I thought this was interesting. A lot of people assume it is free to use cash but the lower overall usage and other expenses (coin sorting, counterfeit notes, transporting cash) mean card payments can be cheaper for retailers.
CatchRevolutionary65 on
It’s always the same with every business owner. They just care about their needs. They could vote for parties that increase public spending, do away with austerity policies and abolish landlords, which would increase their customers’ spending power but basic social democracy is ‘communism’ apparently
87red on
My wife owns a small business. The cost of card fees is minimal (the fee works out to be around £5 on average for every £1000 taken by card). Given the cost of potential theft, time taken to bank the money, etc, it’s worth it. Anyone business who says cash is king is likely not paying tax.
Prudent_Place_2361 on
I’ll use Cash just because ppl like you tell me I can’t
wkavinsky on
~~So take cards.~~
~~The “it costs more” isn’t really a valid argument not to when you’re complaining that cash handling costs you more money.~~
Read the article again.
This is charity shop owners asking **customers** to pay with cards, because it’s a lot cheaper for them.
The point about underreporting income stands though, if you consider that all those “cash only” shops are paying **more** in bank charges to not process cards.
Unless your real aim is to underreport your income of course.
AlephNaN on
Cash is a faff, but it’s also resilient in the face of cyberattacks or infrastructure failure. It’s also hard to monitor or control at scale, which the powers that be absolutely hate.
So keep using cash, or it’ll be gone when you need it.
setokaiba22 on
“to pay by card which reduces that spend” – surprised as it’s the other way around for most places. Not sure what they want here – banks deal with less cash hence they close down branches and such – it costs more now to then bankf cash and such that’s just the way of the world and society changing. If you take cash you have to manage those costs. Every business is the same, it’s why some have removed it entirely because the costs of having someone cash up, get cash, drop off cash, change or pay a company to collect your takings adds up. Cash is still a valid form of payment – not sure there’s anything the government needs to do here
evanwpm on
I refuse to buy from businesses that only take cash, not only is it inconvenient but they are almost certainly committing tax fraud and I do not wish to support that.
The excuse that it saves the business money doesn’t seem to hold up.
IlluminatedCookie on
But all the old people keep telling me cash is king before making me count their loose change…
iamezekiel1_14 on
Whenever I have an evening meal out – I always pay in cash as it allows me to just provide a random and in the ballpark tip (e.g. sometimes its high, sometimes its low but if its one of my regular places it balances out over the long run). Does this make me a bad person?
zzkj on
The only bad thing is that all the payment processors are US based. We need a Great British Card or some such thing without paying a billion to Capita and getting naff all from it.
Pogeos on
I would argue most of working age people who pay with cash – got this cash through types of engagement that avoid paying taxes. Aside from very very specific and rare situations – adult people shouldn’t be using cash. Looking at the length of queues in Asda/Lidl/Aldi to pay in cash I always wonder how many 100 bns get past taxman
Gnosys00110 on
Shops around these parts plea for cash instead of card
Quick-Albatross-9204 on
Then pass on the savings to people who pay with a card
Overseerer-Vault-101 on
Nobody benefits except businesses and you will be giving control of what you can buy to what visa and Mastercard allow you to buy.
ThatDesignFeel on
Yes cash is more cumbersome and more expensive to deal with
However it’s also financial freedom – you can give it to a friend’s child in a birthday card, you can give it to a homeless person on the street. You do not need to prove who you are or have a bank account to use it
Cash is also the only thing that will keep you afloat when someone identity thefts you and sends your new bank cards to a different address whilst cancelling your old ones. How long can you function if you have ZERO access to your bank?
Cash is a pain. But it’s a necessary pain for the 1% of use cases where it’s absolutely needed.
pintofendlesssummer on
Look at China with its credit scoring, deciding on what they can or cannot do. Coming to a town near you soon.
Choice-Cranberry-373 on
Card fees arw a joke. Pay almost £2k a month in card fees. It’s a joke.
49Scrooge49 on
Reading about people who enjoy using cash is so frustrating, when ultimately a significant portion of them are evading their taxes
enzero1 on
Always surprises me at the self checkout how many people just wave me through as it’s only card terminals vacant.
Mid-Pri6170 on
whats that shop leaders? you want more physical cash?
sure, be my guest…
ohh whats that family owned fairgrounf staff you prefer card payments over cash? ohh what a shame i forgot my cards
rolls-roycerolex on
Funny most business offer discount on cash ,interesting
Rick-sk on
Paying by cash has many advantages for the consumer, it can help with budgeting, it’s widely accepted, is not reliant on electricity or access to the internet and does not incur transactional costs between peers – it’s also private.
There are absolutely costs associated with using cash, as there are using any other payment mechanism. But, cash doesn’t require one to ask “permission”of commercial payment providers to use their services.
We could also look at the cost of cash, in the UK banknotes have a lifespan of up to 5-10 years depending on the denomination and will be used hundreds of times at minimal additional cost – depending on the local cash cycle velocity. This represents fantastic value for a payment mechanism, especially when you factor in seigniorage (selling the notes at face value to the commercial banks, not the cost of production) and the ability to sell the destroyed banknotes as recycled material.
Another factor to consider, and I’m getting off the point here, is what is done with the transaction information harvested by the likes of visa or Mastercard? That info has value, and can be monetised. Cash enables one to bypass this.
We have an evolving payments mix in the UK, it’s definitely “less cash”, but the advantages that cash offer, go beyond cost efficiency per transactions. Reframing cash as a tool for public good, rather than expensive anachronism, challenges the “war on cash” narrative from cashless payment providers.
Sorry – went on a bit. It’s part of my job all this stuff.
InformationNew66 on
Maybe blame the banks.
“Banks have raised the cost of processing coins and notes”
Pablo1978 on
Whats up with people say good bye to cash say good bye to freedom. Whatever happened to the anti establishment left. The new left Just seem to go along with whatever to government say!!!!
Bean-Penis on
I’ll pay with whatever I have on me at the time, if a place doesn’t take one or the other and that’s all I got then the money gets spent elsewhere.
Prestigious-Diet-106 on
Cash works in power cuts and infrastructure outages
potatotomato4 on
We need something like what they have done in India called UPI.
Ok_Analyst_5640 on
Ugh, I’m getting a bit bored of listening to these “cash is king” sorts of people, I had the misfortune of being bored by one the other day.
I’m sure this has only become a big thing over the past few years, probably led by conspiracies about some plot to control the world’s money supply.
In the past it was more older folk that avoided paying by card, now it seems to be any age group.
I was at a cafe the other day and some 40s-ish guy loudly announced he’d be paying by cash, ‘cash is king’ when they asked him if it was cash or card.
Started going into some story about how he’d told the dentist that if the power goes out they wouldn’t be able to get paid. Meanwhile there’s me thinking *’well if the power is out I guess you’re not getting your teeth done that day 🙄’.
And they rattle on about card charges to businesses – they factor it into costs and it’s a cost of doing business. They’re all completely ignorant of the fact that it actually *costs businesses money to deposit cash* in the bank as well as taking time.
But they’re so much more enlightened then the rest of us, surely they’d know??
The only part of paying with cash we should be worried about is depending on mainly 2 American payments processors – MasterCard and Visa.
Access to these can be denied as happened in Russia, America is untrustworthy and quite frankly something this important should be handled domestically anyway, and not by 2 corporations.
SoggyWotsits on
Only yesterday the card machines went down in Spar. I was the only one with cash so purchased my good and off I went. The same thing happened in Pets at Home last year but a couple of us had cash. Several people commented that they really should carry a bit of cash for times like that.
The other nice thing for the more paranoid among the population, is that there’s no permanent record on your bank statement of what you spent, where and at what time. Not that I’m concerned about anyone knowing where and when I bought my can of lemonade, but it would certainly benefit those in abusive relationships etc.
suckmewendy on
cash will always be king, downvote all you want but once it’s gone it’s gone and people will then realise how much better life was with it.
Impressive_Field_262 on
at least the cash in your pockets your own where as paying digital is just another way of the big company’s taking a bite and the public just letting it go ,,,,oh it’s only 10-20p yeah do the maths on millions of customers ,it was the same when the atms used to hit you with a charge they made a fortune ,,,,money for nothing
and the thicko public just swallow the hit
Masterslol on
Tell that to bossman down the road with his £5 minimum spend to pay with card.
Ok-Inflation4310 on
I used to run a cash heavy business. It took ages to bag and count everything then wait till the cashier counted it at the other end. Give me payment directly into my account any day.
Also a shop owner nearby just had me just had his house raided and a safe taken out his house and put into the boot of a car. Fortunately his family weren’t at home. Bugger that.
dave8271 on
While it’s not particularly common for me to make purchases in cash, I can see the obvious value in cash existing and being an option for anyone. I am not in favour of a cashless society and still find it very bizarre post-COVID at how many businesses, particularly small independents that should be wanting every bit of custom they can get, started saying “sorry, we don’t accept money.”
SmackShack25 on
Is anyone else getting the feeling that the perspective of companies/businesses has fundamentally shifted since covid?
Like they feel entitled to our money, they want it, they just don’t want to do the necessary things to get it, like offer good service for one, or blame the customer over the realities of handling cash. When the height of service is getting a tablet with “+5/10/20% tip?” shoved in my face after I did all the work finding what I needed myself, I don’t really have any sympathy for the trials and tribulations of the business class.
“Waaah, i have to actually work to get my money” get bent business leaders.
36 commenti
I thought this was interesting. A lot of people assume it is free to use cash but the lower overall usage and other expenses (coin sorting, counterfeit notes, transporting cash) mean card payments can be cheaper for retailers.
It’s always the same with every business owner. They just care about their needs. They could vote for parties that increase public spending, do away with austerity policies and abolish landlords, which would increase their customers’ spending power but basic social democracy is ‘communism’ apparently
My wife owns a small business. The cost of card fees is minimal (the fee works out to be around £5 on average for every £1000 taken by card). Given the cost of potential theft, time taken to bank the money, etc, it’s worth it. Anyone business who says cash is king is likely not paying tax.
I’ll use Cash just because ppl like you tell me I can’t
~~So take cards.~~
~~The “it costs more” isn’t really a valid argument not to when you’re complaining that cash handling costs you more money.~~
Read the article again.
This is charity shop owners asking **customers** to pay with cards, because it’s a lot cheaper for them.
The point about underreporting income stands though, if you consider that all those “cash only” shops are paying **more** in bank charges to not process cards.
Unless your real aim is to underreport your income of course.
Cash is a faff, but it’s also resilient in the face of cyberattacks or infrastructure failure. It’s also hard to monitor or control at scale, which the powers that be absolutely hate.
So keep using cash, or it’ll be gone when you need it.
“to pay by card which reduces that spend” – surprised as it’s the other way around for most places. Not sure what they want here – banks deal with less cash hence they close down branches and such – it costs more now to then bankf cash and such that’s just the way of the world and society changing. If you take cash you have to manage those costs. Every business is the same, it’s why some have removed it entirely because the costs of having someone cash up, get cash, drop off cash, change or pay a company to collect your takings adds up. Cash is still a valid form of payment – not sure there’s anything the government needs to do here
I refuse to buy from businesses that only take cash, not only is it inconvenient but they are almost certainly committing tax fraud and I do not wish to support that.
The excuse that it saves the business money doesn’t seem to hold up.
But all the old people keep telling me cash is king before making me count their loose change…
Whenever I have an evening meal out – I always pay in cash as it allows me to just provide a random and in the ballpark tip (e.g. sometimes its high, sometimes its low but if its one of my regular places it balances out over the long run). Does this make me a bad person?
The only bad thing is that all the payment processors are US based. We need a Great British Card or some such thing without paying a billion to Capita and getting naff all from it.
I would argue most of working age people who pay with cash – got this cash through types of engagement that avoid paying taxes. Aside from very very specific and rare situations – adult people shouldn’t be using cash. Looking at the length of queues in Asda/Lidl/Aldi to pay in cash I always wonder how many 100 bns get past taxman
Shops around these parts plea for cash instead of card
Then pass on the savings to people who pay with a card
Nobody benefits except businesses and you will be giving control of what you can buy to what visa and Mastercard allow you to buy.
Yes cash is more cumbersome and more expensive to deal with
However it’s also financial freedom – you can give it to a friend’s child in a birthday card, you can give it to a homeless person on the street. You do not need to prove who you are or have a bank account to use it
Cash is also the only thing that will keep you afloat when someone identity thefts you and sends your new bank cards to a different address whilst cancelling your old ones. How long can you function if you have ZERO access to your bank?
Cash is a pain. But it’s a necessary pain for the 1% of use cases where it’s absolutely needed.
Look at China with its credit scoring, deciding on what they can or cannot do. Coming to a town near you soon.
Card fees arw a joke. Pay almost £2k a month in card fees. It’s a joke.
Reading about people who enjoy using cash is so frustrating, when ultimately a significant portion of them are evading their taxes
Always surprises me at the self checkout how many people just wave me through as it’s only card terminals vacant.
whats that shop leaders? you want more physical cash?
sure, be my guest…
ohh whats that family owned fairgrounf staff you prefer card payments over cash? ohh what a shame i forgot my cards
Funny most business offer discount on cash ,interesting
Paying by cash has many advantages for the consumer, it can help with budgeting, it’s widely accepted, is not reliant on electricity or access to the internet and does not incur transactional costs between peers – it’s also private.
There are absolutely costs associated with using cash, as there are using any other payment mechanism. But, cash doesn’t require one to ask “permission”of commercial payment providers to use their services.
We could also look at the cost of cash, in the UK banknotes have a lifespan of up to 5-10 years depending on the denomination and will be used hundreds of times at minimal additional cost – depending on the local cash cycle velocity. This represents fantastic value for a payment mechanism, especially when you factor in seigniorage (selling the notes at face value to the commercial banks, not the cost of production) and the ability to sell the destroyed banknotes as recycled material.
Another factor to consider, and I’m getting off the point here, is what is done with the transaction information harvested by the likes of visa or Mastercard? That info has value, and can be monetised. Cash enables one to bypass this.
We have an evolving payments mix in the UK, it’s definitely “less cash”, but the advantages that cash offer, go beyond cost efficiency per transactions. Reframing cash as a tool for public good, rather than expensive anachronism, challenges the “war on cash” narrative from cashless payment providers.
Sorry – went on a bit. It’s part of my job all this stuff.
Maybe blame the banks.
“Banks have raised the cost of processing coins and notes”
Whats up with people say good bye to cash say good bye to freedom. Whatever happened to the anti establishment left. The new left Just seem to go along with whatever to government say!!!!
I’ll pay with whatever I have on me at the time, if a place doesn’t take one or the other and that’s all I got then the money gets spent elsewhere.
Cash works in power cuts and infrastructure outages
We need something like what they have done in India called UPI.
Ugh, I’m getting a bit bored of listening to these “cash is king” sorts of people, I had the misfortune of being bored by one the other day.
I’m sure this has only become a big thing over the past few years, probably led by conspiracies about some plot to control the world’s money supply.
In the past it was more older folk that avoided paying by card, now it seems to be any age group.
I was at a cafe the other day and some 40s-ish guy loudly announced he’d be paying by cash, ‘cash is king’ when they asked him if it was cash or card.
Started going into some story about how he’d told the dentist that if the power goes out they wouldn’t be able to get paid. Meanwhile there’s me thinking *’well if the power is out I guess you’re not getting your teeth done that day 🙄’.
And they rattle on about card charges to businesses – they factor it into costs and it’s a cost of doing business. They’re all completely ignorant of the fact that it actually *costs businesses money to deposit cash* in the bank as well as taking time.
But they’re so much more enlightened then the rest of us, surely they’d know??
The only part of paying with cash we should be worried about is depending on mainly 2 American payments processors – MasterCard and Visa.
Access to these can be denied as happened in Russia, America is untrustworthy and quite frankly something this important should be handled domestically anyway, and not by 2 corporations.
Only yesterday the card machines went down in Spar. I was the only one with cash so purchased my good and off I went. The same thing happened in Pets at Home last year but a couple of us had cash. Several people commented that they really should carry a bit of cash for times like that.
The other nice thing for the more paranoid among the population, is that there’s no permanent record on your bank statement of what you spent, where and at what time. Not that I’m concerned about anyone knowing where and when I bought my can of lemonade, but it would certainly benefit those in abusive relationships etc.
cash will always be king, downvote all you want but once it’s gone it’s gone and people will then realise how much better life was with it.
at least the cash in your pockets your own where as paying digital is just another way of the big company’s taking a bite and the public just letting it go ,,,,oh it’s only 10-20p yeah do the maths on millions of customers ,it was the same when the atms used to hit you with a charge they made a fortune ,,,,money for nothing
and the thicko public just swallow the hit
Tell that to bossman down the road with his £5 minimum spend to pay with card.
I used to run a cash heavy business. It took ages to bag and count everything then wait till the cashier counted it at the other end. Give me payment directly into my account any day.
Also a shop owner nearby just had me just had his house raided and a safe taken out his house and put into the boot of a car. Fortunately his family weren’t at home. Bugger that.
While it’s not particularly common for me to make purchases in cash, I can see the obvious value in cash existing and being an option for anyone. I am not in favour of a cashless society and still find it very bizarre post-COVID at how many businesses, particularly small independents that should be wanting every bit of custom they can get, started saying “sorry, we don’t accept money.”
Is anyone else getting the feeling that the perspective of companies/businesses has fundamentally shifted since covid?
Like they feel entitled to our money, they want it, they just don’t want to do the necessary things to get it, like offer good service for one, or blame the customer over the realities of handling cash. When the height of service is getting a tablet with “+5/10/20% tip?” shoved in my face after I did all the work finding what I needed myself, I don’t really have any sympathy for the trials and tribulations of the business class.
“Waaah, i have to actually work to get my money” get bent business leaders.