New York City Bans Cashless Businesses

Discussion in 'The OT' started by Mark Holtz, Jan 26, 2020.

  1. Mark Holtz

    Mark Holtz New Texan

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    Richardson,...
    From Forbes:

    New York City Bans Cashless Businesses
    FULL ARTICLE HERE

    And, for some more insight...

    From The Official Wasserstrom Blog:

    Cash or Credit: The Cashless Restaurant Controversy
    FULL ARTICLE HERE

    From Modern Restaurant Management:

    Nine Reasons Why Your Restaurant Should Go Cashless (and Three Reasons Against)
    FULL ARTICLE HERE
     
  2. Eva

    Eva Active Member

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    That needs to be passed everywhere.
     
  3. MysteryMan

    MysteryMan Well-Known Member DBSTalk Club

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    I agree.
     
  4. Rich

    Rich DBSTalk Club DBSTalk Club

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    Really have to wonder why any business would do this. I understand it's a lot easier to use credit cards than cash. It seems to me there's a whole generation of people that have a hard time dealing with the arithmetic of a cash purchase and that makes for long lines but to go to the point of becoming absolutely cashless seems kinda stupid.

    Rich
     
  5. inkahauts

    inkahauts Well-Known Member

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    I wonder how much they want to do that because.... then they won’t be robbed because they don’t have cash, and the cost for having an armored truck is so high it’s costing more than credit card fees, and who wants to take cash from a business to an actual bank anymore, it’s risky...

    Personally if they don’t want to take cash I think that’s their right...
     
    hookemfins and SamC like this.
  6. James Long

    James Long Ready for Uplink! Staff Member Super Moderator

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    I have been living cashless for the past few years. All debit cards and other electronic payments.

    I worked in retail in the 1980s and would have killed to run a card only register. Cash is filthy and takes a lot more handling time. A modern credit card machine can approve and process a sale within seconds - with no complaints from that customer who said they gave you a $20 instead of a $10 (a common scam). There are pluses and minuses (as stated in the articles). While I have not run in to a "no cash" business yet (other than online purchasing), I certainly understand why companies would want to be no cash.

    (I am annoyed by companies that add a credit card surcharge. I feel that my use of cards saves them enough money (less time at their register, etc) that they should be able to pay the processing fee.)
     
  7. Rich

    Rich DBSTalk Club DBSTalk Club

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    Is it their right to deny service to someone that wants to use cash? There are people that don't use credit cards for every little thing (I'm not one, I always use a card when I can), should they be discriminated against because of that? The "right to spend cash" isn't protected in any way I guess.

    Rich
     
  8. MysteryMan

    MysteryMan Well-Known Member DBSTalk Club

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    Coins and banknotes are "legal tender" that must be accepted in payment of a dept.
     
  9. Rich

    Rich DBSTalk Club DBSTalk Club

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    Yup, that's what I thought but how do they get away with only accepting credit cards?

    Rich
     
  10. SamC

    SamC Hall Of Fame

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    It is one of those internet truisms that places have to accept cash. No such law.

    Anyway, I carry quite a bit of cash, and have a little more tucked away in the car. I’m able to take care of myself, and practice concealed carry 100% of the time. But that is just incase the system goes down. I use a credit card for everything, and get the air miles, and I Apple Pay my friends for small debts we owe each other like somebody picks up McDonald’s for the group. I haven’t paid cash for much of anything in nearly a decade.

    My dry cleaner stopped taking cash a couple years ago. Never noticed.
     
  11. inkahauts

    inkahauts Well-Known Member

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    I can say the same for businesses that are cash only. Are they not discriminating against credit cards only people?
     
  12. inkahauts

    inkahauts Well-Known Member

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    Rich likes this.
  13. Rich

    Rich DBSTalk Club DBSTalk Club

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    You mean like the dry cleaner that SamC referred to? I know why dry cleaning places only want to accept cash, that's the route to riches. If they have to use credit cards the American Dream just doesn't happen. We used to have a dry cleaner just up River Road. Korean guy. He could not get away with not accepting credit cards because other places did accept the cards. Without credit cards he would have gone out of business. With credit cards he couldn't make enough to live on. Went out of business.

    Rich
     
  14. James Long

    James Long Ready for Uplink! Staff Member Super Moderator

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    "This statute means that all United States money as identified above is a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law which says otherwise."
     
  15. raott

    raott Hall Of Fame

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  16. Mark Holtz

    Mark Holtz New Texan

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    It more advantageous for me to pay by credit card, and all of my monthly bills except my mortgage is auto-billed by credit card. I pay off the balance each month, and I got money back through rewards.

    It also shouldn't matter to the government how I pay for the transaction. Let the business deal with the consequence. In fact, I am suspicious of a cash-only business and the possibility that transactions are handled "under the table". I would think that governments would embrace digital payments because it becomes much harder to hide the money, thus maximizing the generation of tax revenue.
     
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  17. SamC

    SamC Hall Of Fame

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    Life pro tips:

    Yes, using a credit card linked to a rewards plan and paying off the balance every month is always the best policy.

    However, allowing utilities to “auto bill” from your credit card or worse yet “auto deduct” from your checking account, is not the best practice. Every now and then you see the deal where the computer goes nuts and some old lady has a million dollar water bill. Auto bill or auto deduct will, or will at least do the best it can, at taking all that money and, as the saying goes, “possession is 9/10th of the law”. Better to get bills sent to you (electronic is fine) and then pay them if they seem reasonable. The only entity that I let debit my account is my insurance company, because they give me 10% for doing so, and tell me the charge is coming a month out; on the other hand the only entity that won’t accept credit cards for payment is my electric company. I have to pay them by electronic check. They charge $5 to take a credit card, apparently they make money off deadbeats with disconnect notices and that is their credit card market.

    I charge my rent, my phone, every other payment, and 99.9% of purchases and have enough to go around the world on two airlines built up.
     
  18. Getteau

    Getteau Icon

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    I wouldn't say I'm 100% cashless, but unless I'm going on a trip, I rarely ever carry cash. So for me, I'm more likely to walk out of a cash only place because I simply don't have enough cash in my wallet to pay for anything. About the only time I carry cash is when I go to one of my kids sporting events. It's usually a few dollars to get in and they don't take cards.
     
  19. TheRatPatrol

    TheRatPatrol Hall Of Fame

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    I thought businesses had to pay fees for each credit and debit card transaction? So you would think they would want cash.
     
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  20. SamC

    SamC Hall Of Fame

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    Well, yes they do. Depending on the size of the company, it can be somewhere between a fraction of 1% and nearly 2%.

    But, and lets use my cashless dry cleaner from above as an example, a single stall in a strip mall with a single, minimum wage female worker (the actual cleaning is done elsewhere), so consider:

    - If you take cash, somebody has to go to the bank to get cash to make change, and somebody has to go to the bank every evening to deposit it back. With cc only, just open the door and go to work.
    - If you take cash, somebody has to reconcile the cash register tape with the cash on hand, a slow hand work process. With cc only, it is virtually impossible for the staff to steal, they just scan the bar codes and swipe the cards.
    - If you take cash, somebody might just rob your sole female employee in a strip mall stall by herself. With cc only, there is nothing to steal (except other people’s clothes).
     
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