOTE: The handling or convenience fees included in these transactions are being paid to the third party vendor, NCR Corporation, not the Department of Revenue. This includes NCR Corporation' right to electronically debit a service charge in the amount of $25.00, if applicable, for the processing of an Insufficient Funds or Closed Account transaction from your designated bank account in addition to whatever charges your bank may assess. By accessing this filing and payment system, the user will be leaving Missouri's website and connected to the website of NCR Corporation. The website of NCR Corporation is a secure and confidential website.

EDIT just checked several other states and they ALL have a surcharge if paying by CC or Debit Card in excess of 2%. Guess Government does not want to give free money to the banks.

 

[ultrarunner]

During pandemic more than a few businesses stopped accepting cash.

The hospital no longer accepts any cash payments and this is without exception.

Credit Card, Debit Card, Draft, Money Order, Care Credit, Personal Check all welcome.

No more bank courier pick ups, less staff time and no more having to keep change on hand.

It has proved a hardship for some but I expect to see more going forward as many places here accept nothing over $20 in bills.

Small mom and pop often have a minimum amount for credit card purchases…

 

[Engineer42]

Ya'll are running out of sticks to beat this dead horse?