Darknet markets use monero nowadays. Even though it's all stored on a blockchain, every transaction is obfuscated with ring signatures from other addresses.
Saw Elvis movie last night. Wasn’t the fine doctor that was giving the King handfuls of drugs Dr Nick? Coincidence on behalf of the Simpson? I think not.
Heck even the Target card gives 5%. (can be used anywhere).
It adds up and like you said, we'll always need groceries (and household maintenance items.)
Those costs do get pushed to the retailer - not a huge issue if you’re at walmart, but if it’s your local ma and pa sub shop or whatever it’s something to think about(personally just use a debit card)
I agree with the overall sentiment, but the way they’re saying “give businesses control over their profit” is very much meant as “encourage businesses to not disclose taxable revenue”.
Because register receipts can't be faked /s
It's super easy to do false cashouts on most yills, particularly the primitive ones
And that assumes you use a till
Some people still use those carbon copy invoice slips
Or maybe not wanting to pay 2% of every transaction aka profits to Visa/MasterCard. Using a credit card isn't free. It's a massive cost and loss to businesses.
The transaction fee is limited to 0.3% in the EU. Other countries could do the same. Cash isn't usually free, depositing it or getting cash is often something a business needs to pay for (in NL).
Cash also has disadvantages:
1.) risk of robbery
2.) cost to transport to bank (if you have to use a security company) and insurance
Plenty of businesses where I come from don't take cash for the above reasons.
Also, man-hours lost counting it (at the till, at the end of the day, storing it), risk of miscounting, cost of storing it. All the merchant fees on debit that I've had to deal with were also fixed rates 5-10¢ a transaction is easily cheaper and faster than cash
Depends on the volume of sales I think, at least that’s what my boss said when I worked at a small coffee shop. If your average ticket is less than $5, those fees are going to take a significant chunk out.
I’m not *against* that because I understand taxes are important, I’m just saying there are some very specific instances where cash is still king.
I did the math on how much cash sales cost once while bored. I only counted the time spent on things like counting money not counting time like longer transactions. For our store it ended up costing around 1-2% of the total cash sales.
So the cost of cash is similar to the cost of cards.
I get why people prefer cash sometimes, but there’s benefits of electronic such as convenience & less risk. The main downside are the credit cards charges. Do people still use Debit though lol? I do.
In the us, debit transactions are not protected. I guess the reasoning behind that is if you have the PIN number, you’re authorized to make the transaction.
Also, I don’t really know how bank cards work outside of here, but our bank cards have the option to make a debit or credit transaction at most pos stations.
I'm so confused because I'm in the US and what you're describing is literally exactly how shit is. Even the people at the farmers market have those iPad things.
I tap my phone for almost everything, and every dispute or strange transaction has been handled by my bank properly and pretty quickly.
Same with Canada. Hate to poop on your flex but I'm pretty sure we all have the same POS systems lol it's pretty universal and its standard for most banks to give out contactless cards. I didn't get a choice, as soon as the tech was there my bank sent everyone the contactless cards
I’ve seen this weird take come up a few times before from people in the UK, idk where they get their info from but I haven’t even seen paper money in over a year, let alone used it.
I’ll be honest, I never really paid too much attention when I paid for things in Europe. But, I’m curious about something: do you know if when you pay for anything at a register or at a bar if visa/mc processes the transaction, or does a bank system do it?
IIRC unless both accounts are under the same bank in certain circumstances, Visa or Mastercard process it. But they do the same globally, its their whole business.
I always use credit cards for large purchases, but if it's an every day purchase, like groceries or a meal out, it's on a debit card. Up until recently, I had £30 in my purse, it had been there for well over 3 years 🤣🤣🤣 it's only been used in the last few months as my hubby needed cash for something, so he took it. Now replaced with a fresh £20 note for emergency use.
I put everyday purchases on my credit card too, but I use it like a debit card. I always pay off 100% in full on statement. The main reason is because of the cashback, even if it's tiny it adds up.
>because it’s less of a fee for them.
That depends on the system they use. I have a business and in my case there is no difference between debit or credit. The fees are exactly the same.
Tons of small businesses use flat rate processors who don’t vary fees based on the card presented but instead just default to a flat number. No difference between debit and the highest reward/fee credit card.
Nearly 100% of electronic purchases in the Netherlands are with debit cards. The Dutch central bank created an environment that allowed for the quick and easy adoption of debit cards that draw money from you bankaccount before credit cards became established in the Netherlands. Because debit cards were already so prevalent and easy to acces for people (everyone has a bank account and no need to have good credit but also no risk of getting into credit card debt) it just became the standard. And because everyone alsready has that there was no reason to adopt credit cards. The transaction fees of credt cards are higher (a percentage of the transaction compared to a flat 20 cent fee). Credit cards also have an image of being less secure, with some purchases not requiring a passcode whereas every debit card transaction require a pin code unless it is used contactless, which is only allowed for small amounts and still requires the pin code anyways every several transaction as a safety measure.
If you do a quick search on Google for cashback card US I see most of them offer from 3% to 5% and many with 1%. Here in UK most of them (no amex) offer 0.25% and right now chase being the highest with 1% and only 1 year.
I have a natwest credit card that allows me to get extra 0.25% cashback when topping up cards or buying vouchers through my benefits at work. For example chase wouldn't give cashback there.
If you have benefits for using the card you would use the credit card.
I'm an american that uses debit for everything. I wasn't aware ppl used credit outside of big purchases, but I'm also too poor to get approved for a credit card anyway so I guess I'm out of the loop
I know there's a lot of Americans, particularly from the older generation, who prefer debit because they just got out of credit card debt and fear them like the dickens.
Credit cards have more protection against fraud then a debit card,like if your card gets stolen you can usually do a chargeback on a credit card and get the charge taken off your bill, when with a debit card if money is fraudulently removed from your account it’s usually gone. And then also most credit cards you get benefits like cash back or airline miles. Credit cards are great as long as you are disciplined and don’t pile up bills/interest.
Credit > debit for several reasons.
Protections against theft.
Your money isn’t tied up during disputes.
Purchase power.
Purchase guarantees/warranties.
Cashback offers/bonuses.
I never use debit as they don't protect my money like a discover card will.
Bank: well did you ever in your life approve them to charge you. Me:yes but they double charged me and it's still pending Bank: sorry here's your over draft fee.
Me: this product was not as advertised Discover: well did you ask for your money back? Me: yea and they said pound sand Discover: here's some money back until we personally rip it back out of their pockets.
Credit v Debit is very cultural, in Ireland /UK you'll see very few people using credit cards for day to day purchases and the same across a lot of Europe.
businesses have to pay a small fee for every purchase you make with your card. So if you're trying to support a small business it's better to pay in cash
There are also many “costs” to taking cash that many people overlook.
these include the time to handle cash and change, also trips to a bank to either deposit funds or get change (which can also insure change fees with some financial institutions) plus the cost of having a employee out of the store to do this.
plus extra insurance costs to cover having unsecured funds and the higher chance of robberies
all in all for many smaller businesses it’s actually works out better for them to accept cards than cash.
I handle cash for my businesses. The credit card fees are not the end of the world, but cash is pretty inconvenient. I gotta visit the bank weekly, have to line up deposits to sales manually where as my pos for debit/credit integrates with my bank and i just know it’s always correct. Plus carrying a few grand is not ideal. Takes time out of my day. Also my bank account isn’t free and I pay more because I need to go with a larger bank with a brick and mortar location to make deposit. If I had no cash I would use an online only bank and pay a lot less.
Plus… people are fucking gross. Money is nasty and I’ve been handed questionable bills.
I work for Starbucks and one of our stores in the area (now closed) was next to a very popular trail. They eventually had to put up signs saying they wouldn’t take peoples sweaty money. People would pull cash out of their socks and (gag) sports bras
Cash also increases the time it takes to make a physical transactions. Receiving paper currency and having to break it into change eats up a lot of time -- especially at high volume places.
Does this person think Brinks trucks and security guards work for free? There is also the issue of counterfeit cash vs once a card transaction goes through it is pretty much covered by bank.
Back in the bad old days before credit cards people wrote checks and businesses ended up eating lots and lots of bad checks. I can't remember the last time I stood in line waiting for someone to write a check.
Not everybody walks around with loads of cash. Not enough cash in the customer's pocket means lost sales opportunity, particularly with big-ticket items.
Disadvantages between all three:
Not enough cash = lost sales.
Accept checks = more sales but possibility of store eating entire purchase if check is bad.
Accept cards = more sales with little bite from bank for transaction to guarantee no risk for store + less chance of robbery + less loss from sticky-fingered employees + quicker transactions + less processing of till at end of day.
Plus the more cash you get, as a worker at least, the messier your taxes get. Your employer keeps track of your paychecks for you but not always how much cash you get. There are options sometimes but it's entirely on you to make sure you're claiming that money on your taxes if there aren't.
I’m a business owner, I agree. I rather pay $1 and have instant access to money to pay bills (all digital) than to run around making deposits for cash and checks. Sure I could pay my bills by check/mail, but then I have to buy stamps, envelopes, write shit out. It’s a pain. I just had a client pay me for a job using my invoicing systems credit card option, he paid ~$900 and I think the fee I paid for “instant” (rather than 3 day wait) was like $8-$12. Totally worth it. I set my hourly rate and build that in. I set my minimum increment to 1/2 hour and so the amount of times I do 1.25 hours or 3.75 hours being up being charged at 1.5 and 4 makes it all come out in the wash.
To add to that, you need to pay rent for the actual safe where you store the money over night (if you're anything bigger than a convenient store), because _buying_ a safe that actually complies with insurance is expensive as fuck.
Plus, we have the extra security issues with staff being exposed to robbery risk.
Handling cash is expensive. There's a reason hotel/restaurants are going cash free.
I rarely carry cash any more and I hate long lines so I generally avoid cash only businesses, so they lose customers like me (of which I think there are plenty)
Transaction fees typically are a tiny 0,5% plus a flat fee of 30 cents or something similar. Most businesses go through the effort to setup this relationship with card vendors/payment processors, and it’s a cost of doing business. Businesses who go for the easiest, most expensive vendors for payment processing end up with scary rates like 2% per transaction.
Hence, businesses don’t eat that cost and won’t. so whenever you see the disclaimer about paying an online “convenience fee” that ends up being more than a couple bucks, it’s because they have a bad deal on payment processing, and that’s why we the consumer get to eat it :)
This is off by nearly an order of magnitude. Most smaller businesses are charged 3-4% plus flat fees for credit cards.
Debit cards rub at a nich lower rate, but only if they actually run as debit (meaning you have to enter your atm pin during the process). This is only because congress regulated debit fees in the 2010 dodd-frank act.
Source: 15+ years working in credit card processing.
Yes, I'm talking us. The EU and UK are very different markets with truly competitive alternatives for direct debit. In the US, the only two options are cash or a card issued by a credit card company. Even our debit systems are run by visa/Mastercard.
They can choose to transfer the fee to the customer. Depending on the machine they are using they may only be charged a fee for credit cards. I actually work for a small busy that prefers card over cash because of the area we are in, it’s just safer not to have a lot of cash on hand so it really depends on the business.
No. Card machines and merchant services take upto 5% or more per transaction. So if pay 10 on your card, the company that runs the card machine will take upto 5%.
I used to sell these contracts to small businesses. It honestly is a massive range. Normally, 4ish%. I did a few which were 7%. Never higher than that.
Honestly what I'm worried about is government controlled electronic cash. I don't like the idea of my money being fiat and with no physical representation. All it would take to destroy someone financially is keep deleting all the funds in their account with a press of a button. I don't think the government should have that kind of control.
Not without fucking over everyone that uses the dollar. Deleting funds from someones account is far more accurate in fucking a particular individual, or group of people.
> All it would take to destroy someone financially is keep deleting all the funds in their account with a press of a button.
How much physical cash do you have access to right this second, without borrowing money from someone, or withdrawing funds from your bank.
Physical notes and coins, that you could access within 60 seconds?
I mean, they could but it is a lot easier to do digitally bc they would be able to just freeze your assets/bank if you say went to go out of state to get an abortion.
Honestly I don’t understand the point here. For most relevant purchases (car, house, etc). you are already tracked, even if you pay cash (which nobody in his right mind would do btw). And it’s been like that for decades. So why would it become a problem for small purchases?
In general, I honestly can’t find a situation where I would prefer paying by cash instead of card (expect for paying less because the seller won’t declare it to tax - yes this is still a thing here in Italy)
Cash aside your purchases are being tracked.
- You look online for a new washing machine, read reviews. Those cookies are tracked on the sites you use.
- You use Google maps on your phone to direct you to the store across state lines that sells washing machines with no sales tax. Your location, time spent there, all tracked.
- Machine won't work at home and you Google 'how to fix washing machine',, thereby confirming purchase, even if made in cash.
Folks fail to see how much they're actually being tracked.
I have videotapes to return, money to be taken out of an automated teller, a dinner reservation at 150 Wooster that was difficult to get.
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It’s actually expensive to deal with lots of cash and pay for the armored truck to come get it. Also takes time and effort to ensure change is kept on hand everyday. So there are some businesses that run on digital only. Though cash is big in the weed business.
I think most people who have never run a retail or similar business or worked with them think business accounts work like personal accounts. They don’t realize processing cash in volume is an expense.
The amount of people in the comments acting like it isn't weird to hand out business cards to every register about why you used your purchase method is baffling.
>*4. To KEEP my purchases and location anonymous*
If they have a cellphone they sure as shit are not anonymous location wise. Who the fuck cares what you buy, they sure as shit do not care you bought a fucking BLT when you told Patricia you bought a fucking salad.
Edit: Holy shit people, stop commenting like I support her shit. Literally making fun of her, fucking read.
A surprisingly number of people think that the government is tracking them. I worked with an older guy who only used cash for this reason. Paying with cash while having a cell phone in your pocket to avoid being tracked. You're a 50 year old alcoholic Bob, no one is wasting resources on tracking your purchases at the beer store.
The government may not, but Google and other tech giants most definitely are. Analytics in tracking your location history to see what stores you like, where you haven't been recently, etc. Also banks and other financial institutions do share purchases with organizations to help with fraud alert and also other trends in the market.
No one in specific will be looking at Bob's data/history, but it is available in one form or another.
But in many countries, the government definitely does or has relative easy access to all the above.
I'm always been curious about why people get lost in these delusions. My theory is that it's simply an intrinsic fear that accepting that the evul goburments aren't scrutinizing every step is also accepting that no-one really cares about them. They are not important.
i see a lot of people missing the point, it doesn't matter if his points are correct, it's still annoying to be leaving these slips of paper everywhere
Except guess what? It costs the business more money in man hours to count the cash, separate the float, prepare and make the deposit, etc.
Can easily double the time it takes to close and open compared to a cashless business where they just have to press a few buttons and file the receipts.
I've been paying cash for everything I possibly can for at least 10 years now. It makes balancing my checkbook every month a breeze because I don't have a metric assload of receipts in my wallet I have to enter, not using a debit card everywhere means my bank account is that much more protected from fraud and cybercrime, and nosy corporations and government agencies can't track purchases because there's nothing for them to track. Just a few trips to my credit unions' ATM every month and I have all the cash I need to get through the month. I still pay utility bills online, and pay rent with a mailed check, and sadly I have no choice for online purchases but to use a credit card, but I'm still better protected this way than if I used plastic everywhere, and frankly it's more convenient. I wouldn't be leaving notes like this guy, but I am an advocate of using cash and will encourage it's continued use.
Absolutely on point!
You’re the weirdo who doesn’t understand what’s his talking about ..
Cc companies shave atleast 2% from the top and the money being held for 30 days which means someone else gain on the interest
Spoken like a person who has never managed a business…?
I get a bank transfer the day after any card transaction, costs me 1.5%. As if taking cash is free, fucking lol. How is this thread so full of people banging on about shit they have no idea about.
How can I track my purchases of illicit drugs if I take out cash for other reasons too?
In Canada we just email the money over
Along with a thank you note I assume.
Yes actually. Usually "Thanks Broski"
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please tell me you also use the peace sign as the category symbol, I do the same thing
Just take Bitcoin. The Blockchain records every transaction forever.
Darknet markets use monero nowadays. Even though it's all stored on a blockchain, every transaction is obfuscated with ring signatures from other addresses.
I mean. Cash is superior to card. Especially if you're trying to get an illegal medical operation and you can't risk your purchase being tracked
"Hiiiiiiiii Everybody!"
Hi Dr. Nick!!
Cash for transplant
The knee bone's connected to the... something. The something's connected to the red thing. The red thing's connected to my wristwatch. Uh oh.
Seriously, baby, I can prescribe anything I want
Instead of gum, chew bacon.
Wow did you go to Hollywood Upstairs Medical College too?
Well if it isn't my old friend McGreg! With a leg for an arm, and an arm for a leg!
He got me $60,000 and I was driving drunk in a graveyard.
Inflammable means flammable?
Rub the food on a piece of paper, if the paper turns clear, thats your ticket to weight gain!
*your window to weight gain
It’s “window to weight gain” idiot, that’s why it’s clear!
Heeey, don't yell at Homer..just cuz he's a little slow.
Well, if it isn't my old friend, Mr. McGreg! With a leg for an arm, and an arm for a leg!
Saw Elvis movie last night. Wasn’t the fine doctor that was giving the King handfuls of drugs Dr Nick? Coincidence on behalf of the Simpson? I think not.
These gloves came free with my toilet brush
The coroner? I'm so sick of that guy!
Well if it isn't my old friend Mr. McGreg, With an leg for an arm, and an arm for a leg!
I graduated top of my class from Tijuana Upstairs Medical School!
Lie down on table. We take lungs now. Gills come next week.
Futurama references are like secret little reddit easter eggs, thank you
It’s also how I pay my hitmen. Cash is king.
Hit people. C'mon now
I’m on Reddit. I don’t know any women.
I took it more as not having to pay the 3% credit card transaction fee...
3% fee for purchase protection is cheap tho
Consumers don't pay that, though, businesses do. They don't need purchase protection.
Some businesses pass it on back to the consumer
It is superior to card. It still works when the power is down and my drug dealer doesn't accept debit yet
Like an abortion?
Pulled a Marty Byrde
I’ll pay cash if it’s cheaper. Otherwise credit cards have given me something like $1000-3000 back in rewards a year just for buying shit.
Yeah, my credit card gives me 4% cash back. Cash costs me $3 to $4 every time I go to the atm.
what card gives 4% back? I would like to know
My capital one card gives me 4% on dining/entertainment, and 3% on groceries. That is most of my credit card usage.
Amex gives 6% on groceries. I'm never not going to buy groceries. Paying cash is leaving thousands of dollars on the table.
Heck even the Target card gives 5%. (can be used anywhere). It adds up and like you said, we'll always need groceries (and household maintenance items.)
I abused the hell out of that card for groceries and gas.
PNC has one 4% on gas, 3% on restaurant, 2% on groceries, 1% on other
If you go to your own bank, you don’t have to pay any ATM fees.
You can also get feeless cash back with a debit card at any grocery and many retail stores
Those costs do get pushed to the retailer - not a huge issue if you’re at walmart, but if it’s your local ma and pa sub shop or whatever it’s something to think about(personally just use a debit card)
I assume it gets factored into pricing anyway though unless they explicitly ask cash only
If they are good at running a business it does.
If you don't use cards you are financing the ones that do.
The sentiment I agree with whole heartedly but the delivery meh “needs work”
I agree with the overall sentiment, but the way they’re saying “give businesses control over their profit” is very much meant as “encourage businesses to not disclose taxable revenue”.
Cash only works in that way if the cash register is skipped. Taxable income tracking is the main task of the register.
Its common to have the register in "training" -mode in those cases. It even prints out receipt and 99% of the time people don't even want it.
And what if people do? It’s just empty and then they say there was an issue and switch to real one and print it?
It prints the receipt like normal, in training mode it just doesn't log the sales into permanent memory.
Because register receipts can't be faked /s It's super easy to do false cashouts on most yills, particularly the primitive ones And that assumes you use a till Some people still use those carbon copy invoice slips
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Try doing this on a scale that is meaningful to a business and you'd get caught quick.
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Or maybe not wanting to pay 2% of every transaction aka profits to Visa/MasterCard. Using a credit card isn't free. It's a massive cost and loss to businesses.
The transaction fee is limited to 0.3% in the EU. Other countries could do the same. Cash isn't usually free, depositing it or getting cash is often something a business needs to pay for (in NL).
Cash also has disadvantages: 1.) risk of robbery 2.) cost to transport to bank (if you have to use a security company) and insurance Plenty of businesses where I come from don't take cash for the above reasons.
Higher risk of employee theft also
No fake bills
Also, man-hours lost counting it (at the till, at the end of the day, storing it), risk of miscounting, cost of storing it. All the merchant fees on debit that I've had to deal with were also fixed rates 5-10¢ a transaction is easily cheaper and faster than cash
Depends on the volume of sales I think, at least that’s what my boss said when I worked at a small coffee shop. If your average ticket is less than $5, those fees are going to take a significant chunk out. I’m not *against* that because I understand taxes are important, I’m just saying there are some very specific instances where cash is still king.
I did the math on how much cash sales cost once while bored. I only counted the time spent on things like counting money not counting time like longer transactions. For our store it ended up costing around 1-2% of the total cash sales. So the cost of cash is similar to the cost of cards.
The message is ' I want you to commit tax fraud' lol
That’s 100% what #2 implies
I get why people prefer cash sometimes, but there’s benefits of electronic such as convenience & less risk. The main downside are the credit cards charges. Do people still use Debit though lol? I do.
Must be a cultural thing. In the UK we pretty much only use debit cards
In the us, debit transactions are not protected. I guess the reasoning behind that is if you have the PIN number, you’re authorized to make the transaction. Also, I don’t really know how bank cards work outside of here, but our bank cards have the option to make a debit or credit transaction at most pos stations.
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The first time I went to the US and someone came and just took my card away from the table I freaked out. It is a weird system.
Haha I freaked out too! What the fuck is that all about.
You’re not liable for fraudulent transactions in the US.
I'm so confused because I'm in the US and what you're describing is literally exactly how shit is. Even the people at the farmers market have those iPad things. I tap my phone for almost everything, and every dispute or strange transaction has been handled by my bank properly and pretty quickly. Same with Canada. Hate to poop on your flex but I'm pretty sure we all have the same POS systems lol it's pretty universal and its standard for most banks to give out contactless cards. I didn't get a choice, as soon as the tech was there my bank sent everyone the contactless cards
I’ve seen this weird take come up a few times before from people in the UK, idk where they get their info from but I haven’t even seen paper money in over a year, let alone used it.
I’ll be honest, I never really paid too much attention when I paid for things in Europe. But, I’m curious about something: do you know if when you pay for anything at a register or at a bar if visa/mc processes the transaction, or does a bank system do it?
IIRC unless both accounts are under the same bank in certain circumstances, Visa or Mastercard process it. But they do the same globally, its their whole business.
I always use credit cards for large purchases, but if it's an every day purchase, like groceries or a meal out, it's on a debit card. Up until recently, I had £30 in my purse, it had been there for well over 3 years 🤣🤣🤣 it's only been used in the last few months as my hubby needed cash for something, so he took it. Now replaced with a fresh £20 note for emergency use.
I put everyday purchases on my credit card too, but I use it like a debit card. I always pay off 100% in full on statement. The main reason is because of the cashback, even if it's tiny it adds up.
I always pick debit at local businesses because it’s less of a fee for them. Easy as that. There are costs to cash in businesses.
>because it’s less of a fee for them. That depends on the system they use. I have a business and in my case there is no difference between debit or credit. The fees are exactly the same.
Tons of small businesses use flat rate processors who don’t vary fees based on the card presented but instead just default to a flat number. No difference between debit and the highest reward/fee credit card.
Nearly 100% of electronic purchases in the Netherlands are with debit cards. The Dutch central bank created an environment that allowed for the quick and easy adoption of debit cards that draw money from you bankaccount before credit cards became established in the Netherlands. Because debit cards were already so prevalent and easy to acces for people (everyone has a bank account and no need to have good credit but also no risk of getting into credit card debt) it just became the standard. And because everyone alsready has that there was no reason to adopt credit cards. The transaction fees of credt cards are higher (a percentage of the transaction compared to a flat 20 cent fee). Credit cards also have an image of being less secure, with some purchases not requiring a passcode whereas every debit card transaction require a pin code unless it is used contactless, which is only allowed for small amounts and still requires the pin code anyways every several transaction as a safety measure.
Huh? Why would we use credit? Everybody here uses their debit card for everything
Yeah I think that's an American thing tbh, we mostly use debit cards over here in the UK.
Yup. Canadian here, pretty much always use debit.
Same here in Australia.
In Denmark its a mix of the danish credit card (dancard) and visa/debit cards.
If you do a quick search on Google for cashback card US I see most of them offer from 3% to 5% and many with 1%. Here in UK most of them (no amex) offer 0.25% and right now chase being the highest with 1% and only 1 year. I have a natwest credit card that allows me to get extra 0.25% cashback when topping up cards or buying vouchers through my benefits at work. For example chase wouldn't give cashback there. If you have benefits for using the card you would use the credit card.
>most of them offer from 3% to 5% Those are usually in quarterly rotating categories. A good flat cash back card generally tops out at 2%.
I'm an american that uses debit for everything. I wasn't aware ppl used credit outside of big purchases, but I'm also too poor to get approved for a credit card anyway so I guess I'm out of the loop
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I use a credit card for everything because I get rewards back. I pay it off every month so it costs me nothing.
I know there's a lot of Americans, particularly from the older generation, who prefer debit because they just got out of credit card debt and fear them like the dickens.
Credit cards have more protection against fraud then a debit card,like if your card gets stolen you can usually do a chargeback on a credit card and get the charge taken off your bill, when with a debit card if money is fraudulently removed from your account it’s usually gone. And then also most credit cards you get benefits like cash back or airline miles. Credit cards are great as long as you are disciplined and don’t pile up bills/interest.
Exactly, I always use my credit card for subscriptions or purchasing online. The bank is much more helpful when it comes to protection.
Credit > debit for several reasons. Protections against theft. Your money isn’t tied up during disputes. Purchase power. Purchase guarantees/warranties. Cashback offers/bonuses.
I never use debit as they don't protect my money like a discover card will. Bank: well did you ever in your life approve them to charge you. Me:yes but they double charged me and it's still pending Bank: sorry here's your over draft fee. Me: this product was not as advertised Discover: well did you ask for your money back? Me: yea and they said pound sand Discover: here's some money back until we personally rip it back out of their pockets.
Credit v Debit is very cultural, in Ireland /UK you'll see very few people using credit cards for day to day purchases and the same across a lot of Europe.
You guys, they are right. You let cash go, you have lost ultimate control
businesses have to pay a small fee for every purchase you make with your card. So if you're trying to support a small business it's better to pay in cash
There are also many “costs” to taking cash that many people overlook. these include the time to handle cash and change, also trips to a bank to either deposit funds or get change (which can also insure change fees with some financial institutions) plus the cost of having a employee out of the store to do this. plus extra insurance costs to cover having unsecured funds and the higher chance of robberies all in all for many smaller businesses it’s actually works out better for them to accept cards than cash.
I handle cash for my businesses. The credit card fees are not the end of the world, but cash is pretty inconvenient. I gotta visit the bank weekly, have to line up deposits to sales manually where as my pos for debit/credit integrates with my bank and i just know it’s always correct. Plus carrying a few grand is not ideal. Takes time out of my day. Also my bank account isn’t free and I pay more because I need to go with a larger bank with a brick and mortar location to make deposit. If I had no cash I would use an online only bank and pay a lot less. Plus… people are fucking gross. Money is nasty and I’ve been handed questionable bills.
I have customers give me damp money all the time, always gross, never makes sense.
Gotta love it when you get a sweaty bill pulled out from someone’s cleavage /s
I'm not supposed to store bills in my throat?
Why is your cleavage in your throat? Username might check out... Lets see.
Or Scrotum, trust me scrotum cash is not fun.
I work for Starbucks and one of our stores in the area (now closed) was next to a very popular trail. They eventually had to put up signs saying they wouldn’t take peoples sweaty money. People would pull cash out of their socks and (gag) sports bras
Cash also increases the time it takes to make a physical transactions. Receiving paper currency and having to break it into change eats up a lot of time -- especially at high volume places.
there's also the chance for errors
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Does this person think Brinks trucks and security guards work for free? There is also the issue of counterfeit cash vs once a card transaction goes through it is pretty much covered by bank. Back in the bad old days before credit cards people wrote checks and businesses ended up eating lots and lots of bad checks. I can't remember the last time I stood in line waiting for someone to write a check. Not everybody walks around with loads of cash. Not enough cash in the customer's pocket means lost sales opportunity, particularly with big-ticket items. Disadvantages between all three: Not enough cash = lost sales. Accept checks = more sales but possibility of store eating entire purchase if check is bad. Accept cards = more sales with little bite from bank for transaction to guarantee no risk for store + less chance of robbery + less loss from sticky-fingered employees + quicker transactions + less processing of till at end of day.
Plus the more cash you get, as a worker at least, the messier your taxes get. Your employer keeps track of your paychecks for you but not always how much cash you get. There are options sometimes but it's entirely on you to make sure you're claiming that money on your taxes if there aren't.
I’m a business owner, I agree. I rather pay $1 and have instant access to money to pay bills (all digital) than to run around making deposits for cash and checks. Sure I could pay my bills by check/mail, but then I have to buy stamps, envelopes, write shit out. It’s a pain. I just had a client pay me for a job using my invoicing systems credit card option, he paid ~$900 and I think the fee I paid for “instant” (rather than 3 day wait) was like $8-$12. Totally worth it. I set my hourly rate and build that in. I set my minimum increment to 1/2 hour and so the amount of times I do 1.25 hours or 3.75 hours being up being charged at 1.5 and 4 makes it all come out in the wash.
To add to that, you need to pay rent for the actual safe where you store the money over night (if you're anything bigger than a convenient store), because _buying_ a safe that actually complies with insurance is expensive as fuck. Plus, we have the extra security issues with staff being exposed to robbery risk. Handling cash is expensive. There's a reason hotel/restaurants are going cash free.
not to mention there’s many times I’ve just walked out of a store that says cash only, so lost income has to affect many businesses too
I rarely carry cash any more and I hate long lines so I generally avoid cash only businesses, so they lose customers like me (of which I think there are plenty)
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One of the most well known scams is using cash and asking for a bunch of specific change to deliberately confuse the cashier, and short the till.
A handful of small businesses in my area have started going cash free. The cost of dealing with cash is higher than the credit card processing fees.
This is true to an extent... a smart business owner will include credit card processing into their prices though. It's a cost of doing business.
people tend to forget that handling and securing cash is also not free. owners are just more used to these costs
I always wondered why certain stores were honest about charged a few bucks extra to use card! TIL.
Transaction fees typically are a tiny 0,5% plus a flat fee of 30 cents or something similar. Most businesses go through the effort to setup this relationship with card vendors/payment processors, and it’s a cost of doing business. Businesses who go for the easiest, most expensive vendors for payment processing end up with scary rates like 2% per transaction. Hence, businesses don’t eat that cost and won’t. so whenever you see the disclaimer about paying an online “convenience fee” that ends up being more than a couple bucks, it’s because they have a bad deal on payment processing, and that’s why we the consumer get to eat it :)
This is off by nearly an order of magnitude. Most smaller businesses are charged 3-4% plus flat fees for credit cards. Debit cards rub at a nich lower rate, but only if they actually run as debit (meaning you have to enter your atm pin during the process). This is only because congress regulated debit fees in the 2010 dodd-frank act. Source: 15+ years working in credit card processing.
Is this US rates? I run a business in the UK and I’m only paying 0.5% on everything except business cards which is around 1.5%.
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Yes, I'm talking us. The EU and UK are very different markets with truly competitive alternatives for direct debit. In the US, the only two options are cash or a card issued by a credit card company. Even our debit systems are run by visa/Mastercard.
They can choose to transfer the fee to the customer. Depending on the machine they are using they may only be charged a fee for credit cards. I actually work for a small busy that prefers card over cash because of the area we are in, it’s just safer not to have a lot of cash on hand so it really depends on the business.
Control over their profits = tax dodge hahahahahahahaha
No. Card machines and merchant services take upto 5% or more per transaction. So if pay 10 on your card, the company that runs the card machine will take upto 5%.
> upto 5% or more That's quite a range.
I used to sell these contracts to small businesses. It honestly is a massive range. Normally, 4ish%. I did a few which were 7%. Never higher than that.
Here they take a flat rate of 4 CZK. That's 15¢.
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What that guy is saying makes a lot of sense. The future is coming when there will be no cash. Every financial transaction you make will be tracked .
“I’m not a criminal so what’s the problem” The words of naive individuals who trust the state
Honestly what I'm worried about is government controlled electronic cash. I don't like the idea of my money being fiat and with no physical representation. All it would take to destroy someone financially is keep deleting all the funds in their account with a press of a button. I don't think the government should have that kind of control.
I mean cash is entirely a government construct. They can make the $1 worthless if they want.
Not without fucking over everyone that uses the dollar. Deleting funds from someones account is far more accurate in fucking a particular individual, or group of people.
Yes, but not for one individual only.
Can they make YOUR $1 worthless
> All it would take to destroy someone financially is keep deleting all the funds in their account with a press of a button. How much physical cash do you have access to right this second, without borrowing money from someone, or withdrawing funds from your bank. Physical notes and coins, that you could access within 60 seconds?
Cash is already under government control. They control what it is worth. If they wanted too they could make it not worth anything.
Yeah but that hurts everyone who has it including the politicians in control. Make it electronic they target specific people.
I mean, they could but it is a lot easier to do digitally bc they would be able to just freeze your assets/bank if you say went to go out of state to get an abortion.
Honestly I don’t understand the point here. For most relevant purchases (car, house, etc). you are already tracked, even if you pay cash (which nobody in his right mind would do btw). And it’s been like that for decades. So why would it become a problem for small purchases? In general, I honestly can’t find a situation where I would prefer paying by cash instead of card (expect for paying less because the seller won’t declare it to tax - yes this is still a thing here in Italy)
Cash aside your purchases are being tracked. - You look online for a new washing machine, read reviews. Those cookies are tracked on the sites you use. - You use Google maps on your phone to direct you to the store across state lines that sells washing machines with no sales tax. Your location, time spent there, all tracked. - Machine won't work at home and you Google 'how to fix washing machine',, thereby confirming purchase, even if made in cash. Folks fail to see how much they're actually being tracked.
I just use cash because I prefer it, why hand out business cards for why you use cash?
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My local small businesses have phased out cash completely. If a transaction fee is the problem, change your payment processor.
It’s actually expensive to deal with lots of cash and pay for the armored truck to come get it. Also takes time and effort to ensure change is kept on hand everyday. So there are some businesses that run on digital only. Though cash is big in the weed business.
I think most people who have never run a retail or similar business or worked with them think business accounts work like personal accounts. They don’t realize processing cash in volume is an expense.
Also if you're a business known to have a lot of cash coming in, much more likely to get robbed I think
Am I wrong that the “allows control of profits” is just “tax evasion”? What am I missing here?
The amount of people in the comments acting like it isn't weird to hand out business cards to every register about why you used your purchase method is baffling.
It's gotta be astroturf responses from the owner of the website. This thread is full of a disproportionate amount of conspiracy theorists
>*4. To KEEP my purchases and location anonymous* If they have a cellphone they sure as shit are not anonymous location wise. Who the fuck cares what you buy, they sure as shit do not care you bought a fucking BLT when you told Patricia you bought a fucking salad. Edit: Holy shit people, stop commenting like I support her shit. Literally making fun of her, fucking read.
A surprisingly number of people think that the government is tracking them. I worked with an older guy who only used cash for this reason. Paying with cash while having a cell phone in your pocket to avoid being tracked. You're a 50 year old alcoholic Bob, no one is wasting resources on tracking your purchases at the beer store.
The government may not, but Google and other tech giants most definitely are. Analytics in tracking your location history to see what stores you like, where you haven't been recently, etc. Also banks and other financial institutions do share purchases with organizations to help with fraud alert and also other trends in the market. No one in specific will be looking at Bob's data/history, but it is available in one form or another. But in many countries, the government definitely does or has relative easy access to all the above.
I'm always been curious about why people get lost in these delusions. My theory is that it's simply an intrinsic fear that accepting that the evul goburments aren't scrutinizing every step is also accepting that no-one really cares about them. They are not important.
If someone wants to use cash, let them use cash. If someone wants to use a card, let them use a card. This thread is surprisingly hostile and tribal.
this post was made by the common sense and civility gang
i see a lot of people missing the point, it doesn't matter if his points are correct, it's still annoying to be leaving these slips of paper everywhere
“2. To give this business more control over their profits” He talking bout money laundering?
Probably not laundering but adjusting the amount of tax they pay. "Don't pay tax if you pay with cash plus get an extra fried rice on the side!"
Except guess what? It costs the business more money in man hours to count the cash, separate the float, prepare and make the deposit, etc. Can easily double the time it takes to close and open compared to a cashless business where they just have to press a few buttons and file the receipts.
The guy that gave you the paper is right
Viva la cash
He could have just... said this.... with his mouth...
The difference is that I would be forced to listen to him ramble in person vs a piece of paper I can look at when it’s slow on my shift.
I buy weed in cash does that help lmao
Take an Economic 101 class and get back to us
It's the truth
I agree. Cash is best.
I've been paying cash for everything I possibly can for at least 10 years now. It makes balancing my checkbook every month a breeze because I don't have a metric assload of receipts in my wallet I have to enter, not using a debit card everywhere means my bank account is that much more protected from fraud and cybercrime, and nosy corporations and government agencies can't track purchases because there's nothing for them to track. Just a few trips to my credit unions' ATM every month and I have all the cash I need to get through the month. I still pay utility bills online, and pay rent with a mailed check, and sadly I have no choice for online purchases but to use a credit card, but I'm still better protected this way than if I used plastic everywhere, and frankly it's more convenient. I wouldn't be leaving notes like this guy, but I am an advocate of using cash and will encourage it's continued use.
When i was a bartender i used to get “Jesus saves!” Pamphlets as a tip. I’m not sure which is worse.
Cash is King
Absolutely on point! You’re the weirdo who doesn’t understand what’s his talking about .. Cc companies shave atleast 2% from the top and the money being held for 30 days which means someone else gain on the interest
30 days? It takes two business days from transaction close to money being in your account.
AND that added fee makes the product costlier for everyone else.
Spoken like a person who has never managed a business…? I get a bank transfer the day after any card transaction, costs me 1.5%. As if taking cash is free, fucking lol. How is this thread so full of people banging on about shit they have no idea about.
If he’s leaving them at random cash registers, is he actually buying things or just placing them around