[Finance] The end of Notes and Coins?

[Weststander]

For very small businesses (£50k turnover), these are typical bank charges to merchants:

Credit card transaction charges – 2%
Debit card transaction fee – 25p per transaction.

Larger businesses negotiate cheaper deals with their banks.

 

[Justice]

I get paid mainly by bank transfer but I would miss a nice fat wedge of cash every so often .......

I have one client who has about 50 flats and regularly pays me a couple of grand in cash if he wants work done obviously I pay it in the bank and declare to the tax man.

 

[beorhthelm]

cashless is fine until there's a network problem, then everyone is stuffed. ive had this happen a few times so its not an unheard of occurance. cash is good for budgeting too, and older generation. cash isnt going anywhere for another few decades, like cheques. i reckon if we did go cashless we'd see a return to cheques as a backup.

 

[NooBHA]

Never seen one in my life

So "Currency" in your Basement Bar will be "Payment in Kind" ?

 

[amexee]

not sure how to reference several posts, sorry.

The minimum £5 to take cards is a load of bollocks. It used to be the case that transactions with credit cards were charged by a percentage and debit cards a fixed fee. The fixed fee could be 30 or 40p, which on a transaction of under £5 could wipe out all profit, but now it is the norm that all transactions incur a % fee. The % varies widely. massive retailers will pay a small percentage, whereas a small shop could pay 2%. on top of that you have to pay a rental for the terminal. The small print seems to allow the merchant suppliers to keep putting up the rental charges with impunity whilst tying retailers into multiple year contracts.

Shady, shitty industry.

 

[NooBHA]

View attachment 123043

Even drug dealers accept Swish.

.

LOL LOL

I am never sure whether your circles of friends and lifestyle is to be admired. Sought after. Or Ridiculed.

But it most certainly isn't Dull.

 

[A1X]

The key will be those sort of places which still take cash only moving over (small businesses like car valet sites or handymen or the like) having a way to take card payments, if that happens then it's game over.

 

[Weststander]

not sure how to reference several posts, sorry.

The minimum £5 to take cards is a load of bollocks. It used to be the case that transactions with credit cards were charged by a percentage and debit cards a fixed fee. The fixed fee could be 30 or 40p, which on a transaction of under £5 could wipe out all profit, but now it is the norm that all transactions incur a % fee. The % varies widely. massive retailers will pay a small percentage, whereas a small shop could pay 2%. on top of that you have to pay a rental for the terminal. The small print seems to allow the merchant suppliers to keep putting up the rental charges with impunity whilst tying retailers into multiple year contracts.

Shady, shitty industry.

The terminal was and is a fixed cost, merchants needed it anyway for larger sales.

Debit card merchant charges weren’t several percent, instead they’re a fixed sum per transactions in pennies.

HSBC for example have one year contracts. Their charges today per their published tariff is 2% for credit cards and 25p for debit card transactions.

Where corner shops near us added £1 for a £4.90 debit card transaction, they were taking the piss. Quite rightly outlawed in 2018, as it was for all merchants including for example Easyjet.

A near cashless society will mean that retailers won’t have to visit the bank every other day with bags of coins and notes.

 

[happypig]

The Hurst Arms (arguably the best pint of Harveys in town) is cash only.

 

[Questions]

I have one client who has about 50 flats and regularly pays me a couple of grand in cash if he wants work done obviously I pay it in the bank and declare to the tax man.

Yes of course you do... I do likewise

 

[BN9 BHA]

I have one client who has about 50 flats and regularly pays me a couple of grand in cash if he wants work done obviously I pay it in the bank and declare to the tax man.

Yes of course you do... I do likewise

 

[Mr Putdown]

Where corner shops near us added £1 for a £4.90 debit card transaction, they were taking the piss. Quite rightly outlawed in 2018, as it was for all merchants including for example Easyjet.

Outlawed in 2018 and yet the government themselves still do it if you use a credit card to tax your car!

 

[aftershavedave]

The Hurst Arms (arguably the best pint of Harveys in town) is cash only.

it almost certainly won't be if it re-opens. Covid changes everything and cash is dead imo

 

[Dick Head]

I pay my window cleaner by Bank Transfer.

I pay my window cleaner by cash.

I pay my window cleaner with a dozen or so eggs and a jug of goat's milk.

 

[cloud]

I use a £1 coin for the supermarket trolley, and the locker at the gym, and sometimes buy something from a vending machine.

My main concern would be that if there were any IT or banking problems,

 

[Justice]

Come on cash is a country’s currency, there is no way the world will go crypto which is what would happen if all went cashless.

 

[LamieRobertson]

Do you take card payments?
I have been trying to move away from accepting cheques, I got a card reader last year and most people are happy to pay this way.
I also have printed invoice books in duplicate with bank details on for bank transfer payments.

Nope i havnt ....tbh the ‘domestic’ ones that pay by cheque wouldnt be happy with a card reader....the managing agents that still pay by cheque are a tad antiquated.....have to say that cheques aren’t the problem they used to be, as i now have a business account with no charges and accepting cheques via the app....cash wise ive had to open a Post office savings account (which ive linked to the business one) so i can get rid of the stuff .....it’s interesting that the people who pay that way think they are doing you a favour ..wink wink

 

[DavePage]

Save on the laundry bill

 

[Rowdey]

I have one client who has about 50 flats and regularly pays me a couple of grand in cash if he wants work done obviously I pay it in the bank and declare to the tax man.

He must be a bit dodgy to do that - no reason to pay cash as he can claim back works on a rental ..

One big reason not to love cashless.. All the debit card payments to Red Lion, Amex/Sodexho, The Railway etc can be tracked and traced and eventually end up with 'Well Mr R, we've checked your drinking history, and your spend on booze is too much, so your going to the back of the NHS queue i'm afraid..'

 

[Mr Bridger]

Do you take card payments?
I have been trying to move away from accepting cheques, I got a card reader last year and most people are happy to pay this way.
I also have printed invoice books in duplicate with bank details on for bank transfer payments.

I’ve moved to IZettle for smaller jobs now. No monthly fee just a percentage of the bill. All you have to do is buy the card machine for about £35
You can take payment on site, or send invoice by text. All done through your phone.

https://www.izettle.com/gb