New five pound note

Basher said:
Do places still do that? Most have realised that applying a charge means less customers.
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A lot of small businesses do, yes.
My local vape shops, all the takeaways, all the corner shops, the village pub, the milliner (yes, we have one, although she's a friend of ours), the bike shops, the collectors shop, the tobacconist, the martial arts shops, the Airsoft shop, the record shop, the ice cream shop, the board games shop... and the MoT place would if the fees were low enough.
Minimum spend seems to vary, depending on who does their card machine - Some are as low as a fiver. Charges are usually 50p.
 
Basher said:
Do places still do that? Most have realised that applying a charge means less customers.
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Nothing to do with that. Prior to 2015, depending whose chip and pin machine you had, you wear charged up to 50p as a "flat rate" for a debit card.

That's fine if somebody is buying £100 of stuff but not so good for somebody buying some chewing gum. In fact without the 50p charge to the customer, the shop may as well have giving low cost stuff away for free as it could have cost them to sell it to the person!!!!

its became 0.2% plus 1p so anything up to £10 is a maximum of 3p plus the machine markup of 4p to 10p so around 7 to 13p. So anywhere still charging 50p for less than £10 transactions is just robbing people and they don't deserve your business. However, paying for items less than a pound probably still costs the shop to sell you it.

As of 1st September this year its dropped again (thanks to the EU and their CAPS) to 0.2%.

The downside is that there used to be a maximum cap of 50p for a debit card but that upper limit has been removed now. So receiving payment by debit card for say a £1000 item used to cost the retailer 50p will now cost them £2 so they will have to increase prices to keep their margins.
 
ttaskmaster said:
A lot of small businesses do, yes.
My local vape shops, all the takeaways, all the corner shops, the village pub, the milliner (yes, we have one, although she's a friend of ours), the bike shops, the collectors shop, the tobacconist, the martial arts shops, the Airsoft shop, the record shop, the ice cream shop, the board games shop... and the MoT place would if the fees were low enough.
Minimum spend seems to vary, depending on who does their card machine - Some are as low as a fiver. Charges are usually 50p.
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Naughty. Charge should be 15p max for under a tenner transaction now.
 
Greebo said:
its became 0.2% plus 1p so anything up to £10 is a maximum of 3p plus the machine markup of 4p to 10p so around 7 to 13p. So anywhere still charging 50p for less than £10 transactions is just robbing people and they don't deserve your business. However, paying for items less than a pound probably still costs the shop to sell you it.

As of 1st September this year its dropped again (thanks to the EU and their CAPS) to 0.2%.
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And yet we still get charged 30p on every single transaction downstairs at our cafe.
 
Greebo said:
Naughty. Charge should be 15p max for under a tenner transaction now.
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Thing is, it's just about always 50p, which they cite as what it costs them to receive less than whatever their minimum spend is... and some of them I regard as highly trustworthy and honest to a fault, so unless every single non-chain retailer in the county is in on some kind of conspiracy, I would think there is a genuine charge.
TBH, I either don't spend that little or usually just pay cash. I rarely have to use the card for small payments.
 
What I'm finding is more convenience stores now no longer charge for card payments at all or free over £5 spend, as oppose to the old 50p levy.

What I do find a con are Just Eat and Hungry House, both charge 50p if you use a card. Surely with their turnover they'll be getting good rates from their merchants.


aardvark said:
it takes an awful lot of development.

in particular there is a lot of trouble involved in getting the inks to stick to the polymer.
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If the new £5 note is out then why do they need another 4 years to develop the £20, surely they got the ink to stick now?
 
I can't remember the last time I used cash for anything... In fact I had a £10 note in my wallet from someone for about 2 months before I remembered to spend it to get rid of it... :p

Debit cards are king. Almost everywhere takes card these days. In fact the only time I can see a reason to use cash is at a car boot sale/autojumble/market.
 
I have to stop laughing at people in sleeping bags under bridges when they ask if I have any change. How long before they start using contactless machines?
 
Own up, who bought one (Times):

New fivers selling for £200 on eBay

Money might not grow on trees but it could be growing in value in your pocket. Some versions of the new £5 note are selling on eBay for more than £200 as collectors rush to buy those with the most desirable serial numbers.

Most in demand are the first batch from the presses, which went into circulation last week with a serial number starting AA01 followed by a six-digit number.

The first note, AA01 000001, was donated to the Queen but there are 999,999 other fivers carrying the all-important AA01 prefix.

On Tuesday a £5 note with serial number AA01 179517 sold on eBay for £196 after 24 bids. Another, with serial number AA01 179505, sold for £228 after 23 bids. The lower the number, the higher the value, and the notes have to be in mint condition with no blemishes or creases to fetch a top price.

The new fiver, which features Winston Churchill on the back, is the first to be made out of polymer, a thin, flexible plastic that is stronger, cleaner and longer lasting than paper. The Bank of England will print 440 million.

Mark Carney, the Bank’s governor, said that the new fiver was capable of surviving “a splash of claret, a flick of cigar ash, the nip of a bulldog and even a spin in the washing machine”.

The Bank has donated some notes with significant or low serial numbers to people and institutions involved in its development. The Churchill War Rooms, for example, was given the note with the serial number AA01 001945.

The Bank plans to auction a batch of low-serial notes for charity next month. The note with the lowest serial number in the auction, AA01 000017, has a guide price of £800 to £1,200.

G4S Cash Solutions, which distributes the notes, says that some cash machines will not be fitted with the new notes until the end of next week because they are already well stocked with the old fiver.

The new £5 note also has a number of security features including a see-through window featuring the Queen, and Big Ben in gold foil, that should make it harder to forge.

Next year the Bank plans to issue a polymer £10 note featuring Jane Austen and in 2020 there will be a new £20 note carrying JMW Turner’s portrait.

The old £5 note, which has an image of the prison reformer Elizabeth Fry, will remain legal tender until May.
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