Other Stuff > Misc / Open
Anyone go to Stafford?
McCabe-Thiele (Ted):
Back in the 1960/70s many banks charged businesses when you banked cash. The cost of handling cash was rolled up into the overall bank charges to the business.
My late father used to tell me that when he was in the car trade back then most private purchases paid in cash with company purchases being paid using cheques. He put the rapid expansion of private car ownership to the availability of hire purchase and credit sale agreements that reduced cash handling as finance companies often paid by cheque.
In the last three plus decades we take free personal banking as the norm. Our "free" banking is in reality subsidised by different forms of fees attached to our transactions.
A local Chinese Takeaway has become cash only quite recently, truth be told cash can be a way to avoid paying income tax.
When I used to sell cars to Farmers they would want you to reduce the invoice price and pay the difference in cash.(Floor board/matress money from selling eggs etc privately) My late boss always like some cash of this type - no surprise when he was paying 95p in the pound including surtax.
https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Kingdom
taysidedragon:
I always keep some cash on me so that I can pay for items if the card system or bank computers go tits up - which seems to happen far too often. Call me old school if you want, never been caught unable to pay yet.
Of course, if the shop tills stop working they won't even take cash!
Moorey:
As we were market and show traders before retirement we didn't carry a card reader for years and finally ended up getting one. The difference it made wasn't worth talking about we made so few card transactions and it was really a waste of money and effort. Especially when working in the middle of a field in the middle of nowhere where a reliable phone signal is as rare as a working card reader. Then the pandemic came and went and the increase since in cash only traders has grown massively. People are also realising a cashless society hands over all control to the already over greedy bankers and gov. Cash payments are on the rise.
--- Quote from: davidcumbria on April 21, 2024, 11:00:24 PM ---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.
--- End quote ---
Yes they lost £100 of sales but that £1.50 would have come out of the profits on that sale and depending on the item the profit could be very little. It may not have been so bad if in 2018 it hadn't been made illegal to add a surcharge for those wanting to use a card, the choice then would have been the customers cash or card, instead of forcing the hit on the trader.
Rozabikes Tim:
--- Quote from: Moorey on April 23, 2024, 10:58:16 AM --- As we were market and show traders before retirement we didn't carry a card reader for years and finally ended up getting one. The difference it made wasn't worth talking about we made so few card transactions and it was really a waste of money and effort. Especially when working in the middle of a field in the middle of nowhere where a reliable phone signal is as rare as a working card reader. Then the pandemic came and went and the increase since in cash only traders has grown massively. People are also realising a cashless society hands over all control to the already over greedy bankers and gov. Cash payments are on the rise.
--- Quote from: davidcumbria on April 21, 2024, 11:00:24 PM ---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.
--- End quote ---
Yes they lost £100 of sales but that £1.50 would have come out of the profits on that sale and depending on the item the profit could be very little. It may not have been so bad if in 2018 it hadn't been made illegal to add a surcharge for those wanting to use a card, the choice then would have been the customers cash or card, instead of forcing the hit on the trader.
--- End quote ---
Sore point that re surcharges as Trader. When we were able to do that, people then simply paid by debit card (15-20p charge per transaction) as opposed to up to 2% of credit card transaction which will also include the VAT, we then pay to the Revenue! American Express cards are even worse which is why few people take them. It always makes me snigger when customers ask "do you take American Express?", as few do for obvious reasons.
Now we cant surcharge, people preferably pay by credit card to get their cash back points! I love financing that.... >:(
I don't actually think the cash thing is so much related to the actual card charges, as a debit card transaction as I say is 20p or so to the trader. You can actually refuse to take credit cards - (maybe wrong). I think it will be the mobile terminal required, as it would be for me. It is a special bit of kit that works on the mobile phone platform that has to be rented as a considerable cost for what may be the "occasional event" (with longer term contracts). There are some phone based apps which I know little about but I'm sure that will incur higher charges in some way.
For those with a larger turnover being cash only when VAT registered etc.? The VAT part of the sale is very significant and cash sale very useful to those traders so minded... ;)
SteveD CB500K0:
You are correct in that transaction charges are vatable. Not an issue if you are VAT registered (as we are) but another hit if you’re not.
We never took Amex (even in the days of slide-over card impression machines) as the fees were exorbitant.
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