Cash is King !!!

The only time I use cash is when I get my hair cut or go to the fish and chip shop.
 
When a transaction is small and the card fees are high, the fees can completely wipe out any profit especially for small turnover businesses.
 
Imagine if it were the other way around you do a working week pay your tax, insurance ,pension then pay a fee to your card provider for allowing you to have your own wage paid into your card account every transaction then has a 5% of the value fee or such like , I'm sure people would start moaning ! Do it the other way and take it from the seller means you will never realize your paying to use your own money and will blame them for your minimum spend or having to pay cash to avoid it . Oh hang on that's what we have !!
 
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Is there a minimum charge per transaction, I thought merchants were charged a % of the transaction amount? However I’m probably out of date.
 
Some shops will say £10 minimum in order to make enough profit from the sale.
 
Brentor said:
Is there a minimum charge per transaction, I thought merchants were charged a % of the transaction amount? However I’m probably out of date.
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Depends on the processing company. Some have a transaction fee as well as a %age. Retailers used to be allowed to pass these charges on to the customer but aren't now. Some have simply increased prices across the board to cover the card costs.
 
Nod said:
Some have simply increased prices across the board to cover the card costs.
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Precisely. More profit for the thieving banking world from the innocent ignorant man in the street. :headbang:
 
Brentor said:
So purely based on a % fee.
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Yes. on credit cards. Debit cards always used to be a flat fee of about 40p irrespective of the transaction size, which is why it was possible to use them for things like car purchases where dealers didn't want to lose around 2% of many thousands but were happy to lose a few pence.

The 5% fees talked of are for Amex so they can pay the cardholder rewards, which is why so few places take that.
 
Sky said:
See? The 'programming' is working. :facepalm:

Personally, on the flip side; if a trader won't accept cash they don't get my business - I'll take it elsewhere. :mooning:
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I know not of your programs but I work in a sector where I see these signs a lot and I have no doubt it’s a tax scam. No doubt at all:).
 
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