Australian (ASX) Stock Market Forum

Cashless society

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Craton said:
Thnx @divs4ever, that $1.10 scratchie has always stuck in my mind, bought at a newsagent with some left over coin shrapnel.
That'd be over 15 or more years ago now, always thought it was odd.
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am trying to think back that far ( 15 plus years )

that might have been genuine confusion by the retailer ( or a straight money-grab ) but early on in the GST saga , some retailers did actually give you a price plus GST , , the total after GST policy did come in later

i remember that because i was buying fistfuls of music ( guitars, effects, mixers and such ) in the pre-GST stock clearances at the time

but yes GST did create some confusion early on ( and enhanced tax avoidance )
 
againsthegrain said:
it doesn't sound right, most things you buy in proper shops gst is included in final price but on the receipt there is a breakdown and shown how much gst is included in the price.

btw I didn't win nothing
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lots of confusion at the beginning of GST , say you had old ( pre-GST stock ) do you give some discount or pocket the extra margin

and remember some businesses had a little black hole ( OOPS!! box ) under the counter , that completely bypassed the book-keeper/accountant
 
mullokintyre said:
Spent 5 days in Hawaii where cash is king.
The bus system, while very good convenience wise, only took exact cash.
Some other eating joints only took cash.
The same thing here in Palm Springs.
Always asked if I was paying in cash or card.
The two ATM,s we have visited both give you the choice of which denominations you want your cash to be given.
Laundromat still only accepts quarters.
Cash aint dead in USA just yet.
Mick
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I am in the USA at the moment too, ate Lunch at a place in Washington that was Cashless And besides leaving tips for the cleaners and Valet which I specifically bought cash for, I have paid with my Apple Watch everywhere.
 
farmerge said:
@JohnDe This credit card surcharge is in my opinion just a scam. It's not a fixed fee as it should be. What is the cost to transact $1 or $1,00,000 the same??
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I guess having it as a percentage allows the cost to be spread across those using it to move the highest amounts of money, I mean no one selling a coke for $4 wants to pay $5 in transaction costs, but a 1% fee of 4 cents is doable, but if you are selling a hotel room for the night, 1% of $500 is $5 and is doable Also.
 
Value Collector said:
I guess having it as a percentage allows the cost to be spread across those using it to move the highest amounts of money, I mean no one selling a coke for $4 wants to pay $5 in transaction costs, but a 1% fee of 4 cents is doable, but if you are selling a hotel room for the night, 1% of $500 is $5 and is doable Also.
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@Value Collector Some time ago when I was dealing with a local stock feeder, he told me that he was charged a set fee on all of his credit card transactions that went through his business.
Hence my query what is the cost whether it be $! or $1,000,000.
According to him it was about 20c a transactions no matter what the amount was back then.
 
farmerge said:
@JohnDe This credit card surcharge is in my opinion just a scam. It's not a fixed fee as it should be. What is the cost to transact $1 or $1,00,000 the same??
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I'm guessing that the transactions are not as cheap as the financial institutions make it out to be, all the small over the counter swipes are not cost effective. It is not in the interest of the banks to have a fair user pay system because they would show the true faults of a cashless system. Instead of a flat fee as you point out, the banks make it a percentage regardless of the amount as a means to subsidise the smaller inefficient transactions so that they can assist in the death of cash.

Some, like the Greens senator Nick McKim, would say that if you can afford to make a large purchase then you can afford to pay a percentage to subsidise others on low incomes. And that is stupid, because most of the people that get caught with those banks' fees are people on low incomes.

Fees on banks cards hurt low income earners, it is as simple as that.

Creating a cashless society is the modern equivalent of legal tobacco, alcohol and soon to be marijuana sales with high government taxes. The wealthy can afford it, and crow about it, the poor get hammered.

People that try to convince us that cash transactions are expensive and inefficient, they are the tobacco sellers of the past.

electronic money can easily fool the people, with the claim of low fees, and fly-by points, or 12 months interest free, and whatever else they dream up to get you hooked.

Cash is king, you know what you have and what you can spend.
 
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farmerge said:
@Value Collector Some time ago when I was dealing with a local stock feeder, he told me that he was charged a set fee on all of his credit card transactions that went through his business.
Hence my query what is the cost whether it be $! or $1,000,000.
According to him it was about 20c a transactions no matter what the amount was back then.
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No, credit card is always a percentage.

He was probably talking about eftpos eg when you press “savings” that’s a fixed rate used to be 15 cents. That what leads some people to say minimum eftpos $5 etc (which is annoying), but then also encouraging you to insert your card and press savings when the amount is higher (which is cheaper for them, but you miss out on points and interest etc because the cash leaves your account instantly)
 
farmerge said:
When we dine out for morning tea or lunch we always ask the question You taka da cash? if no see yous later.
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I just spent a few days in Detroit, and business owners are more worried about Gang Bangers walking in and “Taka da cash”, just a few miles from where I was is a red zone where even the police don’t really bother policing, you can see why business owners don’t want to keep cash.

I was even at a Burger King just yesterday (not in Detroit) and over heard two managers talking about their tills have been short every day and they need to figure out which staff member is stealing.
 
Value Collector said:
I just spent a few days in Detroit, and business owners are more worried about Gang Bangers walking in and “Taka da cash”, just a few miles from where I was is a red zone where even the police don’t really bother policing, you can see why business owners don’t want to keep cash.

I was even at a Burger King just yesterday (not in Detroit) and over heard two managers talking about their tills have been short every day and they need to figure out which staff member is stealing.
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I am happy that the areas that we frequent for meals etc are relatively safe.
Though I do keep an eye open at one particular shopping centre.
Would appear that the tills need to a couple of cameras installed to see what's happening. Or is it just poor management.
 
farmerge said:
I am happy that the areas that we frequent for meals etc are relatively safe.
Though I do keep an eye open at one particular shopping centre.
Would appear that the tills need to a couple of cameras installed to see what's happening. Or is it just poor management.
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Knock on wood, I've never had the experience of someone trying to steal my cash.

Most of the thefts that are reported are house break-ins to steal the car keys. I'm more worried about mobile phone theft, and some desperado threatening violence to get the password of the phone they are stealing.

Banks, governments and big business want us all fearing cash and moving all our transactions to a cashless system, so that they can get every extra cent that they think they deserve from us through fees and taxes.

Even in the USA where guns and crime are the highest in the world, they prefer cash -

Why You Should Frequent Small Businesses - And Pay With Cash​

Shopping with small businesses offers many benefits from enriching your local community to providing a more personal shopping experience.

Large online retailers and national chains offer perks like competitive pricing, massive inventories and fast shipping, but they lack in a few important areas.

Here's a closer look at the perks of shopping small, and why you may want to use cash when you do.

What Is a Small Business, Exactly?
According to the U.S. Small Business Administration (SBA), a small business is an independently owned business that has 500 or fewer employees.

While national corporations have a large footprint, they only account for 0.1% of American businesses. The other 99.9% – 33.1 million businesses – are small.
And U.S. small businesses play an important role in our country's economy. They've created nearly 63% of net new jobs since 1995 and employ 46% of private sector employees.

Why Should You Frequent Small Businesses?​

Shopping with small businesses offers many benefits, from enriching your local community to providing a more personal shopping experience. Here's an in-depth look at the benefits:

Support Your Local Community​

When you spend money with small businesses that operate in your area, you're helping to support and enrich your community.

"Supporting local small businesses keeps money in the local economy and creates a virtuous cycle for all members of the community," Ben Johnston, chief operating officer at Kapitus, a company that provides loans to small- and medium-sized businesses, said in an email.

Johnston explained that sales to local businesses pay the wages of workers who typically live in the community, and enable businesses to purchase local goods and services, creating further benefits.

"Local businesses also support the community tax base and sponsor local charities, teams and events, putting additional resources into the fabric of the community," Johnston said.

Tony Giannattasio, the mayor of Milford, Connecticut, echoed a similar sentiment.

"As mayor of a city with a vibrant small business community, I know firsthand just how vital our small businesses are to our residents. By choosing to spend your money within your local community, you're not just allowing your neighbors to earn a living, you're also keeping your money in your local economy," he said in an email.

Lower Your Carbon Footprint​

Shopping with local small businesses can also help to reduce your negative impact on the environment.

"Small businesses, like coffee shops, bookstores and restaurants, are often social gathering spots that bring our community together. When you spend your dollars at those local small businesses, you're also decreasing your carbon footprint. The shorter the supply chain, the less environmental impact we create," Giannattasio said.

Different and Quality Products​

Another perk is the product selection small business owners offer.

Small business owners carefully curate a lineup of products based on the needs, wants and preferences of their customers. The items are often higher quality and more unusual than what you can find from a big box retailer offering mass-produced items at scale.

Personalized Customer Service​

Last, small business owners often offer a personal customer service experience. You're not buying from a faceless corporation. The majority of small businesses are sole proprietorships, and those that do have employees employ an average of 11.7 people, according to a March 2023 publication of frequently asked questions from the U.S. Small Business Administration Office of Advocacy.

As a customer, you're never too far from the owner, and they often take a personal interest in customer satisfaction.
For example, I like to visit a local clothing boutique run by a mother-and-daughter duo. One of them is always in the store and they love to chat about their new products and hear what customers like and don't like.

They then take that feedback and use it to decide what to stock next. The personal service is refreshing and much nicer than having to go through three or more tiers of customer service before a person will talk to you off-script.

Consider Paying in Cash When Shopping Small​

When you head out to shop small, you may want to stop by the ATM first.

"Paying in cash typically saves the small business owner between 2% and 3% of the transaction price in interchange fees. Interchange fees are the fees charged by the bank, the processing company and card network to process a credit or debit card transaction," Johnston said.

By the end of the year, if the owner makes $100,000 in sales through credit cards, an average of $2,500 would go to card processing fees.
"Cash also allows business owners immediate access to their money, without having to wait for processing. While this may seem insignificant, it is a key consideration for anybody who has ever opened up their own business," Giannattasio said.

That said, handling cash can come with costs and risks as well.

"Some businesses have found electronic payments to be very efficient by streamlining the checkout process, assisting in accounting for sales and payment of taxes and reducing the cost and risk of handling cash and transporting it to and from the bank," Johnston said.
Square estimates that cash-only transactions can cost retail segments anywhere from 4% to 15%, so you may want to ask businesses you frequent what kind of payment method they prefer.
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JohnDe said:
Knock on wood, I've never had the experience of someone trying to steal my cash.

Most of the thefts that are reported are house break-ins to steal the car keys. I'm more worried about mobile phone theft, and some desperado threatening violence to get the password of the phone they are stealing.

Banks, governments and big business want us all fearing cash and moving all our transactions to a cashless system, so that they can get every extra cent that they think they deserve from us through fees and taxes.

Even in the USA where guns and crime are the highest in the world, they prefer cash -
Click to expand...
I read a few stories of a house invasion, theft of car keys + abduction of the owner for a 1 way trip to the atm, no option of here is my wallet take it all and leave plz 😔
 
JohnDe said:
Knock on wood, I've never had the experience of someone trying to steal my cash.

Most of the thefts that are reported are house break-ins to steal the car keys. I'm more worried about mobile phone theft, and some desperado threatening violence to get the password of the phone they are stealing.

Banks, governments and big business want us all fearing cash and moving all our transactions to a cashless system, so that they can get every extra cent that they think they deserve from us through fees and taxes.

Even in the USA where guns and crime are the highest in the world, they prefer cash -
Click to expand...
@JohnDe Likewise never been held up but have been accosted wanting money in one of the Midland shopping centres. It's the types that houn around on EV scooters that always give concern.
 

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