War on cash
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- 10 Responses
- drgs2
I havent used cash since 2008, but I use debit card for all my daily purchases, VISA only for internet
- US is a decade behind
https://www.reddit.c…drgs - Same here, haven't touched cash for about six years now - always debit card for all my store purchases - from water to my PC.face_melter
- I pay 50% in cashsureshot
- No cash or debit here. I only use my CC. Never mis payments and get points. Paypal for interwebz.VectorMasked
- US is a decade behind
- capn_ron3
there is more money to be made by the banks if people are in debt. they hate the idea that cash doesn't involve them. It is pretty scary actually that this could be real.
- < interesting takebklyndroobeki
- totally right, they are leaching on folks who use their plastic. clever. scary.bklyndroobeki
- this.renderedred
- detritus0
As of next January it will be illegal in the EU to charge clients specifically for payments by card.
This presents a problem to small businesses and people like me - small businesses pay a higher percentage than large chains for payment processing and people like me take less than 10% of payments by card.
So, either I swallow the percentage on a few payments, or raise ALL my payments by 3-4%.
I sort of agree withe the spirit of the legislation, but it should be met with a very low or 0% processing fee - after all, this is a national legal obligation, not a consumer choice.
As it is, all it does is empower bigger businesses and hands over part of currency sovereignty to Visa at al.
Thanks for looking out for your people, EU?
- true. they should make the banks lower the fees insteadGnash
- Right, but on the other hand, as a vendor, do you not have the right to refuse to accept certain forms of payment?Continuity
- And only accept things like bank/Sepa tranfers?Continuity
- I do, yes - but how does that help me? Most of my payments are straight bank transfers - sometimes that gets tricky for agencies, etc. I tell them to shove it?detritus
- The point is what Gnash suggested - sure, change the law, but don't do it in such a way as to give Visa et al a guaranteed % on 90% of money transactions.detritus
- UK seems to be ass backward on a lot of things (competing directly with the US for incompetence and idiocy)formed
- How so here? This is EU legislation and afaik both the UK and the EU are light years ahead of the states in standard payment techdetritus
- bklyndroobeki4
Saw a bartender sporting this hat last week
3 1/2% customer loss w/ cashless
- sofas1
More than money, I think it's about control.
Electronic transactions = state surveillance and corp. surveillance (marketing). But actually what is the difference..?
#Separation_of_Economics_and_sta...
- sofas2
It's also not just a war on cash, but incentivizing credit, debit etc. via benefits and so on...
Paraphrasing Ted Kaczynski - At first technology is exciting, then its adoption is encouraged, then it is mandatory.
- sofas1
In the larger context of war on freedom, this is just a small battle
- pango0
I wouldn't say it's a war. But definitely more profits for them.
- Beeswax0
In Turkey you can use credit cards everywhere and banks automatically create up to 12 month installments for any purchase.
People love it, say you buy a furniture for $300 you pay around $30 a month.
The downside is it quickly accumulates a lot of monthly payments for the customer.
But businesses benefit from it.
