New Pound Coins

[Psycho Sonny]

Everywhere has a digital option but they can have their own problems.

Also these transaction fees are there BECAUSE of regulations and restrictions linked with security and compliance. The liability for things that go wrong with these card transactions (virtual or not) are passed on to companies who lease out merchant accounts and terminals (the liability use to lie with the banks i believe?) who charge a fee on each transaction to make up the cost and also make money on top of it.

There are many small business that dont use PDQs because people pay mainly by cash and it wouldn't be worth the costs and effort involved in getting a PDQ machine and applying to become PCI DSS compliant. These businesses still pay tax even though they recieve cash. At this point in time cash has its uses and the costs of switching coins and coin slots (lol?) is a minor one by comparison.

i went to a pop up food market where a guy had a pop up stall about 2m by 4m. he let me pay by card using his phone and some fancy gizmo for something that cost £15. if he can do it then i imagine any viable business can.

 

[Avenged7Fold]

He likely works for a bigger distributor who has several MIDs and accounts. The fancy little plastic gizmo is just a Bluetooth card reader. The real costs are for the actual merchant account, % of transaction and depending on your size of business or what business you have the ridiculous costs in audit and compliance forms if you require that many PDQs.

The sandwich lady that comes to my office has the same sort of bluetooth reader, as i suspect so do the people who make up the rest of the sandwich van fleet but i doubt she is involved juggling the costs of the merchant accounts any more than than me who eats the sandwich, that is handled by their accounts or IT department.

Like i said, it would be nice to go cashless but our current system would be inconvenient to do so.