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

[Theydidnt]

I run a small business and we are taking SO much less cash than we used to. It's really having an effect on how much we are taking. But I'm interested to know whether people would be put off by a sign with this wording or whether people support it. I know lots of people think cash is a way of avoiding the tax man and may find it unprofessional. Interested to know people's thoughts

Why don’t you change to a different card machine provider? I only pay a tiny amount on my card payments. I pay as much to pay cash into my business account.

Every small business I know uses a Sum up card machine. The machine is free and the charge is 1.6% of the transaction. That percentage goes down the more transactions you do. I really don't see how your charges could be so much more that it's worth the bigger hassle of dealing with cash - having to make deposits, have more change, increased risk of robbery etc

I would pay cash, after reading this, as long as I happened to have enough on me. Good idea to point out it’s because of the fee you have to pay each time a customer uses their card. I only realised this recently, and previously thought only tax-dodgers wanted cash payments. The tone is polite and reasonable.

It wouldn’t bother me and I don’t get why some pps always assume it is a tax things. Even if they didn’t pay tax I’m more annoyed by Bezos et al.

I don't mind you declaring your preferences but get a bit of backbone and stand by it - don't go so wet at the end with the "but of course card is still fine whatever you want is fine!!!!" bit. You are a shopkeeper not a servant.

But that said, I don't carry my ATM card on me, only a credit card, so I would have to leave empty handed AND then remember to get cash out AND then come back. So I'd have to really want what you were selling (which I might do!). Places I don't know I will usually google anyway so if you were upfront about it on your website, then that's half the battle won.

I'd think you were cheeky fuckers. I'm not paying by cash (which I don't carry) just to make your lives easier. You should be factoring the cost of card transactions into your business planning.

I am thinking they are probably not declaring to HMRC either!

I would assume you are evading tax and therefore I would be put off. Cash also cost money tho - theres the banking fees, the time it takes to bank it and inevitable discrepancies.

Our local pharmacy only accepts card payments. I don’t mind at all. I go to a class that only accepts cash and is really annoying to have to go and get cash. I often forget and have to dash to the nearest cash point.

I think most people are used to tapping a card or phone and not carrying cash around.

Some local businesses have signs up explaining how much they get charged each month for card transactions and equate it to an extra member of staff's wage. Then say cash payments are preferred if possible.
One takeaway refuses card payments. It is cash or bank transfer only. It doesn't seem to have affected their business.

It's fine if you explain why. Remember a lot of small businesses don't actually want cash for several reasons.... there's no bank, the bank charges, it stops theft by staff.

I part own a bar and we used to insist on a £5 minimum sale before taking a card (I know that isn't strictly by the rules). But we scrapped it post COVID. The trouble is there is no bank locally and until the end of last year, no post office so we held thousands in cash on the premises....not covered by insurance.

Nothing wrong with the sentiment but keep it simple.

Cash is Queen!
Please pay cash if you can.

Great idea, we need to keep using cash or we will lose that option

I’d have no trouble with that at all and in fact I often ask if a small business would prefer cash at the till.

It is vastly more ethical to support small businesses as the majority of the wealth generated stays in the community rather than going to shareholders and large financial institutions.

I think it's roughly 65% of local business profits stay in the community whereas with international corporations it's closer to 15%.

Agree with this, I’m afraid.

Either accept card or don’t. Don’t pressure customers either way.

It’s fine. I run a small business & we lose a fortune to card payments. My own hairdresser will only accept cash or cheque & I don’t blame her

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.

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!

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

points taken about length of sign.

Seems like most think it’s ok.

Some seem to think it’s a tax dodge.

food for thought! Thanks 🤩

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.

Cards welcome, cash preferred!

perfect - thank you 🤩

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.

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?

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.