Re:Anatomy of a credit card rewards program
by ses1984 on Thursday April 04, 2024 @12:01PM
(#39932140)
Small businesses put in sweat equity to handle cash payments, like the owner going to the bank to make a deposit. If they had to pay an hourly employee to do that, it might even out with credit card processing fees. Also small businesses can fudge numbers with cash payments in a way that’s a lot harder to do when some other company keeps a record of all of your cc transactions.
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Re:Anatomy of a credit card rewards program
by ta1243 on Thursday April 04, 2024 @12:32PM
(#39932653)
Yup, cash handling costs are significant when done as a service, they can be cheaper if you don't account for the time and risk (of both theft and forgery). Banks in the UK typically charge about 0.6-0.8% to pay cash in for large companies, and even more for small ones, and very few locations will take cash.
However nothing beats that sweet sweet tax evasion that cash allows.