AIBU to put up a sign encouraging customers to pay in cash?

The don't worry bit would piss me off. Patronising.

I don't carry much cash since I had my purse nicked.

Also, you've said the same thing twice straight after the first time.

That would totally put me off, even though it’s worded gently, as it would make me feel awkward. I haven’t used cash for years.

I always have cash on me and occasionally go to cafes that only accept cash. Often the people who I’m with have no cash on them so I end up paying for them as well. But at least you do have the option of paying cash.

There’s a local farm to me that started selling milkshakes in a vending machine. They have had people trying to break into the vending machine to get the cash out. But it’s card payments only for this reason. Some small buisnesses prefer card payments, others say cash is king. My disabled son only has access to cash.

My disabled daughter can only use cash for her respite. So if a venue is card only they have to go somewhere else. I’m totally against a cashless society. A lot of elderly only pay in cash. I myself have gone overdrawn not realising how much I’m spending when all I’m doing is tapping my card instead of handing over cash.

Not offended, but it wouldn't change my method of paying either. I'm happy to (and expect to) pay more, overall if not directly, to enable the convenience, budget control and security I get by not paying cash.

We used to run a small business , and much preferred card payment
You get charged for paying cash in , and have to actually get to a bank in their increasingly changing business hours

I’ve worked in HMRC and since then always avoid businesses that say they want cash. Tax evasion in small businesses is HUGE and requesting cash payments is a big part of it. I’d assume that you’re dodgy and avoid you.

Have you shopped around for a better rate? Banks hate cash just as much as HMRC. It’s a real hassle for them to have o handle cash.

me too. I'd have no problem with it and try to comply.

good luck if you ever need to borrow anything from your bank

if your bank account turnover doesn’t reflect what’s on your filed accounts they’ll not be impressed

As others have said, if your turnover is that high the surely you’re being charged for processing cash too?

When DH was self employed I hated people paying in cash, as it meant keeping it and paying it into his account so he could keep a proper record for taxes.

I do assume that any business that only takes cash is not being entirely honest with the tax man, and I would feel similarly about one that preferred cash due to fees, as it suggests you may not be banking it all!

I operate a cash economy as much as I can and will never use a phone payment app until I'm left with no other choice, so I'd probably patronize your place if you were close to me. I walk out of shops that won't let me pay in cash.

OP - go to the website of the Competition Appeal Tribunal and search for either CICC or Umbrella Interchange Fee litigation. There has already been a collective (class) action filed on behalf of all U.K. businesses that paid interchange fees (the main part of the merchant service charge you pay your acquiring bank) on accepting commercial cards. There will likely be one filed in relation to accepting other types of cards shortly. Your business is in that class and hopefully eventually will get some compensation.

What most posters won’t realise is that there has been literally decades of litigation and regulatory scrutiny of the Visa and MasterCard fees on the basis that they are anticompetitive and therefore unlawful. Sainsburys, Tesco, etc sued years ago. You can google Sainsburys v Mastercard in the Supreme Court and read the judgment.

I’d have a notice in bigger font saying ‘PLEASE PAY IN CASH IF POSSIBLE’ The sign you have is too long and wordy and I probably wouldn’t read it.

I think it's fine to put up a sign, but I'm afraid I would still pay by card anyway - I simply don't carry cash these days.

It would only annoy me if I didn’t know this piror to paying. Otherwise I prefer to pay in cash too.

Just be aware that you can put the sign up, its not likely to change behaviour. We know card payments cost, card payments for most people are too much more convenient.

If it’s about card fees (which I get) then could you ask for preferrably cash or bank transfer? I think most people aren’t paying cash anymore because no one really carries it much anymore and I don’t even have a bank card on me most of the time to go to the cash machine, just Apple Pay. I’d be happy to do a bank transfer though.

A sign like that makes me think the owner is pocketing the cash and not delaring it.

Yes credit and debit cards incur transaction fees, but banks charge businesses far more to deposit cash and even more to withdraw money in small denominations for their float.

When you’re turning over 200k a year it racks up!

At that level of cash though cash isn't free

Surely you're suffering:

• occasional losses with fake notes/coins
• change errors
• costs to pay cash into your business account?

Specify exactly what % payment providers take, as customers are rarely aware. E.g. 30p + 3% of each transaction.

You could offer a 1% discount for paying in cash.

I work for a charity and most payment/donation service providers make it really hard to figure out how much you'll actually get from each online donation.

I prefer cash!
i could have £50 in my purse and it last all week but with card it’s tap tap tap.
it’s so frustrating when there are places that are card only.

YANBU to ask - but....

Most banks will charge business customers for cash deposits and card payments, but do not charge for bank transfers if it is within the UK.

Because you have lumped in bank transfers with card payments instead of cash then I would assume that you wanted cash to skim some off the top and avoid tax.

It wouldn't bother me to the point I wouldn't use the service or that I would report it, but I would think it!

Sign is too wordy but otherwise YANBU.
If you were a local business I liked I would WANT to do whatever made life easier for you and I appreciate the ones that have signs up as it saves me having to ask.

Just ‘cards welcome, cash preferred’ would do.