Cashless society

[farmerge]

How does he get his cc slips? Did he hoard them during the good old days? ? I use to visit the bank weekly to deposit cash, cheques and cc slips. Now no one ( or very few) to pay cash. So I rarely visit the bank. I guess branches have less business people visiting them. Less traffic - we know what happened to Bank branches.

Keep your Yellow Slip - it will be valued one day ?

Hmm I don't know next time I'm in his premises I will ask the pertinent question. My receipt slip is somewhere in the myriad of papers here.

 

[farmerge]

My CBA terminal used to do it.

I also just did a 10 second Google and found westpac advertising the feature

It’s safer than letting the shop use one of those Manuel imprinting machines where the card details are printed on a slip anyone can read, having the details temporarily stored in an encrypted machine is not dangerous.

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Not for this cantanerous old sod. Trust nobody and definitely not a machine wil ever get hold hold a pin number or the like of mine.

 

[Value Collector]

Not for this cantanerous old sod. Trust nobody and definitely not a machine wil ever get hold hold a pin number or the like of mine.

Nothing too dangerous about PIN numbers, you can change them at any time, and you type them into machines all the time don’t you?

Info that is more dangerous is things like date of birth, you can never change that, but I bet you are used to writing that out on forms all the time, I think having a PIN number I can change encrypted on a device is safer than letting every one know your date of birth.

 

[Value Collector]

At the present time, your hope is bigger than reality.

The cashier now has the added responsibility of choosing whether to accept all cards or shut down temporarily.

The franchisee must now look up the procedure and call the bank for an authorisation number.

When the 'system' is down it is not due to an internet fault, it is usually the bank. And when that happens everyone is phoning the bank at the same time.

At least the banks have compensated businesses for losses.

NAB outage: Bank promises to compensate customers for losses from nationwide disruption​

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NAB says it will compensate customers "100 per cent" for any losses incurred during a nationwide outage that left people cashless and small businesses unable to process transactions on a crucial trading day.​

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In that situation the offline feature would be valuable, the cashier might not even realise that the machine has switched into offine mode.

From memory my CBA machine just kept processing the transactions, and I had done two or three sales before I realised the wording on the bottom of the docket was slightly different.

 

[Jeda]

Cahs is King

 

[Value Collector]

Your phone can get you killed. Along with your shoes. Statistically murder is down. No one is shooting you here for your money in day to day transactions.

There's a reason why there are so many scams targeting banking details/cards.
Quantum computing will only add to the difficulty. I'd say banking will have to change by a bit. Banks won't protect your money forever. They will change the posts the same way insurance companies did.

People are getting assaulted in robberies all the time, if we all started carrying large sums of cash and storing cash in our homes I think robberies would go up.

Only 2 months ago a lady not far from where I live was stabbed and died on her front lawn because she and her husband came home during a burglary. That doesn’t really happen with digital scams.

Sure there is scammers targeting debit and credit cards, but they used to target ATMs, and knock you on the head.

 

[Value Collector]

Cahs is King

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As I stated above, handling cash costs businesses a lot of money too.

When I ran a shop I would much rather take the efpos fee and have my money deposited straight into my bank than have to constantly do the banking and organise change etc.

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Not to mention the person that wrote that is terrible at math.

 

[Jeda]

As I stated above, handling cash costs businesses a lot of money too.

When I ran a shop I would much rather take the efpos fee and have my money deposited straight into my bank than have to constantly do the banking and organise change etc.

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Not to mention the person that wrote that is terrible at math.

thats your problem. no one is charging me extra for paying with cash

 

[Value Collector]

thats your problem. no one is charging me extra for paying with cash

Not many people charge me for using my credit card, but I did just book the wife and I on return business class flights to the UK using points that my credit card spending helped earn, (those flights would have been over $20k if I had to use real money instead of points)

 

[JohnDe]

Not many people charge me for using my credit card, but I did just book the wife and I on return business class flights to the UK using points that my credit card spending helped earn, (those flights would have been over $20k if I had to use real money instead of points)

Did you not realise that the bank charged the owner of the business a fee, and the owner quietly passes that on to. Read Fiona's message again and pay attention to payment transaction fee charged to seller.

Banks charge for every card transaction. But not as much as 3%, I think it's about 1.5% to 2.5% depending on card and bank. I add the fee to all transaction, and if a customer asks for discount for cash, I remove a small percentage. I or my partner then go to the bank once a fortnight or monthly, depending on the amount of cash we are holding.

The business was founded in 1975 and has not been robbed. Though we have had bounced cheques (the equivalent to DDC), and numerous attempted scams via email, web site, etc.

 

[JohnDe]

Cahs is King

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Cash is dying, it might take many years, but it is happening. Lots of people don't believe that, including my brothers, and they will use cash for everything. The problem though is that businesses are beginning to refuse cash, and consumers are accepting in greater numbers.

Fiona's math's is incorrect, starting with the surcharge fee amount. However, I understand her theory and agree that banks are getting very fat from a cashless society.

 

[wayneL]

Cash is dying, it might take many years, but it is happening.

The very real possibility of EMP devices going off in the near future, might just change people's minds about that.

Indeed, about more than a few other things as well.

Any society that thinks going completely cashless is a good idea is freaking bananas.

 

[farmerge]

The very real possibility of EMP devices going off in the near future, might just change people's minds about that.

Indeed, about more than a few other things as well.

Any society that thinks going completely cashless is a good idea is freaking bananas.

WayneL I don't know if it just a sign of the times or more people have extra folding under the matteress. But this year on the work that i have completed 2 out 3 are paying cash and of course no GST. Mostly retired types who can't claim much and certainly not the GST component.

 

[moXJO]

Tapping by card has a higher % chance of frivolous purchases. Rare that you are breaking a $50 for a smaller purchase.
Cards are great for getting consumers to spend.

Cash was always a better budgeting tool.

WayneL I don't know if it just a sign of the times or more people have extra folding under the matteress. But this year on the work that i have completed 2 out 3 are paying cash and of course no GST. Mostly retired types who can't claim much and certainly not the GST component.

Disasters/pandemics always bring out the cash.

 

[moXJO]

The very real possibility of EMP devices going off in the near future, might just change people's minds about that.

Wonder what they are using in the Ukraine

 

[farmerge]

Tapping by card has a higher % chance of frivolous purchases. Rare that you are breaking a $50 for a smaller purchase.
Cards are great for getting consumers to spend.

Cash was always a better budgeting tool.



Disasters/pandemics always bring out the cash.

How true. If your not handling the folding stuff then usually no idea how much is in the kitty. I wonder how many people try to pay off cards by piggy backing them. I once worked with a bloke who had 6 of them. Reckoned he was way in front untill the last had to be paid. In the sticky stuff then Couldn't be told as he reclkoned he knew it all.

 

[farmerge]

Wonder what they are using in the Ukraine

Bullets

 

[Dona Ferentes]

Bullets

And GPS coordinates

 

[wayneL]

How true. If your not handling the folding stuff then usually no idea how much is in the kitty. I wonder how many people try to pay off cards by piggy backing them. I once worked with a bloke who had 6 of them. Reckoned he was way in front untill the last had to be paid. In the sticky stuff then Couldn't be told as he reclkoned he knew it all.

This is really true, for me at least.

It's a little bit about my personality. If there is wine in the cupboard, or a beer in the fridge, it is getting drunk. If there is a big block of chocolate it's not surviving the evening. LoL

But I do have the discipline to not actually buy it. If I don't think I have the discipline to knock off 12 cans of Guinness, then I just don't buy them, problem solved.

I'm kind of the same way with credit cards and to a greater extent debit cards.

If I'm at the pub I've run the card through 18 times before I noticed I'm absolutely rat@rsed.

If I'm paying cash it's like at about 3 pints when I think holy crap I'm spending a little bit too much here.

Cash has benefits not only for my finances, but also for my liver as it turns out

And it is actually quite amusing to see the irritation of the staff at the Rose and Crown for having to actually take another 2 or 3 seconds to do cash

In my own business my favourite account is actually Mr C. Ash. It still goes in the bank but not having to invoice and/or check on DD payments etcetera is bliss.

 

[farmerge]

This is really true, for me at least.

It's a little bit about my personality. If there is wine in the cupboard, or a beer in the fridge, it is getting drunk. If there is a big block of chocolate it's not surviving the evening. LoL

But I do have the discipline to not actually buy it. If I don't think I have the discipline to knock off 12 cans of Guinness, then I just don't buy them, problem solved.

I'm kind of the same way with credit cards and to a greater extent debit cards.

If I'm at the pub I've run the card through 18 times before I noticed I'm absolutely rat@rsed.

If I'm paying cash it's like at about 3 pints when I think holy crap I'm spending a little bit too much here.

Cash has benefits not only for my finances, but also for my liver as it turns out

And it is actually quite amusing to see the irritation of the staff at the Rose and Crown for having to actually take another 2 or 3 seconds to do cash

In my own business my favourite account is actually Mr C. Ash. It still goes in the bank but not having to invoice and/or check on DD payments etcetera is bliss.

Ah WayneL good stuff. Some of C.Ash makes it to the hidey hole and the rest goes into general revenue.
No the best thing for the liver whichI have recently taken on board 100% is stop drinking the stuff.
I am now getting back to under 100kg just by cutting out Al.K. Hol. Not too sure about the liver but local Vet reckons I'm on a good thing.
The main aim is to be able to see my toes again without leaning forward to do so.
That over large buldge is the result of the massive rip in the guts I got back when, and finished up with a 9" square patch in the middle. The war inside the gut continues but I'm assured the patch will win in the end.
Got a bit off trck here sorry.