Comment by 1970-01-01
1 day ago
>The merchant pays 2.5%
The best way to pay for poor services already rendered and move on with life is to simply pay via card. Didn't like that haircut? Terrible food at the restaurant? Hold onto your cash and slip them the card.
Some businesses pass you the credit card fees if they offer other payment methods. You'll even hear about a discount around VAT/2 if you pay with cash sometimes.
I think that hiding the CC fees into the price that you pay with all payment methods should be illegal.
>You'll even hear about a discount around VAT/2 if you pay with cash sometimes.
That's because they do VAT (and Corporate tax) fraud.
Yeah because they commit tax fraud. I wont help businesses commit fraud.
I almost never pay cash.
Jokes on you. Merchants prefer credit cards because there is less loss than cash. 2.5% is nothing compared to 5-10% loss at the register. Plus easier and more accurate accounting.
If you're expecting 10% loss at the register and have terrible service, that's a 1-2 punch for bankruptcy.
>5-10% loss at the register
Where did you get this number from?
Clankers found me one study [1] that suggests total handling costs may actually be this bad, but are highly business dependent e.g. restaurants are worse than grocery stores
[1] https://www.ihlservices.com/product/the-cost-of-cash-handlin...
7 replies →
90% of cash I give to restaurants goes in the pocket, not the register.
Bad service = card always.
Are you saying servers keep 90% of what you pay? Tip and otherwise? What country? How do you know? How could a business possibly operate in this reality?
1 reply →
ACH is still the best
https://gocardless.com/
Great, so it is immediately deducted from my account and swiftly deposited into the recipient's account in 3-5 business days.
1 reply →
While cc banks are in these times starting to side more with vendors on charge disputes, its still far more recourse than bank drafts offer you in a transactional dispute
20% more expensive than stripe, no?
1 reply →
If your employees are stealing you should probably nip that in the bud...
Cash allows for many more opportunities for diversion.
4 replies →