In todays news...
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Re: In todays news...
Banks charge for cash going in and out of business accounts. Then there's the time taken to cash up and go to the bank, assuming there's a branch closish by. For food places hygiene might be a consideration, cash being notoriously dirty, in the physical sense
- Noggin
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Re: In todays news...
I do kinda get that, but card charges are quite high if you take lots of small payments, surely?
There's a boulangerie I used in Albertville that have a machine that you put the cash into and it gives the change - totally solves the hygiene issue. But it is quite a big place, so I guess it was worth it to them over smaller places.
Also - small businesses in France do prefer cash
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I think they used to be before the tablet based readers came along. The newer internet based banks also helped from what I've heard, an good target market.
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- Noggin
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Re: In todays news...
Life is for living. Buy the shoes. Eat the cake. Ride the bikes. Just, ride the bikes!!
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Re: In todays news...
If you have a card reader as a business, the operator of the card reader takes a %age from each transaction. Which, if you operate in coffees rather than, say, tourist transfers, adds up very quickly on a small turnover
Even on a transfer business, my boss changed the provider half way through the first winter due to huge charges that took fairly significant amounts from each transaction
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Re: In todays news...
The cost of card payments isn't that high...less than 2%, closer to 1.5% in some examples.
Not having to deal with physical money is probably worth quite a lot to many people!
Not having to deal with physical money is probably worth quite a lot to many people!
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Re: In todays news...
It's not 'that' high until you are mostly selling coffees at a coupe of €'s each. For a small business I believe it adds up pretty damned quickly and becomes a fair chunkMr. Dazzle wrote: ↑Fri Jul 19, 2024 7:06 pm The cost of card payments isn't that high...less than 2%, closer to 1.5% in some examples.
Not having to deal with physical money is probably worth quite a lot to many people!
Equally, 1.5-2% on a transaction of 500€ + isn't offensive - until it's on 90% of the transactions over 5 months on 15 vehicles!!
For providing a machine to facilitate customer payments.
I know I'd prefer to be on the side of the provider than the small business owner!!!
(Which is why I will always try and pay cash to small businesses - much less worried in supermarkets etc. But a few mates have small businesses out here, and it helps them to pay cash and not card)
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Re: In todays news...
Percentage is percentage surely...2% of 500 €1 transactions (500 lots of 2c, €10) is the same amount of 2% of one €500 transaction (1 lot of €10).
Typical business account cash handling charge is also 1-2%.
Typical business account cash handling charge is also 1-2%.
Well yeah that's the thing right? If you want customers to spend money, make it easy
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Re: In todays news...
Cash handling isn't such a burden for small outfits but it's a cost/pain in the bum for the big ones. A side benefit of cashless for both is reduced opportunities to put a hand in the till (although some supermarkets would dock any shortfall from an employees wages).
Royal Mail used to have a quite profitable bit called Cashco that would securely collect, sort, store and deliver cash to businesses inc NatWest. They sold it to Securicor. Not looking such a great investment now.
Royal Mail used to have a quite profitable bit called Cashco that would securely collect, sort, store and deliver cash to businesses inc NatWest. They sold it to Securicor. Not looking such a great investment now.
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Re: In todays news...
I know. But we are looking from opposite sides, or you are just using the spoon!! Having had a relatively small business and had to pay those 1.5-2% charges it adds up pretty fast. A bigger company can swallow them easier, price to accommodate them etc. A smaller business with the items being a lot less value has less opportunity to price for it or to swallow the charges.Mr. Dazzle wrote: ↑Fri Jul 19, 2024 7:14 pm Percentage is percentage surely...2% of 500 €1 transactions (500 lots of 2c, €10) is the same amount of 2% of one €500 transaction (1 lot of €10).
Typical business account cash handling charge is also 1-2%.
Well yeah that's the thing right? If you want customers to spend money, make it easy
But hey - I live on a mountain and try to use cash because of how I see the businesses near me. You guys live in towns cities and prefer cards. Never gonna agree/meet int he middle on this one
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Re: In todays news...
Can I be contrary please? I'm probably further away from a town/city than most of you and I much prefer cashless. I always carry cash too, but that's another matter.
- wheelnut
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Re: In todays news...
The charges for handling cash (not inc time/risk etc) are higher than card charges these days.Noggin wrote: ↑Fri Jul 19, 2024 6:05 pmI do kinda get that, but card charges are quite high if you take lots of small payments, surely?
There's a boulangerie I used in Albertville that have a machine that you put the cash into and it gives the change - totally solves the hygiene issue. But it is quite a big place, so I guess it was worth it to them over smaller places.
Also - small businesses in France do prefer cash
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Re: In todays news...
Would that he this 'walking around money' I've heard so much about?
I used to work with a guy who claimed he always had £1000 in cash about his person "in case a deal popped up".
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Re: In todays news...
Noggin wrote: ↑Fri Jul 19, 2024 7:05 pmIf you have a card reader as a business, the operator of the card reader takes a %age from each transaction. Which, if you operate in coffees rather than, say, tourist transfers, adds up very quickly on a small turnover
Even on a transfer business, my boss changed the provider half way through the first winter due to huge charges that took fairly significant amounts from each transaction
Hence why coffees and small transaction items always seem so expensive. Then again a 1% fee on £5 is only 5p.
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Re: In todays news...
At minimum wage 5p covers about 15s of work, before benefits, NI contributions etc. You don't have to spend long cashing up for the saving to be eroded (before you even start considering bank cash handling charges).
I like KFB's approach
- wheelnut
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Re: In todays news...
Wouldn’t help you trying to board a plane or get a train ticket - just shows how susceptible we are to single points of failure. You can put your server warehouses from here to Timbuktu to minimise geographical risk, but if they all update with the same patches at the same time…
The issue with security software is that it has to go out quickly, often, it seems, without proper testing.
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I was really surprised one patch hit so many things TBH...or rather, how many seemingly unrelated companies/services use the same IT.
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Re: In todays news...
Not that much, usually a minimum of enough to get a taxi back to where I'm staying or enough to buy dinner.Mr. Dazzle wrote: ↑Fri Jul 19, 2024 8:10 pmWould that he this 'walking around money' I've heard so much about?
I used to work with a guy who claimed he always had £1000 in cash about his person "in case a deal popped up".
I also have two cards from two different banks on two different payment platforms. And if away from home two wallets both containing a similar arrangement. Lunatic prepping perhaps but it's solved small inconveniences several times now.