Cash is King or Not?

stewart · Sep 12, 2021

Foxcover said:
I travelled NZ in 2015 and it’s definitely not the modern, electronic society you describe. Auckland/Wellington/Christchurch are fairly modern but most small towns are lucky if they have one ATM and most business expected cash, felt like stepping back in time 20 years which I quite enjoyed!
This UK bashing from people who don’t live here is getting a bit boring now

Not sure where you went in NZ but ATMs are in every town large and small, EFTPOS has been used since 1985, quite a few are being decommissioned as nobody wants cash they all want to be paid by bank card, credit cards are a different story due to the fees taken by Credit Card companies.
Not UK bashing at all just pointing out the difference between the two countries banking systems, many of the "new" forms of payment are trialled here first as we are a small economy so easier to do the trail work.

d williams · Sep 12, 2021

smcapstick said:
Here’s the thing - I no point did I say I wouldn’t accept cash or cheques. I simply prefer the other two methods of payment mentioned.

It’s the attitude of cash men I often find distasteful. All, and I really do mean all, expect me to ‘lose’ the VAT. Not happening.
In addition, if a customer starts shouting at you because you would rather be paid by card or transfer than receive an ASDA bag full of cash, do you really want to sell them a complicated machine? I don’t. If they scream about that, what else will they scream about? They got a puncture one month after purchase and want me to pay for the repair? The paint has faded, they want a respray? They found another one cheaper and want to send this one back, even though they’ve had it five months? These things really happen.

Customers should always vet suppliers. Likewise, savvy suppliers vet customers.

It’s not necessarily the cash I dislike. It’s the attitude behind it.

Also, cheques are slow as flip!

Don’t you as a trader have to notify local tax officials if paid over a certain amount in cash???

Lincoln75 · Sep 12, 2021

d williams said:
Don’t you as a trader have to notify local tax officials if paid over a certain amount in cash???

Think its above £10k or 10K Euros .

d williams · Sep 12, 2021

Lincoln75 said:
Think its above £10k or 10K Euros .

Don’t think it’s that much maybe we had to declare over $10k in cash on entering NZ when we traveled there a few years ago

Lincoln75 · Sep 12, 2021

d williams said:
Don’t think it’s that much maybe we had to declare over $10k in cash on entering NZ when we traveled there a few years ago

Money laundering supervision for high value dealers

Find out if you’re a high value dealer and need to register with HMRC under the money laundering regulations.

www.gov.uk

TheTallGuy · Sep 12, 2021

stewart said:
Are you confusing a bank card with a credit card, they are totally different. a bank card is really only a plastic form of a cheque book with it being instant as opposed to waiting a day to clear, NZ doesn't use cheques along with a lot of the rest of the world.

In the UK, the majority of "bank card" transactions (credit or debit cards) are performed through Visa & Mastercard - they use an up to 3 day clearing cycle & even after final clearance there is still the possibility of a chargeback taking those funds back. There is the option with some Merchant Services Providers for same day receipt of funds, but that will generally be an end of day consolidated payment following the daily closedown batch processing which would have to be undertaken before 3pm & will entail significantly higher transaction fees than the standard service.

Canada Farmer · Sep 12, 2021

warksfarmer said:
Your posting on a U.K. forum. Might of helped if you had posted where you were from in your first post as your point is irrelevant for this country where cheques are prevalent. We pay 98% of our invoices this way.

Eh, while the forum might be UK based and has participants from around the world it could be said that location in this interweb world is irrelevant.
I would suspect that the global inputs from a diverse individuals to show people in the UK hows things are done globally highlight the differences is a an integral part of why this forum is so successful.
Does it really matter with ones opinion that they are from Milton Keynes , Dildo, Crotch Lake or Big Beaver!!!

4course · Sep 12, 2021

Northern territory said:
We went for an Indian last night, cash only, pub next door plastic only. I said to a mate we should have stood our ground with barman and demanded to pay cash. I’m not bothered either way but you should be given the choice, and saying it harbours germs is rubbish

during the height of the pandemic ,on the occassions they where open a local pub that ive been known to frequent went cashless ,last friday early evening there where 7 folks in the place when prior there could well have been hardly a seat as the groups of self employed tradesmen have gone elswhere .The manager wonders why their customers have moved blaming the covid effect ,the other pub in the street was doing a roaring trade

Canada Farmer · Sep 12, 2021

Flatlander said:
If cash is done away with how will the Politicians get there kick backs from business to make judgements in their favour. How will the pay for ladies of the night to keep them warm on their trips in Cold countries lol

Eh???

, you can't say they, thats discriminating!!!
Only 75% of people using this professional service are men!!!

Canada Farmer · Sep 12, 2021

4course said:
during the height of the pandemic ,on the occassions they where open a local pub that ive been known to frequent went cashless ,last friday early evening there where 7 folks in the place when prior there could well have been hardly a seat as the groups of self employed tradesmen have gone elswhere .The manager wonders why their customers have moved blaming the covid effect ,the other pub in the street was doing a roaring trade

Equally I've seen it done here to at bars, get yer drinks and stand oot side social distancing while having your beer or bourbon!!!

Highland Mule · Sep 12, 2021

Lincoln75 said:
the set up and monthly fee`s would be cost prohibitive

£29 to buy the terminal, 1.69% transaction fee, no monthly.

SumUp - card payments without the contract

Accept card payments with SumUp, no matter your business.

sumup.co.uk

Canada Farmer · Sep 12, 2021

stewart said:
Most of the world used to bank like the UK, most have moved on and operate a simpler more efficient system, the UK may catch up one day! Why is it so important to understand cash? Cash is really only needed by drug dealers and hookers.

The UK was 20 years behind 30 years ago!!!

I see absolutely no reason why the fine establishments like bordello's should be unfairly disadvantaged!!!

Sharpy · Sep 12, 2021

Highland Mule said:
£29 to buy the terminal, 1.69% transaction fee, no monthly.

SumUp - card payments without the contract

Accept card payments with SumUp, no matter your business.

sumup.co.uk

That's fairly got cheaper than the last time I looked.

Tarw Coch · Sep 12, 2021

76masseyman said:
I wonder what our ‘friendly’ local large Sunday market host does with all the cash to dispose of it ?
Those buckets that the car park people stand with must weigh heavy by the close of play !!

Is that the one that’s rumoured to have a churn full of cash in his porch?

Cowmansam · Sep 12, 2021

He won’t have for long if that many know about it

Farmer Roy · Sep 12, 2021

Lincoln75 said:
With card payments its instant out of your account but the money does not usually hit the traders/recipients account for 3-4 working days , billions in limbo and generating the card companies lots of interest.

when your banking system catches up to the rest of the world, you’ll find debit card transactions ARE instant.
Well, they are here anyway . . .

Cowmansam · Sep 12, 2021

Farmer Roy said:
when your banking system catches up to the rest of the world, you’ll find debit card transactions ARE instant.
Well, they are here anyway . . .

They are here don’t know where he’s banking but I’ve never had to wait

Farmer Roy · Sep 12, 2021

Lincoln75 said:
With card payments its instant out of your account but the money does not usually hit the traders/recipients account for 3-4 working days , billions in limbo and generating the card companies lots of interest.

if that’s a negative argument against cards, then cheques are even slower . . .

76masseyman · Sep 12, 2021

Tarw Coch said:
Is that the one that’s rumoured to have a churn full of cash in his porch?

Could be. Lots of rumours around pertaining to buckets of coins ‘upstairs’ as it’s a £1 per car to park, and a sign saying “coins under 50p not accepted”.
All stall and stand holders pay cash from what I’ve seen.

Lincoln75 · Sep 12, 2021

Farmer Roy said:
when your banking system catches up to the rest of the world, you’ll find debit card transactions ARE instant.
Well, they are here anyway . . .

But not here ,you may as well quote Mongolian banking systems , no relevance to UK business banking.

Cash is King or Not?

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