Debit card charge

[islandgun]

I've just seen a piece suggesting we should pay for goods and services by cash only. Their argument went along these lines " A man pays for his restaurant meal with a £50 note, the restaurant owner uses the £50 to buy some cartridges, the gun shop owner to buy some meat, etc etc after many transactions the £50 note remains worth £50. However if the man had paid by card, [as are the many other transactions] and if each transaction carries a charge, the £50 original transaction becomes the property of the banks.  Im not the sharpest knife in the draw so may have missed some points.😄

[Piebob]

I saw that too.  Here it is word-for-word..............

---------------------------------------

Give you something to think about.

Why should we pay cash everywhere with banknotes instead of a card?
I have a £50 banknote in my pocket. I go to a restaurant and paying for dinner with it. The restaurant owner then uses the note to pay for the laundry. The laundry owner then uses the note to pay the barber. The barber will then use the note for shopping. After an unlimited number of payments, it will still remain a £50, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made..

But if I come to a restaurant and pay for dinner digitally - Card bank fees for my payment transaction charged to the seller are 3%, so around £1.50 and so the fee will be  £1.50 for each further payment transaction or owner re laundry or payments of the owner of the laundry shop, or payments of the barber etc..... 

Therefore, after 30 transactions, the initial £50 will remain only £5 and the remaining £45 became the property of the bank thanks to all digital transactions and fees.

PS: it’s now 4 months since I used my card and I love it. More human interactions, more questions, more conversations about why cash needs to be everyone’s priority. No one needs to know where I shop, how much I spend and what I buy. I am not okay with a digital currency - no way.

-----------------------------------------------

I thought everything after the word "therefore" was a lot of ****.

[mgsontour]

There are small fortunes made every single hour of the day during transactions of this ilk ( most people are dormant to these facts ( I have a running £100 cash account at my corner shop ( he enjoys 5 x twenties every so often and I don't have to remember my wallet everytime )) so don't worry about how sharp your knives are sir

[oowee]

The difference is the £50 paid to the restaurant using a card supports the NHS and every other service that we rely upon tax to pay for. 

Edited November 24, 2022 by oowee

[enfieldspares]

There was a man on Radio 5 from Mazuma Bank. He said they made but 0.02% profit on transactions. But as they did £ Billions it all added up.

[islandgun]

18 minutes ago, oowee said:

The difference is the £50 paid to the restaurant using a card supports the NHS and every other service that we rely upon tax to pay for. 

Are you saying that each card payment is directly taxed.....as well ?

[manthing]

19 minutes ago, oowee said:

The difference is the £50 paid to the restaurant using a card supports the NHS and every other service that we rely upon tax to pay for. 

Are you suggesting that the restaurant owner would pocket the cash and not declare it for tax purposes. 

How very dare you.

😂😂

[oowee]

20 minutes ago, manthing said:

Are you suggesting that the restaurant owner would pocket the cash and not declare it for tax purposes. 

How very dare you.

😂😂

Only in Greece 

[Agriv8]

This day and age it can cost business to deal in cash ( counting banking etc etc) I am not saying these are the same as card charges but in a lot of cases there are few banks that deal in cash left on the high street!

Agriv8

[Wymondley]

I'm wondering where you can get a decent restaurant meal for £50!

[discobob]

28 minutes ago, Wymondley said:

I'm wondering where you can get a decent restaurant meal for £50!

Weatherspoons (if you leave “decent” out of your question)😂

[manthing]

10 hours ago, Agriv8 said:

This day and age it can cost business to deal in cash ( counting banking etc etc) I am not saying these are the same as card charges but in a lot of cases there are few banks that deal in cash left on the high street!

Agriv8

Very true. It costs me money to pay cash I to my business account plus time away from work as they don't open on a Saturday morning. A bank transfer also cost but is usually instant, I'm not getting a card reader as they generally charge as well and it can take 3 or 4 days for the money to arrive so loss of interest. 

 

[old man]

13 hours ago, oowee said:

The difference is the £50 paid to the restaurant using a card supports the NHS and every other service that we rely upon tax to pay for. 

True?

Give it 10 years and cash will be a thing of the past, covid has helped in the clandestine move to card only?

Just think of the power transfer, it will enable total control of everything done in life? The ability to turn off access to your own money at the flick of a switch?

[udderlyoffroad]

I dont think you need worry.

One of the inevitable effects of this current government's, ahem, tax policy, is the tax burden is now so high that the black economy will absolutely thrive.

 

[Penelope]

4 hours ago, old man said:

True?

Give it 10 years and cash will be a thing of the past, covid has helped in the clandestine move to card only?

Just think of the power transfer, it will enable total control of everything done in life? The ability to turn off access to your own money at the flick of a switch?

And allow the ickle Justin's to stop access to your money whenever they feel like it.

[Jim Neal]

That absolute pile of rubbish was written by an absolute moron, clueless about economics, who has never run a business and has no idea of how a business or general commerce works.

They're the same kind of person who, when you quote them £100 to do a job that takes 2 hours, they'll immediately remark "Oooh I wish I was on that much an hour!".  Then you have to explain to them slowly using simple words that........ you didn't teleport there so travelling takes time, then after you take off VAT, allow for profit margin, income tax, two classes of NI contributions, the lack of sick pay, holiday pay, paternity pay, company pension and healthcare benefits etc etc etc.... that actually the "hourly rate" that makes it to your wallet isn't really that special.

Then they ask you for a discount for cash.

It doesn't matter what means of payment you use to make a transaction, the bank and the treasury will have their fingers in your pocket regardless. 

[Centrepin]

My vets refused cash, card payment only.

I had a hire car that was credit card only, no bank cards.

Toyota will only accept bank transfer as will my local Police and Firearms dept, no cheques.

I've just had a lift installed (blummin nitmare) bank transfer and bank transfer for deposit.

Yesterday my cleaners asked for bank transfer in future as they don't want cash.

I can't remember the last fuel payment I made in cash.

I had a taxi from toyota to the hire company pay in advance but toyota paid. Apparently you pay by an app now for taxis. 

It almost seems everyone wants no cash, except:

My local RFD (that recently closed) refused anything but cash for at least the last 5 - 7 years.

The guy who fixed my central heating asked specifically for "cash please"😉

However, if you need a card or bank refund it takes 5 - 7 working days for them to pay it back when your payment to them is instant.

Is it also because you can be tracked everywhere by your payments like they do in America? Or am I going into tinfoil hat land?

[39TDS]

I prefer cash payments off many of my customers so I know I am paid to date.

All declared, all with VAT invoice.

BACS in 30 days that doesn't happen is no use to me.

[islandgun]

30 minutes ago, 39TDS said:

I prefer cash payments off many of my customers so I know I am paid to date.

All declared, all with VAT invoice.

BACS in 30 days that doesn't happen is no use to me.

I still pay cash for most things, fishmonger, butcher, grocery, fuel, even car repairs, all receipted and receipts kept.  Like you my cash income is declared. We do get the occasional power cut here and cards become useless, [if we are to believe the doom mongers the rest of the uk is going to be suffering the same fate this winter] what then ?