Was just responding to a couple of posts elsewhere saying we need to avoid a cashless society because they cannot mess with cash. Dont be too sure. A quick look at the RBA site says card transactions legit attract surcharges because sellers recoup the cost of providing the payment method option through these surcharges. Well, it happens that all the major supermarkets, for example, have measured just how much they could increase profit by going cashless. The cost of handling cash at the register, counting and reconciling cash at the end of the day, and the cost of transporting cash (think Armourguard) is considerable. All the major supermarkets encourage shoppers to use EFTPOS for several reasons and one of those is a want to minimise the time and effort spent handling cash.
I predict a small change to the wording on the RBA website is around the corner. They will delete references to card transactions and include something like point of sale transactions.
I also predict cash transactions in the near future will include a surcharge to cover the cost to the seller incurs to allow buyers to pay for items in cash.
That reminds me, I need to get some cash out to pay a couple of casual labourers coming next week to dig some drainage channels on the low side of the house.
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Iza
Semi-permanent state of being Recreationally Outraged as a defence against boredom during lockdown.
As our local village shop is on a tourist route, and we have pretty bad internet and phone services here, cash is king in her shop, the thing is tourists ( grey's and greens) turn up with no cash most of the time, and as their are 2 heavily used camping area's in and around the town, most people who use them are city dwellers, they don't seem to realize that cash is required out here more often then not. The nearest bank is 45 minutes away. I would advise travelers who go bush to carry cash all the time.
Macquarie Bank is completely cashless now. I have a Superannuation product with Mac Bank. If I need cash, I transfer a couple of $000 to a Comm account and get cash from local Woolies. The specific problem I have with this system is the $50 notes the Woolies machine spits out. Local fruit shop actually asks me to pay with a card rather than make change for two bananas and two apples. Local fruit shop does not apply a surcharge to card transactions. I wonder how much they would lose in turnover if they ceased to accept cash?
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Iza
Semi-permanent state of being Recreationally Outraged as a defence against boredom during lockdown.
Yesterday I put $25.01 of petrol in my car and paid the cashier $25.00. Was asked for an additional 5cents. Is that a surcharge for cash? I said I did didn't have a 5 cent coin. He just answered OK. Was that a discount? lol.
Yesterday I put $25.01 of petrol in my car and paid the cashier $25.00. Was asked for an additional 5cents. Is that a surcharge for cash? I said I did didn't have a 5 cent coin. He just answered OK. Was that a discount? lol.
Which fuel station/brand was that, sounds like BS to me, knowing the POS equipment used by fuel stations the only time you would pay the $25.01 would be when you pay by card. Paying by cash then the rounding down and up laws apply, one or two cents round down three and four cents round up.
