Cash or Card?
By Daniel
@Danielclark691 (2143)
April 5, 2022 9:39am CST
During the pandemic many retailers used the excuse of Covid in order to stop accepting payments by cash. Some stopped completely, such as cafe's and restaurants, whilst others suggested they preferred it, but didn't refuse cash.
There are many costs involved in both types of transaction, though card payments seem to be preferred due to the time and costs involved in cash handling, and the possibility of theft and miscounting etc.
Card payments carry a fee for each individual transaction. This cannot be added to the transaction for the consumer, but it does cost the business.
Cash transactions carry banking charges, along with time and effort in cashing up, with human error a major factor in companies simply preferring card payments.
Due to technology/software issues, cash is clearly the simpler choice for the consumer. I prefer paying by cash, and I would always support a cash business over one that refuses to accept cash as payment.
Which payment method do you prefer? Cash or card? Or a mixture both?
5 people like this
5 responses
@JordanLader (7407)
• Sparta, Tennessee
5 Apr 22
With the banks closed so much more, I tend to just use my card now. I rarely carry cash anymore so I have to look and see if I will need it prior to going to an event. Though some banks have gone back to normal hours now.
1 person likes this
@Danielclark691 (2143)
•
6 May 22
Banks closing certainly has impacted, I must admit. Customer habits change, but cash is still a very important payment method.
@JordanLader (7407)
• Sparta, Tennessee
9 May 22
@Danielclark691 Yeah, it keeps me from over spending at stores lol
1 person likes this
@Danielclark691 (2143)
•
9 May 22
@JordanLader on one hand you could say that card spending allows you to keep an eye on your spending as you can always keep a track of what you have spent. On the other hand, yes, you can spend on things you may not usually buy.
1 person likes this
@JudyEv (381905)
• Rockingham, Australia
8 May 22
@Danielclark691 I think having the option is important. Card was encouraged here during the pandemic but I'm not sure it was enforced anywhere.
1 person likes this
@Danielclark691 (2143)
•
6 May 22
It can be, but not always. I think cash can be convenient on occasion, and I think giving the consumer the option is important.
1 person likes this
@Danielclark691 (2143)
•
9 May 22
@JudyEv Yes! Good to have the option. Allow the consumer to decide.
1 person likes this
@Danielclark691 (2143)
•
6 May 22
I am not sure. I think give people the choice.
1 person likes this
@DaddyEvil (174296)
• United States
5 Apr 22
Businesses in the US can refuse to accept cards but can't refuse to accept cash.
"Section 31 U.S.C. 5103, entitled "Legal tender," states: "United States coins and currency [including Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks] are legal tender for all debts, public charges, taxes, and dues." This statute means that all U.S. money as identified above is a valid and legal offer of payment for debts when tendered to a creditor." Excerpt taken from:
https://www.federalreserve.gov/faqs/currency_12772.htm
@porwest (112802)
• United States
6 May 22
I tend to use my Discover card for most purchases simply because they pay me 1% to 5% cash back, and I do not carry balances, so I do not pay interest. But I still always have plenty of cash on me.
As for the fees, yes. It is a cost a business incurs. But do consumers pay it? Ultimately yes, because all costs of the business are in the prices of the goods and services they sell. So, ultimately consumers pay for the privilege of using a card.
1 person likes this
@Danielclark691 (2143)
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9 May 22
I think it is great that you have such incentives on card. As long as you can pay them back.
1 person likes this
@porwest (112802)
• United States
9 May 22
@Danielclark691 I never use credit cards for things I cannot afford. It's a rule for me.
