Cash-only?

[dayzman]

If you could choose, would you prefer taking cash for most of your transactions instead of debt and credit cards?

 

[IANL]

If you could choose, would you prefer taking cash for most of your transactions instead of debt and credit cards?

Depends on the type of trade and value of transaction.

Cash is:
Easily Spent
Easily stolen
Maybe forged
Suspicious are raised when you bank a large sum!!!
People always want a discount when paying cash

Credit Cards are great but you have to pay a fee, maybe cheaper than giving a discount. Many people like to pay by card these days.

 

[tony84]

As a customer, i use my card for everything.
If you dont accept card its an inconvenience. I very rarely have more than about £2-3 in cash on me.

Infact the only time i do take cash out is on a night out to town. If its just to my local i just give them my card and pay it at the end of the night or the following day if i walk out and forget.

As a business owner when we had a pub, we used to accept both. Cash was better on a friday/saturday night as its quicker. However staff tend to have sticky fingers, or you would get fake notes and never a bloody fiver it was usually £20 notes! You could pretty much be sure that the till would never balance 100%.

 

[sirethegreat]

I am a cool cash guy, i always choose this because its the safest

 

[willj87]

Speaking away from 'work mode', I never have much cash on me and always use card. I'm not just saying that. Honest!

Speaking in 'work mode', if you need any help or advice in terms of set up, feel free to contact me. I offer special rates to UKBF members with no set up fee, unlike your bank.

 

[Sparx]

I never have cash with me or carry it, if I have any I always deposit it in my bank. I much prefer using my debit and credit card for everything. I like to be able to track what is going in and out my bank and where it is going - safely!

I've walked out of a few stores as they didn't take cards - there loss! Although I can't remember the last time I have walked into a shop, restaurant, hotel, etc that didn't take card! Everyone does these days..

 

[TheDude]

I use my card for almost everything and as others before, only ever have a couple of quid on me.

 

[sirethegreat]

To follow up on my previous statement, there can be other good things about choosing cash, you are always sure to get your money

 

[TotallySport]

dealing in cash is expensive, you have to pay to get change, pay to put cash in the bank, pay for night safes etc.

 

[BustersDogs]

I prefer cheques (I guess the equivalent of debit cards) over cash because it's easier to work out who has given it to me on collection day. I am aiming to accept cards, but not until I get my premises. I don't carry much cash on me for my own use unless I'm going shopping, and never carry change, so clients have to give a cheque, the exact money, or they get the 'change' put on account to their next walk.

There's no legal obligation to give change if they're paying with cash, although I can see shops would not manage if they tried to stick to that. It came in very handy when I was a cabbie and people kept trying to pay for their £3.50 fare with a £20 note. I did offer to post a cheque back to their house for the difference but it was amazing how many people would suddenly have the correct money, or at least a fiver!

 

[grazzenger]

as comments above show, many people don't carry that much cash about these days. i certainly prefer to pay with credit card as that's how i manage my money.

as an example, our in-store revenue (ie £, not # transactions) stats for december show 26% credit card, 55% debit card and 19% cash.

 

[mhall]

We are currently running at 60%/40% in favour of credit cards. History tell me that will change in the next ten days to 75%/25%

 

[Banned]

7.7% Debit Cards, 0% Credit Cards, 92.3% Cash here for December so far.

 

Oh come on get real credit cards were only invented so banks could make more money.

I always carry a wad as you never know when you can do a quick deal and cash is king.IMHO

Earl

 

[YorkShop]

If you could choose, would you prefer taking cash for most of your transactions instead of debt and credit cards?

I have 4 employees plus me and my business partner... in less than 2 months since we opened I have too much cash, honestly.

50% of money in came from cash and I pay myself, my business partner and only 2 girls of the staff in cash...and still I have too many notes...

... I do not like to have lots of cash, and I do not like to give money to the bank (that charge me for everything a lot: I buy abroad and I receive ugly change rate and every time I have to discuss...), but there is no solution easy to afford.

At the moment I try to pay more than I can in cash (few suppliers, payslips, bills from BT, gas, etc...).

As a customer I pay most with cards...as a retailer I would like to have bank charging a right and honest amount...

... good luck!

 

[IANL]

Just got revised charges through on one of my business bank accounts and as it is deemed "Business Direct" they have a charge of 2.5% on any cash deposit or withdrawal!! That a big charge. If I need cash I draw it out of my personal account and electronically transfer ot back from the business account.

I believe banks have different charges for different accounts. Just make sure you get the right one for you.

 

[mhall]

Credit Card transactions are a lot harder for staff to steal !

 

[Thinehost]

We like some cash but it's certainly more convenient when our processor deposits funds directly into our bank account; we're running out of enthusiasm for standing in queues :O

M

 

[papverpoppies]

Think it should all be about what the 'customer' wants to use.

If you only offer/accept one, then you are cutting your potential sales.

In the real world how many people carry wads of cash any more.

Pops ~xx~

 

[mhall]

In the real world how many people carry wads of cash any more.

Only Earl, by the look of it !

 

[athanne]

There is uneasiness in carrying cash around with you, especially when large sums are involved. The fear of theft keeps on ringing in your head; or still the fear of fake money exchange. Credit cards solve this and give you an easier time in your business. It is easier to put a stop to your account immediately you realize your card is stolen unlike successfully pursuing after your stolen cash.

 

Only Earl, by the look of it !

well maybe its an age thing.Remember when I started there was no electronic banking and cash always got one the best deals.

Somehow reassuring to have cash rather than an electronic figure on some mainframe.

Earl

 

[papverpoppies]

Only Earl, by the look of it !

The old time farmers do..........go to any auction and they bring wads of cash out of their back pocket trousers, that are held up by string

Are you one of them Earl?

Pops ~xx~

 

[nkukard]

As a customer, i use my card for everything.
If you dont accept card its an inconvenience. I very rarely have more than about £2-3 in cash on me.

Same here.

 

The old time farmers do..........go to any auction and they bring wads of cash out of their back pocket trousers, that are held up by string

Are you one of them Earl?

Pops ~xx~

To True.

The wife bought me one of those new fangled belts 10 years ago.

But I can't get on with this modern Technology stuff.:|

Earl

 

[papverpoppies]

To True.

The wife bought me one of those new fangled belts 10 years ago.

But I can't get on with this modern Technology stuff.:|

Earl

Makes for a cunning plan.

Folks look at this person who is bidding, think 'what the heck, he ain't got two beans to rub together' when in reality, he could probably buy them out lock stock and barrel.

Follow him, out to his car, and he gets behind the wheel of a brand new £25.000 plus vehicle.

He obtained all of that because he did not waste money on belts, one roll of string costs a few quid and lasts for years....

Pops ~xx~

 

Follow him, out to his car, and he gets behind the wheel of a brand new £25.000 plus vehicle.

Yup got a couple of grand knocked off it by paying cash.

Not that I would be dumb enough to buy a new car.

Nothing like the crinkle of 50 quid notes to make peoples brains go funny.IMHO.

or "a bird in the hand is worth more than a few numbers on a computer screen.":|

Earl

 

[papverpoppies]

Yup got a couple of grand knocked off it by paying cash.

Not that I would be dumb enough to buy a new car.

Nothing like the crinkle of 50 quid notes to make peoples brains go funny.IMHO.

or "a bird in the hand is worth more than a few numbers on a computer screen.":|

Earl

Or in the oven - or the bed

Pops ~xx~

 

Or in the oven - or the bed

Pops ~xx~

Oh thats right lower the tone of a serious debate.:|

I'm begging to think you may have a Phonographic mind.

P.S christmas tip.

Never stuff a bird in an oven unless its a very big oven.

Earl

 

[Pap_sak]

Just got revised charges through on one of my business bank accounts and as it is deemed "Business Direct" they have a charge of 2.5% on any cash deposit or withdrawal!! That a big charge. If I need cash I draw it out of my personal account and electronically transfer ot back from the business account.

I believe banks have different charges for different accounts. Just make sure you get the right one for you.

You have just made my day - I thought it was just our banks (ZA) that charged for cash deposits! I now feel slightly less skrewed.

 

[blueprint]

You definitely need to allow credit cards.

You will find that even if your client make purchases with cash if credit cards are not available they will be less likely to return in the future.

 

[Wilma_]

Depends on the type of trade and value of transaction.

Cash is:
Easily Spent
Easily stolen
Maybe forged
Suspicious are raised when you bank a large sum!!!
People always want a discount when paying cash

Credit Cards are great but you have to pay a fee, maybe cheaper than giving a discount. Many people like to pay by card these days.

I prefer credit cards for that reason, and it give me some perks.

 

[Rhyl Lightworks]

When receiving payment, I prefer cash for small amounts and cards or PayPal for larger amounts. When making payments, I try and use a card or PayPal for everything, unless there is a surcharge for using credit cards, when I either purchase elsewhere or use bank transfer.

(Incidentally, it is surprising how many businesses and elderly people still prefer to use cheques, although we abolished the use of them in the shop and try to discourage their use for ditance selling. Many people seem to not be willing to give out bank sort code and account nos. thinking this makes them open to fraud, although I fail to see how.)

Barrie