Re:The Fed Is Behind the Capital One/Discover Merger
by coldpie on Friday February 23, 2024 @09:54AM
(#39481253)
Thanks, this is an interesting opinion to read! I went through a period where I asked most small/local businesses I happened to be shopping at whether they preferred cash or card, as I had both to hand. It was a small sample size, but the vast majority said they didn't care either way, and a handful said they preferred cash. I never experienced card-only or a card-preference. That did surprise me, as I expected at least some to feel as you do.
Re:The Fed Is Behind the Capital One/Discover Merger
by xur17 on Friday February 23, 2024 @09:18AM
(#39480844)
This is why we need a digital cash equivalent. Transferring value shouldn't have to cost 1-3% of the transaction value. It's an absurdly high tax.
Re:The Fed Is Behind the Capital One/Discover Merger
by mattmaroon on Friday February 23, 2024 @07:44PM
(#39488006)
It is especially because most of the fraud just gets passed onto the merchants anyway
It's probably different when you're at a much larger scale than I am, but even Wal-Mart (who I was employed by in my late teens) has all sorts of cash-handling procedures to mitigate the risk of money just walking away. Even a their scale, they spend 1% on CC processing, but by the time they added up all of the labor and expenses of cash handling,it might be comparable. And for a small business it's likely more.
And then there's the data collection which has value too.
People act like accepting cash is free, it is not.