Physical cash is dying–and you don't need to be a conspiracist to worry

Re:Physical cash is dying–and you don't need to be a conspir... by yaky on Saturday February 03, 2024 @08:02AM (#39239959)

The other day, I paid cash at the local Chinese-American place, and the owner said "thank you for using cash, it helps small businesses", which took me by surprise. So I asked how much card processors charge, and she went on a bit of a rant, listing processing fees for everything from regular debit cards* charging 3-4% to rewards credit cards being around 7% to special international or world credit cards charging something like 17%. And most of them have a very narrow window to correct or void the transaction. With such rent-seeking behavior by banks, I very much understand wanting to keep cash around.

* Debit cards charged as debit, by entering a PIN. Some terminals allow you to "bypass PIN" and/or automatically charge debit cards as credit. I don't know, it's shady.

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Re:Physical cash is dying–and you don't need to be a conspir... by dazc on Saturday February 03, 2024 @08:55AM (#39240350)

We have some small traders in the UK who insist on a minimum spend for accepting cards because of the fees levied. It doesn't really make any business sense although I appreciate the sentiment behind it.

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Re:Physical cash is dying–and you don't need to be a conspir... by infinitecost on Saturday February 03, 2024 @09:39AM (#39240693)

What part of the world? In the US at least this experience would only apply to a business owner that was getting absolutely fleeced by their processor.

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Re:Physical cash is dying–and you don't need to be a conspir... by HomeDeLaPot on Saturday February 03, 2024 @10:43AM (#39241367)

I wish more businesses would (could?) give cash discounts. It's the answer to the convenience and rewards offered by credit cards. If I can save as much or more by paying in cash as I can by paying by card, then I have a great motivation to start carrying cash around!

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Re:Physical cash is dying–and you don't need to be a conspir... by yaky on Saturday February 03, 2024 @08:36PM (#39246655)

Several small businesses in my city do charge 3% for using a card. So that is like a cash discount.

Many gas stations (usually ones serving trucks) have cash discounts for fuel, too.

(US, midwest)

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Re:Physical cash is dying–and you don't need to be a conspir... by dpkirchner on Saturday February 03, 2024 @02:43PM (#39244009)

This is the first I'm hearing of double digit rates -- what cards are those? I'd definitely like to avoid them.

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Re:Physical cash is dying–and you don't need to be a conspir... by yaky on Saturday February 03, 2024 @09:02PM (#39246814)

I don't recall exactly, I believe it was some type of business cards, or cards for travel and international use.

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