It seems that the world is going cashless, with some retail establishments not accepting cash anymore.
This is especially true in the developed ‘western’ world where tap and go in under a nano second is the de facto payment method.
Although in less developed countries cash is predominantly king, you can be sure that the banks and governments want to eliminate cash and move to a fully digital payment system.
Why? Digital payments have a fully visible fingerprint, and following money is easy for governments wanting to crack down on the ‘black economy’ and eliminate tax dodgers whether they be legitimate or criminal enterprses.
Secondly, Having no cash means businesses don’t need to go to the bank and get change for retail operations, or have to pay in money at their local branch – which is handy as most banks are closing branches at an alarming rate.
What no one seems to recognise is that for every £100 you spend on your debit/credit card the businesses are charged anything from 1.5% to 3.5% plus extra charges, monthly rental of equipment, serrvice charges, the need to maintain a stable Internet connection at all times etc. so the merchant may end up with a lot less than £100.
But that’s the way of the world, isn’t it? We must not stop progress!
I am not here to tell you how to run your life or your business, but to offer something different.
From now on many businesses have decided that in addition to accepting card/phone payments they will have a sign that says the following.
‘We welcome card payments, but we are charged 2.5% by the bank to process your payment. If you pay by cash we will donate the 2.5% to a cause you care about.’
What do you think?
Many of you will think that it is a stupid idea, and that it could never work, and actually you like tap and go because, you see, you’re busy, you have a lot to do, you have a family, you don’t have time to get cash…
Of course you don’t.
And that’s ok.
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