Re:More businesses are not accepting cash
by pbhjpbhj on Sunday December 30, 2018 @04:27AM
(#18788277)
It still happens in UK (some small businesses) but AFAIK [1] it's no longer legal.
It's a massive problem for businesses with lots of small transactions, if you're selling a £2 coffee and the CC processor charges 30p + 5% per transaction. Previously nearly no-one would pay the extra, now you have to cover it; so you make the coffee £2.40 ... but the large retailer with a blanket 3% transaction cost (or whatever) can undercut you by quite a lot.
It's a massive problem for businesses with lots of small transactions, if you're selling a £2 coffee and the CC processor charges 30p + 5% per transaction. Previously nearly no-one would pay the extra, now you have to cover it; so you make the coffee £2.40 ... but the large retailer with a blanket 3% transaction cost (or whatever) can undercut you by quite a lot.
https://www.theguardian.com/money/2018/jun/17/credit-debit-c...