Methods of Payment

[WV Sawmiller]

Dave,

   My bad! I misread. Sorry.

   I am glad we are in agreement on this issue.

[DMcCoy]

I don't disagree with that at all. I was just pointing out that the cc companies aren't taking your money and giving nothing in return.
[/quote]

CC's have their place but I see it as paying someone to facilitate a financial transaction for a fee that isn't really necessary.  If I was retail then I would set up for CC use, I think it is almost required.  I might also give a cash discount.
One could view CC's as payment insurance.

[Ianab]

does anyone know how that came around? did the super markets all raise there prices, or did CC increase sales volume enough to compensate for the loss? or did the CC companies allow them a lower rate in order to gain market share?

There are real costs involved in handling cash. Extra staff, security, staff theft, keeping the money secure (safe etc), insurance , risk of robbery etc.

The local supermarkets prefer you pay with debit cards because the fees are less, and that's the most used payment. They will also happily give you extra cash (from your bank account) as part of a transaction. It's one transaction, no extra fee, and their cash effectively gets banked and off the premises at no extra cost to them.

[pine]

In the last 20 years I have had no bad checks from individuals and not been robbed of cash.  If I had taken cards for $100,000 of sales each year that cost 2%, then I would be out $20,000, plus compounded interest on loans I could have paid off making it at least a $30,000 loss.  $30,000 covers a lot of bad checks.
Even if you raise prices to cover the card cost, you should have raised prices anyway to put the money in your own pocket.
The only reason I see to take cards is that it increases sales that you otherwise would not get.  And that is a good reason.
Bad checks and robbery are just something I don't worry about.
And I have never lost my wallet for more than 1 day in the woods.
Also I did forget to mention the money my wife steals.

2% a year of $100,000 is $2,000 per year.  For 20 years that is $40,000.  Compounded interest would make it $60,000 loss. Ball parking here.  I went from thinking 20 years to thinking 10 years.  Actually makes my point even better.
Thank You Figure Checkers. :D :D

Might want to check those figures sir.  ;)

x2 LeeB
Cedarman
You must work for the federal government, either at the CBO or at Treasury with your analysis of numbers. :

[tmarch]

I don't take credit cards, but had a customer that wanted his stuff today.  He used my computer to log into his Paypal account and paid me.  Worked well.  Oh and BTW cash is still king in my book, unless you can do a barter deal.

[Nomad]

I'll  offer my take on that.  The "new" buying public generally wants to be "served" and has gradually been acclimated to a push button world.  Without the change calculator built into today's cash registers the cashiers would not know how to make change and the customers would not know if it was correct anyway.
[/quote]

Ain't that the truth. :( :(

[ozarkgem]

CC companies don't provide you with anything at no cost. Do you provide saw blades for your customers at no cost? They may provide it but the cost is passed on to you.
Every one has to run their business as they see fit. Just telling you why I don't take credit cards and what the future will bring.

[Cedarman]

A guy came buy with his son to pick up some posts for trail markers for his eagle scout project.
The guy works for a credit card company.  We got to talking about gambling.  He said they are working on software to let you use your credit card for on line games such as poker.  Problem is that it is legal in some states and not in others.  So the software is used in conjunction with your smart phone and its GPS to let you gamble in some states and not in others based on where you are at the time.  Cross into a state that does not allow it, then you instantly cant use your card to gamble.
He also said he would never use a debit card since  it is slower and more difficult to get charges reversed if a store accidently runs it twice or 3 times.
Never used one, so don't know.  Said CC was quicker and safer to rectify problems.

[Nomad]

A guy came buy with his son to pick up some posts for trail markers for his eagle scout project.
The guy works for a credit card company.  We got to talking about gambling.  He said they are working on software to let you use your credit card for on line games such as poker.  Problem is that it is legal in some states and not in others.  So the software is used in conjunction with your smart phone and its GPS to let you gamble in some states and not in others based on where you are at the time.  Cross into a state that does not allow it, then you instantly cant use your card to gamble.
He also said he would never use a debit card since  it is slower and more difficult to get charges reversed if a store accidently runs it twice or 3 times.
Never used one, so don't know.  Said CC was quicker and safer to rectify problems.

     My bank card can be used either way.  Even my own bank told me to never, ever, EVER use it as a debit card for exactly the above reasons.

[4x4American]

When I fill up with gas or diesel I use debit for a few reasons.  One- it comes out right away.  With a credit card it could take a few days.  Two, in NY when you fill up, they have a cash price and a credit price.  The cash price is lower by 10 cents usually.  When you use a debit card, you get the cash price, and when it's credit card, you get the higher credit price.  Three- the ladies love it when you use a debit instead of credit... :D

[NWP]

http://mobile.nytimes.com/2015/04/14/business/owner-of-gravity-payments-a-credit-card-processor-is-setting-a-new-minimum-wage-70000-a-year.html?_r=0