Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[mouse]

http://www.foxbusiness.com/features/2017/07/12/visa-takes-war-on-cash-to-restaurants.html

Visa Inc. has a new offer for small merchants: take thousands of dollars from the card giant to upgrade their payment technology. In return, the businesses must stop accepting cash.
 
The company is announcing the initiative this week as part of a broader effort to steer Americans away from using old-fashioned paper money. Visa says it is planning to give $10,000 apiece to up to 50 restaurants and food vendors to pay for their technology and marketing costs, as long as the businesses pledge to start what Visa executive Jack Forestell calls a "journey to cashless."

snip

[MamaLiberty]

As long as it is voluntary, no problem. It will be interesting to see what happens. Those merchants who don't like it won't accept it. The customers who don't like it where it is accepted by the business will go somewhere else.

BTW, restaurants and other small businesses are already closing at an ever higher rate. I can't see any of them being willing to turn down cash paying customers. But we'll see.

[mouse]

Oh look!  The bounty just went up.

http://theeconomiccollapseblog.com/archives/cashless-society-alert-visa-will-be-giving-up-to-500000-to-restaurants-that-go-100-cashless

The push toward a cashless society is becoming more of a shove.  Before today I had never heard of “The Visa Cashless Challenge”, but after reading about it I have to say that I am quite alarmed.  Visa is trying to “encourage” businesses to go cashless, and one of the ways that they will be doing this is by “awarding up to $500,000 to 50 eligible US-based small business food service owners who commit to joining the 100% cashless quest”.  The food industry is still one of the last bastions where cash is used very heavily, and so it makes sense that Visa would want to target that segment.  Of course the more people that use cards to pay for meals, the more money that Visa will make.

snip

[FDD]

As long as banks/Credit card co. charge to use the card, it will never happen.

most banks/CC charge between 1% and 3% to use the card per order.

[fred.greek]

Say the card company does charge 3%.  The amount of cash sales a firm would need to have to offset a $10,000 bribe would be $10,000 divided by .03 or over $300,000 in cash sales.

[FDD]

I just do not see any business turning down a cash paying customer.
no matter how much money/bounty is paid out. 

[MamaLiberty]

I just do not see any business turning down a cash paying customer.
no matter how much money/bounty is paid out.

Again, it might be partly the difference between city and rural. What I'm seeing more and more here is small business people giving a discount to people who pay cash. One gas station in town gives 10 cents a gallon off for cash every day, and 20 cents off for cash on Wednesday. One station in town is now offering gas without any ethanol in it for 20 cents a gallon more than the other. I'm trying to figure out if it would really be worth it to pay that much more. Not that I buy much gas. Probably only five to seven gallons in two or three months.