Quote:
Originally Posted by arm79
And he's right. You have no idea how much it costs to deal in cash.
You pay a large sum of cash to this hoist guy and he has to store it and insure it, just in case. Then he has to take it to the bank, whether he pays an employee to do it or does it himself, and takes the risk of it being stolen. He may insure the potential lost, which costs him. If the person taking it gets rolled or loses it, he's out at his loss, not yours. If he or the employee get hurt then workcover get involved and he's hit up for higher premiums and the demand to not use case or use a professional cash transfer service, which costs him even more money.
I work at a place that roughly does about $1m per month in revenue, split about 65/35 card and cash.
Every day we lose money because staff can't count the cash properly, the tills are always out. Sometimes upto $50 a day per till, and there are 10 of them. At the end of every month the aim is to not have more than $1000 in cash lost.
In order for it to be banked for wages and purchases, this cash has to be counted multiple times in house to be sure there are no errors, your looking at roughly 2 man hour days per week spread across multiple people to make that happen.
Then it needs to be transferred using secure professional services to the bank.
Prosegur alone costs about $10k per month. And that $10k does not include all of the other costs listed to make it happen. When that $350k in this case, if it were card, would only cost around $5000 in transaction fees.
Whereas the EFT balances are never ever out of balance and it happens instantly without any extra work required.
Quite simply people stubbornly clinging to cash actually INCREASE the costs of doing business and therefore increase the costs to the consumer, but are completely blind to the fact they are. You are not doing businesses a favour at all.
|
He may be right in him having to pay his staff member, but I am right also when I take my cash walking to a retailer who has no problem accepting it ,
If he does not want to accept cash he will be losing a portion of his income, which in turn will effect his ability to pay his staff member, this is why I would say he took it as I proceeded to leave.
If we think of all the shoulda, woulda, coulda, scenarios, he could have his account hacked, taken to a teller machine at gunpoint, staff member taking a cut from the account, there are risks involved with being in business and that's life.
Cash has worked fine for hundreds of years, Im sure it will work for hundreds more.
I'm also sure your card will be useless if we end up in a war scenario like Ukraine, go buy your food to survive with a cashless society then.