B&Q Refusing Cash Tranactions

Paullimerick

L1011 wrote:

Most people under 40 would never have had a chequebook and the cheque guarantee card was removed years ago - they're about as relevant now as fax machines.

They still work perfectly. And many business still take them with no question about it.

L1011

charlie14 wrote: »

What can I tell you, from many business`s I have dealt with they prefer cash and I prefer paying in cash as I find it has more advantages than card.
I withdraw my salary in a few transactions, and as much as it annoys me, that is the only charge I pay banks. If business`s do not wish to take legal tender for their products, best of luck too them. I have never found a problem finding ones that do. Even quite a few that will give a discount for cash.

We live in very different worlds.

Dav010

L1011 wrote: »

Most people under 40 would never have had a chequebook and the cheque guarantee card was removed years ago - they're about as relevant now as fax machines.



If places like coffee shops start taking it again I'd expect a 'card discount' to come in (coupled with an across the board price increase) to cover the cost and effort of cash.

There are obvious reasons for retailers concern about accepting cheques which do not apply to cash though.

Would you really expect a card discount in coffee shops considering a high percentage of their transactions would be tap? Seems a poor business decision.

L1011

Dav010 wrote: »

Would you really expect a card discount in coffee shops considering a high percentage of their transactions would be tap? Seems a poor business decision.

Once they've ramped up the base prices to include the actual cost of cash handling.

Rather like how base prices were upped to "offer" reusable cup discounts - when we could still use them!

charlie14

L1011 wrote: »

We live in very different worlds.

Sounds that way. Maybe you should try giving mine a go for awhile. It does have its advantages.

addaword

L1011 wrote: »

The cost to retailers for card transactions was slashed some years ago.

Still is high enough. You will find most retailers
are charged hundreds if not thousands of euro each month for taking cards, by the banks.

L1011

addaword wrote: »

Still is high enough. You will find most retailers
are charged hundreds if not thousands of euro each month for taking cards, by the banks.

And the same or more for cash handling and change supplies for a lower % of their turnover; plus the security and insurance costs.

Mrs OBumble

Do any of you remember the Ulster Bank systems meltdown from a few years ago ..

charlie14

L1011 wrote: »

Once they've ramped up the base prices to include the actual cost of cash handling.

Rather like how base prices were upped to "offer" reusable cup discounts - when we could still use them!

What do you think they will do if they manage to get rid of cash. Raise or cut card fees?
It`s not in the nature of banks when they have you over a barrel not to screw you for every cent they can.

L1011

Mrs OBumble wrote: »

Do any of you remember the Ulster Bank systems meltdown from a few years ago ..

When debit cards still worked but you couldn't get cash out without queuing for hours? Yes.

charlie14 wrote: »

What do you think they will do if they manage to get rid of cash. Raise or cut card fees?
It`s not in the nature of banks when they have you over a barrel not to screw you for every cent they can.

Banks have huge volumes of fintech rivals for card payments. They don't for cash.

Taking out cash is going to continue to get dearer.

Dav010

L1011 wrote: »

Once they've ramped up the base prices to include the actual cost of cash handling.

Rather like how base prices were upped to "offer" reusable cup discounts - when we could still use them!

I agree about costs, my own business went from predominantly cash/cheques 20 years ago to now being predominantly electronic today. Lodging cash is costly a pain in the arse compared to card payments today. It is straight in the bank, faster, cleaner and statements can just be handed to accountant for taxation. But it would be foolish to refuse cash as a form of payment, as like the op, some people do not like using cards and there is no good business reason to risk alienation of those that do.

There is a cost benefit for the shop to offer a discount for using a reusable cup, it reduces the cost of the cups they have to buy, the profit is in selling the coffee, not the cup they serve it in. Also, it appeals to people who are sensitive to the environmental impact of waste. I’m not sure that banning cash payments will have the same appeal to customers.

charlie14

L1011 wrote: »

Banks have huge volumes of fintech rivals for card payments. They don't for cash.

Taking out cash is going to continue to get dearer.

Amazing how rivals in the financial sector can all pay such an equally small rate on deposits, yet can charge a very simila rrate in interest with them all being rival.;)

addaword

I am sure teachers offering grinds will hope cash never disappears anyway!

L1011

charlie14 wrote: »

Amazing how rivals in the financial sector can all pay such an equally small rate on deposits, yet can charge a very simila rrate in interest with them all being rival.;)

Interest rates are all based on ECB policy. Card usage fees are not.

You are going to find it dearer and harder to use cash in a manner that will not apply to card payments no matter what you may think

Dav010

L1011 wrote: »

Interest rates are all based on ECB policy. Card usage fees are not.

You are going to find it dearer and harder to use cash in a manner that will not apply to card payments no matter what you may think

I think you are being a bit naive. As we move more toward reliance on electronic payments, it leaves the banks free reign on costs associated with those transactions. There will be no downward pressure on electronic transaction costs if they become the norm.

L1011

Dav010 wrote: »

I think you are being a bit naive. As we move more toward reliance on electronic payments, it leaves the banks free reign on costs associated with those transactions. There will be no downward pressure on electronic transaction costs if they become the norm.

Except the effort and capital to become a bank in the cash world is sufficient to keep out proper competition - and that doesn't exist in cards. Someone who can shave a tenth of a percent off and still make money will pop up.

That's how we've ended up with some of the cheapest mobile packages in the world for instance. I pay a tenner a month for what costs 25 as an EU average and closer to 60 in the US due to differing startup and regulatory regimes

charlie14

L1011 wrote: »

Interest rates are all based on ECB policy. Card usage fees are not.

You are going to find it dearer and harder to use cash in a manner that will not apply to card payments no matter what you may think

Well if card usage fees are not based on ECB policy, then if the opportunity availed itself there does not seem to be much to stop them charging whatever they feel like.

Dav010

L1011 wrote: »

Except the effort and capital to become a bank in the cash world is sufficient to keep out proper competition - and that doesn't exist in cards. Someone who can shave a tenth of a percent off and still make money will pop up.

That's how we've ended up with some of the cheapest mobile packages in the world for instance

Phones are disposable and when contracts run out, mobile providers know that customers look at other providers, often with deals associated with phone purchase. The same does not happen in the banking sector. I don’t have any data to back this up but I would imagine that the number of people who change their bank current accounts, or even consider it on a yearly basis like they do their mobile packages, is quite small.

Edit: In the first 6 months of 2017, there were 5 million current bank accounts in Ireland, approx 2800 changed banks during that period. I would suspect a lot more changed mobile phone providers in that period.

https://www.moneyguideireland.com/switching-bank-accounts.html

meeeeh

I'm pretty sure that those who like to gamble and are applying for a mortgage wouldn't want cash to disappear. I'm also not sure comparisons with Sweden are relevant. Where I come from cheques are not legal tender for at least 30 years and yet they are still used in Ireland. Every country has their own specifics. I also find it entertaining how Revolout is considered the only electronic option. A company based in London (out of EU) and underpinned by Lithuanian central bank is preferable to EU based bank (Berlin) underpinned by German Central Bank (n26).

L1011

charlie14 wrote: »

Well if card usage fees are not based on ECB policy, then if the opportunity availed itself there does not seem to be much to stop them charging whatever they feel like.

Look beyond the main banks

Dav010 wrote: »

Phones are disposable and when contracts run out, mobile providers know that customers look at other providers, often with deals associated with phone purchase. The same does not happen in the banking sector. I don’t have any data to back this up but I would imagine that the number of people who change their bank current accounts, or even consider it on a yearly basis like they do their mobile packages, is quite small.

Edit: In the first 6 months of 2017, there were 5 million current bank accounts in Ireland, approx 2800 changed banks during that period. I would suspect a lot more changed mobile phone providers in that period.

https://www.moneyguideireland.com/switching-bank-accounts.html

Most people that use the alternative card providers have just left their current account in place and don't appear in the stats

Dav010

L1011 wrote: »

Look beyond the main banks



Most people that use the alternative card providers have just left their current account in place and don't appear in the stats

I do like Revulot, and I have no doubt it’s market share is growing, but I would be surprised if it is popular to older people. I got one myself before I went to Japan last year because I could put yen on it, but if I hadn’t been travelling there, I wouldn’t have a Revulot card. All my kids use them. But going back to the subject of the thread and your assertion that shops will stop accepting cash, it is misguided as a retailer will want to offer both forms of payment in order to maximise sales. But as time goes on, the twenty somethings now are unlikely to go back to predominantly using cash, the teenagers today who tap, Apple Pay, Uber, buy online etc, will rarely if ever use cash.

gmisk

meeeeh wrote: »

I'm pretty sure that those who like to gamble and are applying for a mortgage wouldn't want cash to disappear. I'm also not sure comparisons with Sweden are relevant. Where I come from cheques are not legal tender for at least 30 years and yet they are still used in Ireland. Every country has their own specifics. I also find it entertaining how Revolout is considered the only electronic option. A company based in London (out of EU) and underpinned by Lithuanian central bank is preferable to EU based bank (Berlin) underpinned by German Central Bank (n26).

To gamble you could put money onto a revolut/tide/monese or similar in about 10 seconds if you don't want it to show up on a bank statement...

charlie14

L1011 wrote: »

Look beyond the main banks

If I was to trust a bank ( even though a contradiction in terms) I would at least want one that was in some way regulated.



From what meeeeh has posted in relation to a card favored here by some, Revolout, it would not fill me with a lot of confidence or faith either.


None of those a problem that can be associated with cash.

L1011

gmisk wrote: »

To gamble you could put money onto a revolut/tide/monese or similar in about 10 seconds if you don't want it to show up on a bank statement...

Mortgage firms ask for those operators statements if you heavily use them

meeeeh

charlie14 wrote: »

From what meeeeh has posted in relation to a card favored here by some, Revolout, it would not fill me with a lot of confidence or faith either.

In fairness Revolout is probably perfectly safe but for me N26 is preferred option and the options and interface they offer are more attractive than traditional banks. However I tried to set up direct debit for bin collection and they don't accept non irish Ibans so with any of them you still need irish account. I use so little cash I'm stuck when trying to pay for parking or daughter's gymnastics (cash only) but there is something I like about anonymity cash offers. I just like the option even though I almost never need it. Plus there is something satisfying about coin jar.

Btw takeouts we used all accept cash and while I don't overly pay with cash unless I have to I didn't notice anyone having issues paying with it.

charlie14

meeeeh wrote: »

In fairness Revolout is probably perfectly safe but for me N26 is preferred option and the options and interface they offer are more attractive than traditional banks. However I tried to set up direct debit for bin collection and they don't accept non irish Ibans so with any of them you still need irish account. I use so little cash I'm stuck when trying to pay for parking or daughter's gymnastics (cash only) but there is something I like about anonymity cash offers. I just like the option even though I almost never need it. Plus there is something satisfying about coin jar.

Btw takeouts we used all accept cash and while I don't overly pay with cash unless I have to I didn't notice anyone having issues paying with it.

I thought that statement about takeouts a bit strange. I cannot see Chinese for one, being the fine entrepreneurial people they are, turning away business because they would not take cash.

L1011

Arguing with moderation on thread is never acceptable. Post deleted and will be actioned later, quoting post deleted for cohesion reasons only

Firblog

charlie14 wrote: »

I thought that statement about takeouts a bit strange. I cannot see Chinese for one, being the fine entrepreneurial people they are, turning away business because they would not take cash.

Local takeaway only accepts cash get directions to nearest drinklink if trying to pay with card

Guy:Incognito

I havnt used cash to pay for a take away in about a year. chippers, pizza places etc all do cards . If Im getting it delivered its paid online.

I havnt used an atm this year.

Darc19

addaword wrote: »

Still is high enough. You will find most retailers
are charged hundreds if not thousands of euro each month for taking cards, by the banks.

Incorrect.

Even a medium single store retailer will get a debit card rate of about 0.3% and credit cards of 0.8%.

A bit of negotiating will bring that down.

Banks will charge 0.45% for lodging cash.

A family member is a retailer. She does not like cash due to the cost and inconvenience.