I was just at a pizzeria in Sweden who referred to themselves as a “cash free zone.” They take only credit and debit cards. But I’ve seen this in the USA too.
I could tell it was a source of some tension between the two partners of the Swedish store.
On the one hand, they are competing against a corporate giant who owns a block of restaurants across the street who doesn’t accept cash at any of their locations. Plus, cashless is “the future.”
On the other hand, they may be leaving out a segment of the population who doesn’t have a bank account or credit cards.
In Oxford, MS I noticed a new bar opened with the same policy. They just had an iPad to keep track and process the cards on. They never had to worry about their register coming up short, on the other hand I heard some locals were angry that they were being exclusive. (This is a town with a marked wealth division)
I was “bank shopping” the other day and discovered that with few exceptions it costs me almost as much to deposit cash as it does to to accept debit cards. When you consider the main reason a place would be held up is for the cash it makes sense not to have cash. Having said that I will take cash as long as it is around.
Yeah it seems kind of crazy to turn down cash, doesn’t it? Maybe there could be some incentive for using a card like having your loyalty program work through a card. Kind of like Starbucks (in France, but I guess they have the same system in the U.S.?)
You can go online and refill your loyalty card (or refill it at the store) then when you pay for your order they just swipe your card and it debits it. It’s like giving yourself a gift card. Each time you refill it with 20 euros or more you get a free coffee. Replace the coffee with breadsticks and voila!
@d9phoenix there are certain keywords that trigger moderation. So it’s nothing against you, might have a been a word you used which is also used frequently in spam/solicitation messages. Sorry about that.
Well it seems Europe in general seems to be moving faster to a “cashless” society then the US is. I remember reading somewhere that Norway? dropped coins below the Quarter equivalent in the US. So if a customer pays cash the system automatically rounds to the nearest Quarter, but if they pay by Card it is to the penny.
Your time is worth money, so as long as you spend time counting and going to the bank to deposit cash, there will always be costs involved with it as well.
In the Netherlands they have taken the 1 cent euro coin out of circulation. They still have the 2 cent coin and the 5 cent, but not the singles. People who don’t have correct change are also encouraged to pay by card.
I don’t mean to sound too conspiracy theorists - what do you guys think - is this the work of the banking/credit card industry influencing governments around the world?
If it ever comes to a cashless or using precious metals (besides lead & brass) situation, I think that is my cue to exit being in business.
Some may call me a conspiracy theorist, but it scares me. I lean a little to the libertarian side, and I would rather see less regulation on many levels.
@d9phoenix I suppose the euro is controlled by the European Union. It seems odd that JUST the Netherlands would nix the 1 cent piece while all the other countries around them still use them. I think they are moving more than the other countries towards the cash free society. Buses and parking meters have stopped taking cash altogether. You can pay by sending a text message or using a refillable travel card.
I would much rather see cash, it is cheaper, quicker and hack proof. I have also never had a chargeback on a twenty dollar bill. In 13 years of business we have had one bogus $10.oo bill. Have you ever wondered how long it will be until the hackers figure out how to reprogram your terminal remotely so your payments end up in China or Russia somewhere when you settle out your batch? Observing basic security measures makes handling cash not an issue. Doing drops so thugs don’t see a lot of easy money, situational awareness when carrying deposits and having a 1911 handy just in case. We ran for six years before we started cards and I would rip that terminal out today and toss it into the dumpster if half of my customers would not revolt. I consider it one of the painful costs of doing business, just like paying property tax on my equipment. I accept it, but resent it. It adds nothing to the product but consumes time and over 3% of the gross. Processing a card on a phone in order frequently takes as much time as taking the actual order.
Feel hte same way Rick G, but unfortunately i do not see cash gaining any ground back from CC’s. Infact i can see the day coming soon when making cash deposits will cost more then the CC fee’s
