Cashless society

[JohnDe]

Fascinating. Are they putting in any arrangements for those customers who walk in without cash? ATM maybe? Or are they happy for say 10 customers who may have otherwise spent $50, $100 or more each to turn around and leave?

I don't know. I can only point out what they say they have experienced -

“Our first weekend as a Cash only Business. The support we received was truly amazing! Thank you all so much.”​

​

After a steady decline in cash usage, with people preferring to use the convenience of debit or credit cards, Zeppole & Co are fighting for a resurgence in cash popularity, and their new policy only cements this.​

What happens at a business that doesn't accept cash and the eftpos goes down?

 

[Bellcose]

What happens at a business that doesn't accept cash and the eftpos goes down?

If it's a localised problem i.e. malfunctioning terminal, they lose. Customers likely to go elsewhere. Like others I've watched what occurs. It usually applies in the bigger towns in the case of where there are multiple outlets e.g. cafes and the like. If it is on a wider scale, it depends for how long the outage is.

Beyond a day many customers get twitchy especially those who already have limited funds and are stretched to pay the bills. A number go off the deep end the moment it happens as the electricity bill is due, pay hasn't gone in (which can occur due to other reasons beyond eftpos failure) and they have little in the bank anyway in order to fund a direct debit.

Overall I think it is businesses which have the most to lose and that isn't good given the higher failure rate for small enterprises. May tip them over the edge. Sure there will be a few mutterings of outrage on the preferred social media sites at what has happened to their favourite but they majority stay silent and find a similar business in some other location. In twelve months or even less the failed business is mostly forgotten. Meanwhile, the landlord of the commercial premises goes looking for another tenant to shake out the welcome mat.

 

[JohnDe]

If it's a localised problem i.e. malfunctioning terminal, they lose. Customers likely to go elsewhere. Like others I've watched what occurs. It usually applies in the bigger towns in the case of where there are multiple outlets e.g. cafes and the like. If it is on a wider scale, it depends for how long the outage is.

Beyond a day many customers get twitchy especially those who already have limited funds and are stretched to pay the bills. A number go off the deep end the moment it happens as the electricity bill is due, pay hasn't gone in (which can occur due to other reasons beyond eftpos failure) and they have little in the bank anyway in order to fund a direct debit.

Overall I think it is businesses which have the most to lose and that isn't good given the higher failure rate for small enterprises. May tip them over the edge. Sure there will be a few mutterings of outrage on the preferred social media sites at what has happened to their favourite but they majority stay silent and find a similar business in some other location. In twelve months or even less the failed business is mostly forgotten. Meanwhile, the landlord of the commercial premises goes looking for another tenant to shake out the welcome mat.

I find that truer of larger businesses, such as mine. I could change to a cash only system, but I would have to downsize and let some staff go.

Smaller businesses are more suited to cash only, I know of a few that are having no issues running a successful business with only cash. They seem less stressed. They also use going to the bank as a time to visit the locals and get in some networking.

In the suburb that I operate my business is a small family run fruit and vegetable store, they only open on weekends and only accept cash. they have run their business like that for the past 20 years, and I have never seen a shortage of customers.

Then there's the lovely lady and her daughter that live in my home suburb that make specialty cakes for birthdays, weddings, and so on. Cash only, and they have been operating for 10 years. All word of mouth.

My mate's wife is a hairdresser, she has a lot of older clientele and does a lot of home visits and does not have a mobile eftpos. Her customers pay with cash and have done so for nearly 20 years.

I have to contend with issues with eftpos that has been increasing over the past several months. I am with a large bank, I have the latest and greatest eftpos tools, I have back up internet with two different providers. And still, I have a weekly issue which causes me to waste my time and my customers time, it can be stressful.


Cash is not stressful. And if you have a product or service that people want and like, they will pay for it any way that the provider wants. Cash is easy, for those that know how to use it

 

[JohnDe]

It happened again, no one is to blame. One of my elderly customers forgot his PIN, he didn't think that he did, but when it came to the third attempt, I stopped him because on the third failed attempt the banks trash the card, and it becomes harder to sort the issue. I tried to manually enter the card details, like a phone order, but the card had no CVV number. The card is a Westpac and the number system was different to what I have previously seen.

I've known him for 20 plus years and told him to go to the bank and they will help you. don't rush back, come in tomorrow. I could see that he was stressed and upset.

He was back in an hour. Turns out that he had used the wrong PIN. While he was at the bank, he took out his money and paid me in cash.

He left with a smile on his face

My business is a family business, founded in 1975. I am the second generation, started working here during school holidays and Saturday morning s in the 80's. I started full time after year 12 and a few other jobs while discovering the world. My elders taught me to be polite, don't over commit, and don't put off what you can do today, take the job while it's there because tomorrow it will be gone.

I've seen when payments were mostly cash, and cheques were to be feared because they had a habit of bouncing. I have experienced credit card payment that required a carbon copy for the customer, the business and the bank, and a phone call for approval over a certain amount. Weekly cash deposits to the bank have turned into quarterly visits, with the hope that the bank branch is still open.

During all that time I have never thought of collecting cash, holding cash or banking cash as a problem. However, I do feel the stress when a customer can't pay. Credit and Debit cards have reduced that stress on me, if the customer doesn't have the money and they have a card the problem is not mine. Not a problem like it was when a cheque book came out, or the customer started to beg for credit.

I have no issues collecting cash or having it go directly to my account, even if the bank likes to take a percentage and sometimes hold it for a day or two.

But there is a problem that is growing and can be stressful. I am experiencing more of my older customers having issues with the cashless system that is being forced on them. These are the people that find it easier to use cash, but harder to access their money because the banks are closing down branches, and the ones that are open make withdrawing their money hard.

The elite, that is what I will call the know it all's that tell us that cashless is the best, and cash is expensive, and speak to us as if we don't know anything, the elites can have their credit and debit card, but stop pushing your ideals onto everyone.

There is room in the world for choice.

 

[Bellcose]

Smaller businesses are more suited to cash only, I know of a few that are having no issues running a successful business with only cash. They seem less stressed. They also use going to the bank as a time to visit the locals and get in some networking.

It's a fascinating subject. I've been talking to a fella who operates two businesses both in hospitality but different segments and he dislikes cash as it chews into his time having to reconcile and then bank it. However, while Canberra is really a large country town, it isn't a place where people hang around to pass the time of day with others. It may be different in towns such as Bungendore or Braidwood. Slower pace probably matters.

I have to contend with issues with eftpos that has been increasing over the past several months. I am with a large bank, I have the latest and greatest eftpos tools, I have back up internet with two different providers. And still, I have a weekly issue which causes me to waste my time and my customers time, it can be stressful.

That is a good point. Reliability issues are certainly detrimental.

I don't believe using cash will disappear but its use has declined remarkably over the last few years. According to the last numbers I saw was that pre-Covid 8% of contactless payments was by mobile but in 2022 it reached 33%. Probably higher now and older people have also taken it up. Not saying whether that is good or bad by the way as the number I have seen fumbling around and failing to even access the digital wallet is a sight to behold so I have my doubts. I must teach myself to do the same in order to be at one with my people.

It is funny in some ways. Vanguard placed money in my account this morning. An all digital transactions. In fact is there a company which now sends cheques as a dividend payment? I think most insist on a bank account and not send the dividend payment until notified of bank details. Heck, EFT is digital as is BPay. Even the amount in your bank are digital numbers on a computer screen.

There is room in the world for choice.

Agree with you absolutely there. It isn't one or the other but standing on the sea shore yelling at the waves doesn't cut it.

 

[JohnDe]

Looking for a part for a classic car, called Burson Automotive "sorry our internet and eftpos is down"

Called Repco, same thing "internet and eftpos down"

Two different stores 5 kms apart.

Drove to the shops to get some things for dinner tonight, sign at the front - sorry eftpos is not working.

Welcome to the 21st century.

 

[wayneL]

I went to the

Looking for a part for a classic car, called Burson Automotive "sorry our internet and eftpos is down"

Called Repco, same thing "internet and eftpos down"

Two different stores 5 kms apart.

Drove to the shops to get some things for dinner tonight, sign at the front - sorry eftpos is not working.

Welcome to the 21st century.

I've finished for the week and went to the grog shop and bought a carton of Guinness tinnies for cash.

Mrs is out shopping and will be buying ludicrously overpriced cuts of meat and booze (though perhaps not that Armagnac mentioned in the other thread ), all with cash.

Luddites rule, Okay?

 

[wayneL]

https://www.news.com.au/technology/online/massive-outage-hits-companies-around-the-world/news-story/e02375a976a08b45e72e64040fe14362

So now imagine now if the whole world went full on hellcat/scorched earth/EMP/ F*** you and the donkey you rode in on.... And we were fully digital.

Got a year's supply of food, some non digital medium of exchange, self defense etc?

Can your burn your credit card for fuel
and head out to where the pavement turns to sand? (Bonus points for the musical reference)

 

[divs4ever]

Looking for a part for a classic car, called Burson Automotive "sorry our internet and eftpos is down"

Called Repco, same thing "internet and eftpos down"

Two different stores 5 kms apart.

Drove to the shops to get some things for dinner tonight, sign at the front - sorry eftpos is not working.

Welcome to the 21st century.

but opened my wallet .. and the cash is still there

shame it is too cold to go out i might have had the place to myself

 

[wayneL]

but opened my wallet .. and the cash is still there

shame it is too cold to go out i might have had the place to myself

At the pub with missus and her friend, got a call to go out and put on a pulled shoe, locally. I'm sitting there with two gorgeous ladies, drinking wine and having impure thoughts, thinking, nah fark that.

Cash was the impetus.haha

 

[divs4ever]

At the pub with missus and her friend, got a call to go out and put on a pulled shoe, locally. I'm sitting there with two gorgeous ladies, drinking wine and having impure thoughts, thinking, nah fark that.

Cash was the impetus.haha

according to the last Census the average age in this village is 65 .. and by moving here i didn't bring that down at all

the locals are more likely to be cheerful than gorgeous , LOL

 

[wayneL]

I'll take

according to the last Census the average age in this village is 65 .. and by moving here i didn't bring that down at all

the locals are more likely to be cheerful than gorgeous , LOL

I'll take cheerful. Gorgeous is subjective.

 

[wayneL]

Can we now see, even just with ordinary run of the mill ( yet quite serious) outages, how absolutely vulnerable the digital system is?

Imagine if a belligerent really wanted to take out our digital system, how easy it would be, how deleterious to society it would be, no matter how short the time frame.

Cashless = absolute insanity.

 

[farmerge]

Looking for a part for a classic car, called Burson Automotive "sorry our internet and eftpos is down"

Called Repco, same thing "internet and eftpos down"

Two different stores 5 kms apart.

Drove to the shops to get some things for dinner tonight, sign at the front - sorry eftpos is not working.

Welcome to the 21st century.

Cash is the Lord of the Manor today Big hit on a lot of businesses. No cash no can sell you anything.

 

[farmerge]

Can we now see, even just with ordinary run of the mill ( yet quite serious) outages, how absolutely vulnerable the digital system is?

Imagine if a belligerent really wanted to take out our digital system, how easy it would be, how deleterious to society it would be, no matter how short the time frame.

Cashless = absolute insanity.

@wayneL Having a stash of cash saved my bacon this arvo even a same discount as the business didn't have any change. Slow learners I reckon.

 

[againsthegrain]

@wayneL Having a stash of cash saved my bacon this arvo even a same discount as the business didn't have any change. Slow learners I reckon.

didn't affect me at all business as usual... because I use cash anyway

 

[wayneL]

@wayneL Having a stash of cash saved my bacon this arvo even a same discount as the business didn't have any change. Slow learners I reckon.

2 or 3 years ago increasingly people wanted to pay me via EFT (I don't have and never will have an EFTPOS terminal). If they want to osko me that is fine but they have to do it in front of my eyes, otherwise, cash.

Interestly in the last few months proactively trying to pay me in cash. I don't know the reason for this but it is noticeable... And who am I to argue.

It suits me to put it in to the bank for various reasons (it goes into the markets), but there it is.

 

[farmerge]

2 or 3 years ago increasingly people wanted to pay me via EFT (I don't have and never will have an EFTPOS terminal). If they want to osko me that is fine but they have to do it in front of my eyes, otherwise, cash.

Interestly in the last few months proactively trying to pay me in cash. I don't know the reason for this but it is noticeable... And who am I to argue.

It suits me to put it in to the bank for various reasons (it goes into the markets), but there it is.

@wayneL What, no hassle wasting your "precious" time travelling to the bank to deposit it??
We enjoy the chatter with the tellers when we drop our cash off.

 

[Value Collector]

didn't affect me at all business as usual... because I use cash anyway

Didn’t affect me either, because I use credit cards, was out all day went to 2 different restaurants paid with Apple Pay, didn’t here anything about the fuss till I got home and put the TV on.

 

[Bellcose]

We enjoy the chatter with the tellers when we drop our cash off.

If the bank systems are down what happens when you drop cash off. Does the teller enter all the details later when the system is available again? I've not be able to work it out at a technical level but then I've not seen any issues so far.

I admit I haven't seen the inside of a bank in over a decade, and I intend never to see the inside of one in my lifetime, but I don't recall anyone hanging around to have a natter with the bank staff. However, that was in capital cities. It must be different in smaller regions understandably as they are generally more friendly.