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Post by madm002 on Jun 6, 2024 8:13:21 GMT -5
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Post by cadman on Jun 6, 2024 8:25:36 GMT -5
It's more a war on theft. It is impossible to steal debit and credit payments. Real easy to steal cash. Retailers aren't paying those transaction fees just to be contrary. It saves money in the long run with reduced theft from employees, con artists, and plain old robbers. It also reduces bank fees. I spent $100 a month in fees just to have the bank count the cash I deposited and sell me coins and stuff. Large companies used armored vehicle services which cost more.
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Post by gandy on Jun 6, 2024 8:28:58 GMT -5
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Post by madm002 on Jun 6, 2024 8:37:40 GMT -5
It's more a war on theft. It is impossible to steal debit and credit payments. Real easy to steal cash. Retailers aren't paying those transaction fees just to be contrary. It saves money in the long run with reduced theft from employees, con artists, and plain old robbers. It also reduces bank fees. I spent $100 a month in fees just to have the bank count the cash I deposited and sell me coins and stuff. Large companies used armored vehicle services which cost more. It also creates trackability of all transactions.
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Post by tankered on Jun 6, 2024 9:22:50 GMT -5
It's more a war on theft. It is impossible to steal debit and credit payments. Real easy to steal cash. Retailers aren't paying those transaction fees just to be contrary. It saves money in the long run with reduced theft from employees, con artists, and plain old robbers. It also reduces bank fees. I spent $100 a month in fees just to have the bank count the cash I deposited and sell me coins and stuff. Large companies used armored vehicle services which cost more. It also creates trackability of all transactions. Which pleases leftist statists like cadman.
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Post by ferris1248 on Jun 6, 2024 9:51:19 GMT -5
"There aren’t federal laws that require businesses to accept cash. States like New York, Colorado and Rhode Island banned cashless retail establishments after many stores shifted to card-only transactions to reduce the spread of Covid-19, speed up transactions and cut back on theft. "
"In 2023, lawmakers in the House of Representatives and the Senate introduced bills requiring that businesses accept cash for all in-person purchases under $500, unless they provide devices like a reverse ATM that don’t charge fees. The bills haven’t passed."
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Post by richm on Jun 6, 2024 9:58:45 GMT -5
We just went to lunch at a sushi type place and they were cashless. Had been robbed 3 times and said screw it. No cash.
I do see it as part of the switch to digital currency, they have to do baby steps cause people will totally flip out if they don't. Especially after all the covid stuff. Then big brother says no cash, we control your money/credits/whatever.
That's the appeal of bitcoin and cybermoney - out of the govt control.
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Post by cyclist on Jun 6, 2024 10:01:02 GMT -5
When my wife's restaurant went all cash, they saved over 25,000 a year in credit card fees. It's a thing. I hardly ever use cash, maybe 200$ a year, mostly at local veggie stands and farmers market.
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Post by cadman on Jun 6, 2024 10:04:00 GMT -5
It also creates trackability of all transactions. Which pleases leftist statists like cadman. Oh yeah, businesses loved to be tracked. Get real. Government tracks your cash too unless you get paid in cash and never out money in a bank. I doubt anyone on here is off the grid. 90% of employers pay by electronic transfer to your bank account to save money.
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Post by cadman on Jun 6, 2024 10:05:31 GMT -5
When my wife's restaurant went all cash, they saved over 25,000 a year in credit card fees. It's a thing. I hardly ever use cash, maybe 200$ a year, mostly at local veggie stands and farmers market. My credit card fees for the stores was $100,000 or more a year. But 80% of my customers used plastic.
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Post by madm002 on Jun 6, 2024 10:51:21 GMT -5
In India, the war on cash was fought a different way. They invented a new rupee and said you had X amount of days to change your old rupees to new rupees. And btw you need to explain why you have alot of cash (tax evasion is an art in India) and cash transactions off books are super common.
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Post by ferris1248 on Jun 6, 2024 11:30:12 GMT -5
India is fixing to make a big run at China economically and supplant them as a major manufacturing alternative. Over the next decade watch India explode.
They needed to get a handle on cash situation.
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Post by olmucky on Jun 6, 2024 12:23:29 GMT -5
1/4 billion is ‘stolen’ a year in the US (CA FL and NY lead the way) in just CC
And growing at a quick clip Factor in debit and the shift away from cash…
Wonder what it’ll be in 5 years.
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Post by cyclist on Jun 6, 2024 12:29:25 GMT -5
1/4 billion is ‘stolen’ a year in the US (CA FL and NY lead the way) in just CC And growing at a quick clip Factor in debit and the shift away from cash… Wonder what it’ll be in 5 years.
Lots of thievery going on.
I would wager that much of the CC $ stolen doesn't affect the victim because of CC policies.
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Post by cadman on Jun 6, 2024 12:36:25 GMT -5
1/4 billion is ‘stolen’ a year in the US (CA FL and NY lead the way) in just CC And growing at a quick clip Factor in debit and the shift away from cash… Wonder what it’ll be in 5 years. But you aren't out the money, the credit card issuer will reimburse you any losses. You get robbed of cash and it is gone.
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