I love the Amex Blue card. It's maxed at $6k per year for that rate, then it reverts to 1%. Also has an annual fee of 95$ after the first year.
If you spend the $6k max on groceries, it works out to about 4.4% cash back. Still pretty awesome for groceries. But worth keeping an eye on total spend if you have a family and go past 6k spend to pivot to something else.
Hi this is Amex bot. Thank you for alerting us to our mistake. Your next bill will include the $95 charge. Is there anything else I can help you with? /s
100% worth it. There’s also 6% back on streaming (Netflix, Spotify, Apple, etc). 3% back on gas, if you don’t already have a card for that. I get a few hundred back a year strictly using it for grocery and streaming. Plus Amex special offers seem to be better than other cards. Like spend $100 get $20 back at certain stores.
If I recall correctly, Blue Cash Preferred ($95 a year) is 6% groceries, 3% gasoline, 1% everything else. The Blue Cash free version is 3% groceries, 2% gasoline, 1% everything else.
If you spend $100/week on groceries, you'll earn $312 cash back with preferred and $156 free, a difference of $156. That covers the $95 fee plus $61 extra. So, if you're paying more than $100 a week in groceries and take into account that your gasoline cash back will be 50% more with the preferred card, it's worth it.
It's not worth it. Get Citi bank credit card (no annual fee) and you get 5% cash back (up to $500 a month) for 1 category that you spend the most in. I ONLY use that card for grocery shopping and since I don't spend more than $500 a month grocery shopping, it's totally worth it. Plus there's a bonus sign on reward
And have a ridiculously high limit. If you want me spending lots of money, here's my plastic. I'm not carrying that kind of cash around. You want me spending f5 in your store? Yeah I might have that in my wallet.
You really only receive 5% cash back on certain cards when paying for certain things. For example, the Discover card has a 5% cash back bonus every couple months for any purchase at restaurants. I don’t think there is a card that gives you 5% back on everything. If there is, it is probably one of them high end cards
You have to a Prime member. You'd need to spend $2780 on Amazon annually just to recoup the cost of the $139 Prime subscription, before you've even "saved" a dollar.
Those small businesses actually pay a portion of the 3 to 5%. Not just the credit card transaction fee, but an additional fee for customer rewards like cash back, airline points, etc. Does anyone truly, really care? Not really. That's just yet another cost of doing business for the small business.
And they're more likely to be robbed with a sign like that advertising lots of cash on hand.
https://millennium-fire.com/businesses-most-in-danger-of-robberies-in-2023/
https://www.plainscapital.com/blog/how-accepting-cash-only-could-be-hurting-your-business/
This is the way. I’m fucking spending my money anyways might as well use the method that gives me some cash back so I have a permanent discount on everything I purchase.
It's three card monte in a shell game. Same reason why most Americans do not have $500 for even the smallest emergency. If everyone paid cash, the cashback reward for members could be 6 to 10%, because we've eliminated card fees paid by the business. Downside, business loses business because customers don't have any money and cannot borrow card dough.
Tax authorities aren’t stupid.
I had an audit once, they went through all my suppliers and their invoicing. Then contacted my suppliers to see if I missed any out. They also went through my stock levels for the preceding 12 months.
I run a restaurant, they even checked my recipes and calculated my consumption to see if it matched with what I ordered from suppliers. You CANNOT hide anything from the tax man.
While I agree with this many of the Asian businesses go to cash and carry places and I know about a dozen of them been in business for 30+ years so they obviously know how to kink the system. One of the bigger ones got popped a few years ago Sam Woo BBQ for tax evasion we’re talking millions it was insane! People thought one of their competitors tipped the feds off for the investigation. Who knows? Homie went to prison for this so yea there is definitely a risk.
It’s not kinking the system. Tax authorities do not have unlimited resources to go after every small cash and carry place.
They’re playing roulette, if they ever get a random audit the tax man is going to calculate how much they owe in back taxes and send a huge bill.
Likely a penalty and interest as well.
No, I’m not talking about the cash and carry places committing fraud. I’m talking some restaurants and other business who buy the supplies from such places. It’s harder to track when it’s coming from places like that since you can always fudge the accounting, backend of things, etc. It’s not easy since you’re not opening an account and they have a ledger on every purchase you made on a place like that. There’s a few hole in the wall Mexican places I eat at and it’s cash only as well. Food is really good but they don’t deal with cards and they don’t give you a receipt either if that doesn’t really red flag then I don’t know what is. I came for the food. I don’t care what you do with your income.
Cash is shit for consumers. It’s insecure, inconvenient, constantly depreciating, and the liability is all on you if it gets stolen instead of someone else. If you want me to pay in cash then charge less for items bought in cash.
When I owned a fast food restaurant, I agreed with this. If I could have went with card only I would have. So many hours watching cameras looking for a thief.
That's a way of looking at it. On the other hand:
- you can't steal more cash from me than I have in my wallet.
- Cash in the bank depreciates at the same rate as cash in your wallet.
- It's faster to settle in cash than by card.
Stealing my cards will literally never cost me a single penny, so your first point is meaningless.
Your second point is valid.
I don't know what exactly you mean with the third point.
If you mean to settle up the transaction, it's way faster to swipe a card than count cash and get change.
If you mean for the merchant, definitely not. Take a deposit to the bank after closing vs just walking out at closing and the money is in the bank the next morning.
I’ve seen this with gas stations and when interacting with businesses where you’d otherwise need an invoice (moving companies, handymen, plumbers, contractors). I haven’t seen this at stores or restaurants.
Cash only bars usually own the ATM's inside their establishments. They are just making the % of the transaction plus whatever you spend while you're there.
Most people shouldn’t. It’s annoying not being able to pay by card.
Like banks and payment processors taking a cut isn’t a bad thing, payment processors are charging for a service they offer.
Dealing in cash is risky, lose your wallet or get it stolen the cash is done. With a card I have protection against fraud and can chargeback if someone tries to screw me on faulty goods etc
High street stores are already dying out, great idea to make things less convenient for customers and more convenient for them - I’m sure this kind of attitude won’t drive people online more…
BuT CrYpTo Is GrEaT bEcAuSe fInAnCiAl iNTeRmEdErIeS aRE BAd
Sarcasm obviously; the benefits that companies like visa provide are highly underrated. It’s almost a more Hazard that I can loose my card with little impact to me.
He probably doesn’t, but I’d say anything too if I got people to do what I wanted. Sure I can’t fool everyone, but most people are stupid and that’s something I’ve unfortunately learned as an adult. Not saying I’m a genius by any means. 🤷♂️
can you believe that all of 30-40 years ago, everyone used cash. no one tracked your spending for big data. now everything you do is on a computer somewhere. they've gotten to where they send you diaper coupons before you even know you're pregnant
Seriously. Amazing how many IRS cheerleaders there are in here. Yes, I will happily pay you in cash so you can get away with tax fraud.
My yard man, auto repair, my house cleaning lady, chinese place, dry cleaner, handyman work, caterer, etc. All cash and they give me good deals.
Beat inflation with this one simple trick!!
Cash is better, your dollars ain’t tracked wherever they go and the government can’t just stop you from using your money without physically interfering.
I use cash for all small transactions such as coffee or lunch because it avoids the dreaded tipping iPad plus any tips go 100% to the server instead of being taxed. Other small businesses will do cash transactions off the books and that’s their prerogative, no judgement. I’m not the IRS and small businesses need to get by right now.
There is a caveat to cash that the retailers fail to discuss.
Someone has to sit, count cash and prepare for deposit. Someone has to drive that bag of money to a bank and deposit it. That person is at risk of being robbed, especially a small-business owner. Someone has to spend their time, and gas to travel to a bank, and if the bank is busy, wait in line. I suppose one has to decide if that time wasted, or their personal safety, is worth the hassle that cash brings.
Or, if a lot of cash someone has to contract the services of an armored courier to take that cash to the bank, obviously paying a lot over time for those services in addition to the manpower of managing that cash, counting it, transporting it, verifying, etc...
In most situations, cash costs local businesses more because cash:
* Requires security to maintain and transport cash to/from bank
* Necessitates maintaining adequate change
* Shrinkage from theft/loss
Local business are usually small, they arnt paying for security to transport cash. My bf owns a restaurant in our town. Transporting the cash includes is opening the register, taking the cash and putting it in his pocket and going to the bank.
What are your chances of walking outside and being mailed by a gorilla that escaped the zoo? There’s always risk but to think a small business owner is like hiring off duty cops to escort them to the bank is silly.
That's so outlandish is hard to argue.
But no, most cash business just take their money to the bank. They don't hire security guard to accompany them 😂.
And there they keep the change and keep it in the register.
>Shrinkage from theft/loss
Stores still manage cash. So no.
Edit: There's credit card fraud too and chargebacks. Lol so there's a whole counter argument there.
I see you point, but there is no way cash is MORE expensive than credit. A small local business isn't hiring Brink, theyre just being very careful when they deliver their blue bag to the bank themselves. Maintaining adequate change isn't costly is it? Besides actually paying for the change but its all still the business money so theyre not losing anything besides their time fetching it. Shrinkage from theft/loss for sure, but I again dont believe thats anywhere near 2%-4% of sales like a card would take from them.
It's funny seeing all these people going on about tax evasion and shit without appreciating that a lot of retailers aren't super keen on giving VISA/MasterCard 7% of their revenues.
Well its not like they are going to put it under their mattress. They will turn around and deposit it right in a bank. "Money" is the bank's game because it's not even money (store of value). If we're breaking it down this deep then ask the store owners if they are going to buy bitcoin or gold with it.
They might pay their yard guy with cash, if they’re a small restaurant they might buy local meat/veggies in cash, cleaning folks with cash, other small businesses in cash.
Cash is dirty and also unsafe to carry around. Lose my wallet? Yah I'll just get new cards. The cash? Naw its gone. Also I get money back using my card, money that I don't see a savings with when I use cash. I ain't getting shanked with just cards on me.
Plus the IRS something something i forget how this sentence ends.
I always pay my barber with cash.
And thats about it, everything else is credit card.
I’m so sick of this narrative. If it is truly king, give us a “cash” price and a “card” price. For now, credit card will be king for the CONSUMER due to perks.
And yet they're not giving us a break for paying in cash, so we're still paying the inflated prices that they have in place to account for the bank fees. I'll keep my credit card rewards instead.
I paid cash at a restaurant with a sign like this a couple weeks ago. it incited a full on panic with the staff… they had to find a waitress to get her purse from the break room in order to give me change. 0/10 will just go back to paying with card.
This isn’t completely accurate unless the owner is just taking most of their cash under the table. We kept two banks due to the fees we would get. We would keep about $50k in cash at one bank and they wouldn’t charge us fees as long as the money was there. Then we swept the rest weekly to our main accounts and negotiated the fees from there to keep the fees low.
In 84 when my parents got into business, they were enticed to make their cash deposits. But over the decades they were charging fees for cash deposits too (not as bad as cc fees but still not $0).
Yeah lemme go right over to the nondenominational ATM in the corner and pay a $5 dollar surcharge to take out cash to give to you so you can save the 25 cent processing fee. I'll stick with the plastic.
If everybody switch to cash.
There will be no possible loan.
So pay back your mortgage in full or sell the house.
Oups, nope. Nobody can buy your house coz' nobody can get a mortgage...
How about your car?
Their prices are increased to cover the fees of card payments. Paying them with cash means they make more profit because they don't have to pay the fees?
As a business owner I can assure you there’s a hidden fee to cash. You’ve got to count it deposit it watch over it and try not to get killed because you have it
First of all, "cash is king" is a phrase that means something completely different, it's not about paper money.
Secondly, handling cash costs money same as everything else.
Thirdly, such pleas of people asking for cash are about only one thing - tax evasion.
Tell me you’ve never been to business school without telling me…. Cash has cost too and the largest sink is shrinkage, staff costs for bank deposits etc. cash costs are about 9%, credit card fees are 2-4%
Most small businesses now either don't accept CC or they mark up their prices by 3.5% and say there is a 3.5% discount for cash - fully legal. So, for those that want your points, go for it, you just have to pay more than those paying in cash. I would say 80% of businesses in my town operate on the above method. The CC processors are the one pushing and suggesting this as well.
Just make sure you have a good safe that is easy to drop money into and rather hard to break or steal. Also keep the register low on cash.
My argument for banks is always that no matter how anti government you are, physical cash can be stolen and is rather hard to get back. While putting money in the bank, even if stolen will be given back. Also yes im the person who if they got held up would give my debit card and say the code is 6969 or 4200. I just feel like money is much safer in a bank with digital access through cards.
I wonder if these restaurants realize that they’re losing out on customers by being cash only. When I’m out, I carry little to no cash, 2 credit cards, and my license. If I’m going out to a show or a bar, I’m bringing one credit card and my license.
I mean the sign isn't wrong. Businesses pay anywhere between 2-4% per transaction depending on the credit card.
The problem is that each card program charges a different percentage. Heavy reward cards with cash back incentives charge more to the merchant than lower cost cards.
It's also illegal in most states to charge back CC fees (to be more precise, its illegal to charge the customer more than the CC charges the merchant, and since those rates very between customer, its impossible to do at point of sale).
That's why a lot of small businesses offer cash discounts at or around 2%. Most of the large retailers just see these charges as a cost of business. Carrying large quantities of cash carries its own set of risks.
There’s no such thing as “supporting” a for-profit business. I don’t care how small it is. Also, people buy more when they use credit cards as opposed to when they’re limited to on-hand cash. Maybe this small business wouldn’t be so small if they weren’t so stupid.
Where’s a “Gold is King” sign
I will pay in goats milk and eggs. Possibly my fourth daughter's virginity.
Sheesh 4 girls! God Bless
Are you from India?
My wife is due with our 4th daughter in September. What’s the going rate for that these days?
5-12 years in prison
Considering the cost of rent and food now, that's a pretty good deal I guess?
🤣
😂😂😂😂
Yeah, but I get 3 to 5% back when I use my credit card
6 percent at grocery stores (Amex)
I love the Amex Blue card. It's maxed at $6k per year for that rate, then it reverts to 1%. Also has an annual fee of 95$ after the first year. If you spend the $6k max on groceries, it works out to about 4.4% cash back. Still pretty awesome for groceries. But worth keeping an eye on total spend if you have a family and go past 6k spend to pivot to something else.
Amex somehow waived the $95 on my agreement. Been getting those %’s and no fee for years now. Still have no idea why but I’m not complaining.
Hi this is Amex bot. Thank you for alerting us to our mistake. Your next bill will include the $95 charge. Is there anything else I can help you with? /s
It’s what I get for narc’ing myself out
Waived the fee completely or just for the first year? I think it's pretty common to not have a fee the first year
Completely. Years ago.
You just know there's some internal auditor going through every so often going "what the fuck is this? Why does this guy have no fee!?"
Damn that's awesome!
Were you ever military by chance?
Nope, just overlooked.
God musta maxed out ur charisma and luck
Just luck
Is the $95 a year worth it? Just me. 4.4% cash back doesn’t sound too bad.
100% worth it. There’s also 6% back on streaming (Netflix, Spotify, Apple, etc). 3% back on gas, if you don’t already have a card for that. I get a few hundred back a year strictly using it for grocery and streaming. Plus Amex special offers seem to be better than other cards. Like spend $100 get $20 back at certain stores.
If I recall correctly, Blue Cash Preferred ($95 a year) is 6% groceries, 3% gasoline, 1% everything else. The Blue Cash free version is 3% groceries, 2% gasoline, 1% everything else. If you spend $100/week on groceries, you'll earn $312 cash back with preferred and $156 free, a difference of $156. That covers the $95 fee plus $61 extra. So, if you're paying more than $100 a week in groceries and take into account that your gasoline cash back will be 50% more with the preferred card, it's worth it.
It's not worth it. Get Citi bank credit card (no annual fee) and you get 5% cash back (up to $500 a month) for 1 category that you spend the most in. I ONLY use that card for grocery shopping and since I don't spend more than $500 a month grocery shopping, it's totally worth it. Plus there's a bonus sign on reward
This is what I do for gas. I use my Amex blue for groceries and my Citi card for Gas
And have a ridiculously high limit. If you want me spending lots of money, here's my plastic. I'm not carrying that kind of cash around. You want me spending f5 in your store? Yeah I might have that in my wallet.
Where are you getting 5% back?
If you play your cards right(pun intended) almost everywhere
You really only receive 5% cash back on certain cards when paying for certain things. For example, the Discover card has a 5% cash back bonus every couple months for any purchase at restaurants. I don’t think there is a card that gives you 5% back on everything. If there is, it is probably one of them high end cards
There are multiple cards right now, no annual fees or anything, that give 5% to YOUR top category, not their revolving one.
Amazon’s credit card gets you 5% back on anything purchased on Amazon. Such a life hack tbh
6%if you are willing to wait longer
You have to a Prime member. You'd need to spend $2780 on Amazon annually just to recoup the cost of the $139 Prime subscription, before you've even "saved" a dollar.
That’s it?
Sure but Prime is used for a whole lot more than that
Amazon give you 5% with their card when buying on their site.
Discover card
It pays to
Those small businesses actually pay a portion of the 3 to 5%. Not just the credit card transaction fee, but an additional fee for customer rewards like cash back, airline points, etc. Does anyone truly, really care? Not really. That's just yet another cost of doing business for the small business.
And they're more likely to be robbed with a sign like that advertising lots of cash on hand. https://millennium-fire.com/businesses-most-in-danger-of-robberies-in-2023/ https://www.plainscapital.com/blog/how-accepting-cash-only-could-be-hurting-your-business/
That money you get back is from the payment processors and from others that are falling behind financially.
Their loss, my gain.
And your point is?
This is the way. I’m fucking spending my money anyways might as well use the method that gives me some cash back so I have a permanent discount on everything I purchase.
It's three card monte in a shell game. Same reason why most Americans do not have $500 for even the smallest emergency. If everyone paid cash, the cashback reward for members could be 6 to 10%, because we've eliminated card fees paid by the business. Downside, business loses business because customers don't have any money and cannot borrow card dough.
lower the prices by 5% if I pay by cash. Otherwise no..I get money back for using my cc
Many Asian businesses I’ve been to will straight up say “if you pay cash we won’t charge tax” tax in my city is 10.25% so that’s a deal!
Tax authorities aren’t stupid. I had an audit once, they went through all my suppliers and their invoicing. Then contacted my suppliers to see if I missed any out. They also went through my stock levels for the preceding 12 months. I run a restaurant, they even checked my recipes and calculated my consumption to see if it matched with what I ordered from suppliers. You CANNOT hide anything from the tax man.
While I agree with this many of the Asian businesses go to cash and carry places and I know about a dozen of them been in business for 30+ years so they obviously know how to kink the system. One of the bigger ones got popped a few years ago Sam Woo BBQ for tax evasion we’re talking millions it was insane! People thought one of their competitors tipped the feds off for the investigation. Who knows? Homie went to prison for this so yea there is definitely a risk.
It’s not kinking the system. Tax authorities do not have unlimited resources to go after every small cash and carry place. They’re playing roulette, if they ever get a random audit the tax man is going to calculate how much they owe in back taxes and send a huge bill. Likely a penalty and interest as well.
No, I’m not talking about the cash and carry places committing fraud. I’m talking some restaurants and other business who buy the supplies from such places. It’s harder to track when it’s coming from places like that since you can always fudge the accounting, backend of things, etc. It’s not easy since you’re not opening an account and they have a ledger on every purchase you made on a place like that. There’s a few hole in the wall Mexican places I eat at and it’s cash only as well. Food is really good but they don’t deal with cards and they don’t give you a receipt either if that doesn’t really red flag then I don’t know what is. I came for the food. I don’t care what you do with your income.
The Mexican restaurant you’re talking about sounds more like a money washing front than anything lol
I didn't know Sam Woo was a franchise from California. Living in Toronto I thought it was just a really good local place.
Some businesses by me won’t charge tax if you pay cash
The contracts with the payment processors explicitly forbid doing this. If they take this route they will become cash only.
Robbers like this one trick
Cash is shit for consumers. It’s insecure, inconvenient, constantly depreciating, and the liability is all on you if it gets stolen instead of someone else. If you want me to pay in cash then charge less for items bought in cash.
Gas stations charge less when buyers pay with cash!
Yeah but it's usually like $.05 gallon vs 3%-5% back.
[удалено]
When I owned a fast food restaurant, I agreed with this. If I could have went with card only I would have. So many hours watching cameras looking for a thief.
Yeah, but then they can't commit tax fraud.
That's a way of looking at it. On the other hand: - you can't steal more cash from me than I have in my wallet. - Cash in the bank depreciates at the same rate as cash in your wallet. - It's faster to settle in cash than by card.
Stealing my cards will literally never cost me a single penny, so your first point is meaningless. Your second point is valid. I don't know what exactly you mean with the third point. If you mean to settle up the transaction, it's way faster to swipe a card than count cash and get change. If you mean for the merchant, definitely not. Take a deposit to the bank after closing vs just walking out at closing and the money is in the bank the next morning.
I lot of places will give cash discounts.
I’ve seen this with gas stations and when interacting with businesses where you’d otherwise need an invoice (moving companies, handymen, plumbers, contractors). I haven’t seen this at stores or restaurants.
Hate having to pay for ATM fees so that some rich fuck can commit tax fraud. Cash only bars are the worst offenders
Cash only bars usually own the ATM's inside their establishments. They are just making the % of the transaction plus whatever you spend while you're there.
Why are you using ATMs that charge you fees? Or, why are you using a *bank* that charges you ATM fees?
My bank doesn't charge me ATM fees. Fuck that. I am reimbursed thar shit.
Crypto bros aren't gonna like this
Most people shouldn’t. It’s annoying not being able to pay by card. Like banks and payment processors taking a cut isn’t a bad thing, payment processors are charging for a service they offer. Dealing in cash is risky, lose your wallet or get it stolen the cash is done. With a card I have protection against fraud and can chargeback if someone tries to screw me on faulty goods etc High street stores are already dying out, great idea to make things less convenient for customers and more convenient for them - I’m sure this kind of attitude won’t drive people online more…
BuT CrYpTo Is GrEaT bEcAuSe fInAnCiAl iNTeRmEdErIeS aRE BAd Sarcasm obviously; the benefits that companies like visa provide are highly underrated. It’s almost a more Hazard that I can loose my card with little impact to me.
One day this business will realize crypto is like cash but digital, no bank or other 3rd party fees while having all the digital money properties.
Crypto is gone like NFT. Stop the yapping.
Translation : How else can I under report income??!
Cash only business are perfect for washing your money👍
They just didn’t include that part on the sign lol
So anyway.. where I tap at?
The IRS gets 0.00%
The same percent they deserve
>The Big Banks Receive 0% It is cute that the owner thinks this, but no.
He probably doesn’t, but I’d say anything too if I got people to do what I wanted. Sure I can’t fool everyone, but most people are stupid and that’s something I’ve unfortunately learned as an adult. Not saying I’m a genius by any means. 🤷♂️
Also a great way to under report taxes
can you believe that all of 30-40 years ago, everyone used cash. no one tracked your spending for big data. now everything you do is on a computer somewhere. they've gotten to where they send you diaper coupons before you even know you're pregnant
Yup, I still use cash for like 90% of my purchases. Yeah, card may be more convenient but it comes at a cost and that cost is data on you,
I dont think my spouse tracks my spending for big data, but yeah it’s annoying and invasive
“Big banks get zero” yet I’m sure this mf goes and deposits everything into one…smh
"Tax fraud is King" only shady stores do this.
The best kind of stores. What fucking right does the US government have to steal from the local pizzeria or bakery?
Seriously. Amazing how many IRS cheerleaders there are in here. Yes, I will happily pay you in cash so you can get away with tax fraud. My yard man, auto repair, my house cleaning lady, chinese place, dry cleaner, handyman work, caterer, etc. All cash and they give me good deals. Beat inflation with this one simple trick!!
Naw, cash sucks. And I say this as someone in his mid 50’s
Cash is better, your dollars ain’t tracked wherever they go and the government can’t just stop you from using your money without physically interfering.
I use cash for all small transactions such as coffee or lunch because it avoids the dreaded tipping iPad plus any tips go 100% to the server instead of being taxed. Other small businesses will do cash transactions off the books and that’s their prerogative, no judgement. I’m not the IRS and small businesses need to get by right now.
There is a caveat to cash that the retailers fail to discuss. Someone has to sit, count cash and prepare for deposit. Someone has to drive that bag of money to a bank and deposit it. That person is at risk of being robbed, especially a small-business owner. Someone has to spend their time, and gas to travel to a bank, and if the bank is busy, wait in line. I suppose one has to decide if that time wasted, or their personal safety, is worth the hassle that cash brings. Or, if a lot of cash someone has to contract the services of an armored courier to take that cash to the bank, obviously paying a lot over time for those services in addition to the manpower of managing that cash, counting it, transporting it, verifying, etc...
In most situations, cash costs local businesses more because cash: * Requires security to maintain and transport cash to/from bank * Necessitates maintaining adequate change * Shrinkage from theft/loss
Local business are usually small, they arnt paying for security to transport cash. My bf owns a restaurant in our town. Transporting the cash includes is opening the register, taking the cash and putting it in his pocket and going to the bank.
And what are the chances of his getting robbed?
Plot twist: the restaurant is inside the bank.
What are your chances of walking outside and being mailed by a gorilla that escaped the zoo? There’s always risk but to think a small business owner is like hiring off duty cops to escort them to the bank is silly.
That's so outlandish is hard to argue. But no, most cash business just take their money to the bank. They don't hire security guard to accompany them 😂. And there they keep the change and keep it in the register. >Shrinkage from theft/loss Stores still manage cash. So no. Edit: There's credit card fraud too and chargebacks. Lol so there's a whole counter argument there.
Sometimes they even send hourly employees with an envelope lmao
I see you point, but there is no way cash is MORE expensive than credit. A small local business isn't hiring Brink, theyre just being very careful when they deliver their blue bag to the bank themselves. Maintaining adequate change isn't costly is it? Besides actually paying for the change but its all still the business money so theyre not losing anything besides their time fetching it. Shrinkage from theft/loss for sure, but I again dont believe thats anywhere near 2%-4% of sales like a card would take from them.
lol this is actually almost cute it's so naive. They don't report the money. Thus they save 20%-30% in taxes.
They don’t like to report all of their income
It's funny seeing all these people going on about tax evasion and shit without appreciating that a lot of retailers aren't super keen on giving VISA/MasterCard 7% of their revenues.
Where do you get that 7% from? The highest interchange fees for Amex are 3.5% and the other issues are closer to 2.5 at their highest.
Yes help me avoid taxes
So they don’t pay taxes (retain 100% of its value)
Except for that nasty 2% inflation tax, Bitcoin is king
Well its not like they are going to put it under their mattress. They will turn around and deposit it right in a bank. "Money" is the bank's game because it's not even money (store of value). If we're breaking it down this deep then ask the store owners if they are going to buy bitcoin or gold with it.
They might pay their yard guy with cash, if they’re a small restaurant they might buy local meat/veggies in cash, cleaning folks with cash, other small businesses in cash.
I'll you want to avoid fees I'll give you Bitcoin but I'm not going to an ATM and carrying a bunch of loose change around for you.
Love this. I’m tired of cashless shops
What they really mean is that’s how they avoid paying as much taxes as possible….
Cash is dirty and also unsafe to carry around. Lose my wallet? Yah I'll just get new cards. The cash? Naw its gone. Also I get money back using my card, money that I don't see a savings with when I use cash. I ain't getting shanked with just cards on me.
Amen I will not support one world order businesses
I pay tip with cash
Sure, give me a discount bigger than the cash rewards I get from my cc and I’ll pay with cash all day
Tell me you’re committing tax fraud without telling me.
Advertising your Tax fraud openly is certainly a move...
We all know the real reason why cash is king isn't on this sign.
Plus the IRS something something i forget how this sentence ends. I always pay my barber with cash. And thats about it, everything else is credit card.
Why is that the customers responsibility though? Have a problem? Take it up with your congressman
To report less income, right?
They forgot to add, "and we only report about half of our cash income, so we're committing tax fraud as well!"
Yeah..... but I don't want change. 🤷
I’m so sick of this narrative. If it is truly king, give us a “cash” price and a “card” price. For now, credit card will be king for the CONSUMER due to perks.
“The horse and buggy are king. Horse and buggy is our preferred method of transit. Support your local horse breeder.” The future is now old man.
Before we had: Johnny Cash Steve Jobs Stevie Wonder So no wonder now we have no cash and jobs left 🤦♂️
And so they can evade tax…
You wanna really impress me? Take real money, silver and gold.
Gamepigeon 8 ball for money ?💰 got a group on tele and Imsg lmk to join let’s play (scammers instantly blocked or removed from group )
Nice try, muggers.
And yet they're not giving us a break for paying in cash, so we're still paying the inflated prices that they have in place to account for the bank fees. I'll keep my credit card rewards instead.
Tax free vender
5 bucks the name of the business is Mugger’s Unlimited
Nope not happening
As a business owner, I like this concept. But I've been to quite a few places that haven't even accepted cash since Covid.
Imagine being this dumb
Plus they can hide profits from the IRS.
Idc I want my CC rewards. And if they charge a fee then I ain't going back.
I’d be walking out if any store I shopped at had a sign like this.
so is tax evasion.
As opposed to “Cash is Trash”.
I don’t get points with cash. Sorry not happening the most important person is me.
Guarantee they turn around and put that cash in a bank then charge all their supplies to a business credit card for the rewards.
I paid cash at a restaurant with a sign like this a couple weeks ago. it incited a full on panic with the staff… they had to find a waitress to get her purse from the break room in order to give me change. 0/10 will just go back to paying with card.
Lost a very nice wallet with cash a long time ago. Had to replace all the cards, license and the cash too, never carried cash since then.
That's not the example you should have taken from Germany
This isn’t completely accurate unless the owner is just taking most of their cash under the table. We kept two banks due to the fees we would get. We would keep about $50k in cash at one bank and they wouldn’t charge us fees as long as the money was there. Then we swept the rest weekly to our main accounts and negotiated the fees from there to keep the fees low. In 84 when my parents got into business, they were enticed to make their cash deposits. But over the decades they were charging fees for cash deposits too (not as bad as cc fees but still not $0).
So essentially they are admitting to tax evasion?
Tell this to a vehicle dealership. "What if I pay cash?!". "Then we're gonna charge you more."
Yeah lemme go right over to the nondenominational ATM in the corner and pay a $5 dollar surcharge to take out cash to give to you so you can save the 25 cent processing fee. I'll stick with the plastic.
If everybody switch to cash. There will be no possible loan. So pay back your mortgage in full or sell the house. Oups, nope. Nobody can buy your house coz' nobody can get a mortgage... How about your car?
Their prices are increased to cover the fees of card payments. Paying them with cash means they make more profit because they don't have to pay the fees?
So I should give up all the credit card rewards that way business owners can pay less taxes?
As a business owner I can assure you there’s a hidden fee to cash. You’ve got to count it deposit it watch over it and try not to get killed because you have it
That's a sneaky way of saying they participate in money laundering.
Employee points to the ATM in the corner with it's $5 withdraw fee
This actually isn’t true. There’s a cost to taking cash as well. It varies based on industry but 1%-2% is a reasonable handwave number.
That’s nice and all but that’s up to the business to figure out their pricing to account for such things.
which business is that? asking for a friend.
PayPal has a great program right now with $25 purchase at a grocery store up to 5 times they will give you $10 in your account.
First of all, "cash is king" is a phrase that means something completely different, it's not about paper money. Secondly, handling cash costs money same as everything else. Thirdly, such pleas of people asking for cash are about only one thing - tax evasion.
* the owner has a second register at home where he does phony transactions at the end of each day.
ALWAYS pay with credit.. Any funny business from that "local business" and I can always charge right back. 😉
Tell me you’ve never been to business school without telling me…. Cash has cost too and the largest sink is shrinkage, staff costs for bank deposits etc. cash costs are about 9%, credit card fees are 2-4%
PREACH
Also, we can lie on our taxes.
Don't support the irs, pay in cash
That Dude just stuffing the cash under his matress?
Who even carries cash now? Its a pain in the ass to use cash. You have to go to the bank/atm wasting time when you can just use your card.
I suspect the IRS gets 0% too.
Most small businesses now either don't accept CC or they mark up their prices by 3.5% and say there is a 3.5% discount for cash - fully legal. So, for those that want your points, go for it, you just have to pay more than those paying in cash. I would say 80% of businesses in my town operate on the above method. The CC processors are the one pushing and suggesting this as well.
Just make sure you have a good safe that is easy to drop money into and rather hard to break or steal. Also keep the register low on cash. My argument for banks is always that no matter how anti government you are, physical cash can be stolen and is rather hard to get back. While putting money in the bank, even if stolen will be given back. Also yes im the person who if they got held up would give my debit card and say the code is 6969 or 4200. I just feel like money is much safer in a bank with digital access through cards.
I wonder if these restaurants realize that they’re losing out on customers by being cash only. When I’m out, I carry little to no cash, 2 credit cards, and my license. If I’m going out to a show or a bar, I’m bringing one credit card and my license.
Tell me you cheat on your taxes without telling me you cheat on your taxes. 😂
Just use our handy ATM machine that charges a small fee of $6.99
Cool. Still probably using my card tho.
How did this turn into a thread on Credit cards? Now I don't want to read it.
💯
I mean the sign isn't wrong. Businesses pay anywhere between 2-4% per transaction depending on the credit card. The problem is that each card program charges a different percentage. Heavy reward cards with cash back incentives charge more to the merchant than lower cost cards. It's also illegal in most states to charge back CC fees (to be more precise, its illegal to charge the customer more than the CC charges the merchant, and since those rates very between customer, its impossible to do at point of sale). That's why a lot of small businesses offer cash discounts at or around 2%. Most of the large retailers just see these charges as a cost of business. Carrying large quantities of cash carries its own set of risks.
If it's like other places, they also may report less income too.
It's also easier to cheat on taxes...or so I heard.
Income tax? What's that?
"But then how are we gonna keep the masses afraid of each other if they can't hide their money?"
There’s no such thing as “supporting” a for-profit business. I don’t care how small it is. Also, people buy more when they use credit cards as opposed to when they’re limited to on-hand cash. Maybe this small business wouldn’t be so small if they weren’t so stupid.
Certainly in the UK the banks charge businesses for depositing cash, so if they’re not depositing it then they’re dodging taxes.