CASH is POWER! But.......

[EweSheep]

the paper cash, coins are going to be phased out by credit/debit cards. http://www.cbsnews.com/8301-3445_162-57404086/why-cash-is-losing-its-currency/

What if you want to buy a chicken from the farmers market? Buy fresh fruits? How is that going to help the backyard gardner sell their extra produce?

Not everyone will have the credit card reader. Unless everyone buys a credit card reader for their computers.

What do you all think what will happen?

 

[joedie]

i really doubt. I watched a program like on history channel and they were at the US Mint. it costs the govt more to make the penney than its worth but they won't stop doing it because the people would be irate. So I doubt they would get rid of the larger denominations.

 

[EweSheep]

I agree but I'm sure the credit cards benefits the bank industries and government to see what kind of buying power the customers are doing with their currency.

 

[rebelcowboysnb]

This..

 

[EweSheep]

Thanks Rebel but I dont have an IPod or internet on my phone.

What will we do if we have a power outage?

 

[rebelcowboysnb]

I don't have one ether but that is the way things are going. I get asked all the time if I take cards. Heck, I don't even like to take checks. Fact is that if you customers are other farmers cash will always be king but if your customers are the general public then just like we all had to move to taking checks, we will all have to move to taking cards. At some point not taking them will cost you more in sales than taking them will cost you... I am not there yet but I see the day coming...

 

[dfr1973]

Two words: Processing FEES. They tend to average 3%, and the past couple years I have seen locally-owned businesses that post little signs asking customers to use cash when possible to help them avoid the processing fees (and they post the % when they do this).

This cashless push is being led by the large plastic-issuing banks and processing companies. I personally see NO benefit for the customer or small business in it.

 

[rebelcowboysnb]

The benefit is to the banks an there 3%. The consumer has the benefit not handling cash. The store gets faster register lines an not having to deal with as many checks.

Then there is the drop in the incentive for robbery by having less untraceable cash on hand.


The only down side is to the store who is losing the 3%. As long as the downside is just on the store end card use will keep growing.

 

[hemet dennis]

The benefit to the Government is it would cut into the underground economy.

 

[speckledhen]

We don't even have a debit card. We have only an ATM card that, by our choice, cannot be used like a debit card. We have no cell phones, either, and haven't for years. Don't intend to get them again. Guess us lowly peons will have to barter on the sly.