But Adam Dahl of Dahlhaus Fudge said this decision should be up to the individual business.
“I have a lot of customers that come in that get frustrated with places that only accept credit card payments because they have cash and want to spend cash,” said Dahl.
The bill is redundant. Inscribed on the dollar bill is "This note is legal tender for all debts public and private." If you're doing business in the United States and not accepting cash, you're ALREADY BREAKING THE LAW.
ReplyDeleteThis isn't a debt. You go into the transaction with a choice and you decide if you want to do business with said establishment. Then, you complete transaction with established terms.
DeleteI think it's fucking strange for a retail outlet to not want cash considering the tax benefits though...
What Pete ^^^ said.
DeleteAbe: What tax benefits, other than the ability to cheat by under-reporting your income? And chances are that will only last until they notice your politics and begin checking everything closely for anything they can get on you. Your sales are revealed in your business purchases, and unless you're only siphoning off coins and burying them in old tea kettles in the back yard, unreported cash flow is revealed in bank deposits and spending. It's a lot of work for the auditors, and prosecution is no cinch, but unless you're working very hard to cover your tracks to cheat on only 20% or less of your total sales, they'll catch you when they want to catch you.
DeleteAccepting cash does have costs. You spend time counting it, and most small business owners don't have enough hours in the day. You have to make a run to the bank in the morning to get change for the till, and if you're making good money you need a safe to drop the cash in until you make another run after closing to deposit the cash. You have to worry about employees stealing, and about robberies - and I expect that your insurance will rise according to how vulnerable the insurance company thinks you are to robberies and how much the robbers might get.
DeleteSo if a significant part of your business is with the unbanked (homeless, very poor, and immigrants who don't trust banks), or if you're selling something that some people would prefer not to be traced to them (not just shady businesses; how often does a legitimate jeweler make a sale to a married man of a gift for his girlfriend?), you need to accept cash and make the adjustments for this. But for many other businesses, I doubt it's worth it to be ready to take paper, plastic, or rubber.
markm, it sounds like you've really drank the Cool-Aid. You wouldn't happen to be one of those lurking IRS or FBI agents, would you?
DeleteShould be the law of the land everywhere.
ReplyDeleteDebts. There is no law about requiring businesses to accept cash.
ReplyDeleteIf a business refuses to sell you something there is no debt.
On the other hand if you order a $100 meal and they won’t take your $100 bill, they are fucked.
This would save me the hassle of explaining to my wife my credit card was stolen when I take my girlfriend to a hotel.
ReplyDeleteJust as in smoking it should be up to the individual to decide.
ReplyDeleteWe need laws like this to stem the push from the Feds to create an all digital cash free system. Such a system would allow for an insane and unbelievable level of control over us little people.
ReplyDeleteEverything in your life would be controlled. What is bought, quantity bought, where and when. But some how fraud would still flourish.
DeleteEvery small business I deal with loves cash. My dry cleaner, favourite restaurants, and corner groceries often offer discounts for cash payment. I always tip in cash. My HVAC guy gave me 3% off my $12,K system replacement because I paid cash. My mechanic told me that credit cards cost him between 3 & 7%, (often his profit margin) with AmEx and any airline cards being the worst. Everyone smiles when I break out a stack of bills to pay for services. All big companies get The Card.
ReplyDeleteCash will get you 3% off in most places, no questions asked.
DeleteAs for contractors and builders, their eyes light up when you flash a little cash.
Cash is king. I like the idea of a law to stop an all digital cash free system.
ReplyDeleteWe need laws to protect analog Americans. People who don't want to be tracked everywhere and need a phone to get a menu in a restaurant. Cash is freedom. Make freedom mandatory.
ReplyDeleteThe Trudeau Government has put their rampant paranoia on full display by openly discussing a final date where only digital is acceptable. This is no different than an abusive, controlling spouse - it's only a matter of time before the bruises, black eyes and broken bones.
ReplyDeleteThe wife and I sell at farmers markets and several "festivals" local to our area throughout the year. Products of the farm for me and fine hand crafted jewelry for her. You wouldn't believe the number of times we get asked if we take cards or some type of electronic payment. We always smile and politely say "No." The next question is almost always "Can you break a Hundred?" We smile and politely say "Yes."
ReplyDeleteNeck
As Joe Walsh famously sung, "I'm an analog man in a digital world".
ReplyDeleteWe still use cash for groceries and such. It's really annoying at stores which have "Card Only" checkouts.
ReplyDelete