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Anyone go to Stafford?

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Laverda Dave:
Here's a scary fact about going cashless;
If you have £50 and pay for every purchase with cash then £50 cash will have the same value in terms of spending power no matter how many cash transactions you make.
If however you have £50 in your bank account and you pay for every purchase from that same £50 using cashless payments after 30 cashless payments the monetary value of the original £50 will be worth £5. Why? Because the bank will add a 1.5% surcharge on every card transaction made and in so doing the bank makes shed loads of money on every cashless transaction made.
It is the banks pushing for a cashless society and not the traders. This is the reason for the cash is king campaign.

davidcumbria:
Well by not having the card option those show traders lost £100 of sales to me yesterday of which they would have given £1.50 to the bank. As they were loading the gear back into the van wonder which they would have preferred ? Now those sales from me will probably go to some eBay seller who is slowly killing them anyway. Trying to go back to cash is raging at the wind.

McCabe-Thiele (Ted):

--- Quote from: Laverda Dave on April 21, 2024, 10:24:39 PM ---Here's a scary fact about going cashless;
If you have £50 and pay for every purchase with cash then £50 cash will have the same value in terms of spending power no matter how many cash transactions you make.
If however you have £50 in your bank account and you pay for every purchase from that same £50 using cashless payments after 30 cashless payments the monetary value of the original £50 will be worth £5. Why? Because the bank will add a 1.5% surcharge on every card transaction made and in so doing the bank makes shed loads of money on every cashless transaction made.
It is the banks pushing for a cashless society and not the traders. This is the reason for the cash is king campaign.

--- End quote ---

That looks a convincing narrative Dave - I think it's essentially untrue but looks convincing on the face of it.
It reminds me of the old conundrum about the three blokes going to buy a Trumpet from a second hand shop.

In fact after the first £50 transaction it is split into £49.25 to the vendor & £0.75 to the bank adding these two amounts still adds up to the original £50 value. Yes it lowers the vendors profit margin but no money is actually lost.

SteveD CB500K0:
FACTCHECK

I've done a lot of this in the last few years as all of my customers' sites use ecommerce of one sort or another.

The most popular for small businesses is Square who charge 1.5% per transaction.
Stripe charges 20p + 1.0% which is bad news if you are selling newspapers (for example)

For Point Of Sale (POS) applications like a bike show or a market stall, Zettle is the most common. Owned by PayPal and charges 1.75% per transaction.

The vendor pays this, not the customer. If you sell something for £10 only £9.83 is sent to your bank.


Plus of course you have to buy the terminal (card reader) from them at anywhere from £30 to £300 for the iPad version that does stock control as well.

It is the vendor's choice to accept wireless or mobile payments.

Nurse Julie:
Cash is still King in Lincolnshire. Yes, a majority of places take cards but there are some, including pubs, restraunts, butchers etc that will only accept cash or cheque. I don't blame them either. Some of the places that take cards have signs up saying 'cash is our preferred method of payment'. Most of these are independent businesses and not the multi nationals

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