Soldato
Things will round UP to the next 10p.
The only time I get coins under 20 euro cent on holiday is when I visit a supermarket as things are €1.43, €2.67 etc.
Should the BOE issue a £100 note?
- Thread starter dowie
- Start date
The only time I get coins under 20 euro cent on holiday is when I visit a supermarket as things are €1.43, €2.67 etc.
Soldato
We have a few flat bed card machines in the cash office just in case that our tills go down.
Problem now is newer cards don’t have raised numbers and letters so take forever to fill in the payment slip
Problem now is newer cards don’t have raised numbers and letters so take forever to fill in the payment slip
It's nothing like that expensive, 3.4% is what you'll be paying on cross border corporate card transactions, even the likes of Sumup & Zettle who give you contract less card machines as good as free of charge only charge roughly 1.7%
Getting transaction rates on a standard Visa Debit card nowadays in the 0.3% range isn't too hard, there is loads of competition in the market.
Even AMEX offer small businesses 0.9% nowadays.
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Bacs costs more than fronts in my experience
I believe that's mostly a cash business, along with ladies who dance in certain types of clubs for gentlemen. Of course I'm sure it's possible to pay by card for such things (no doubt they love to see a drunk customer resort to his credit/debit card) it's just generally not advised for a few reasons* and might well lead to an awkward phonecall from the fraud department at your bank the next day too.
*one reason being this sort of thing:
Strip club shut after claims customers’ drinks were spiked and six figures stolen
Customers at Vanity Bar and Nightclub in London’s Soho claimed they blacked out and woke up to find their bank accounts raided
www.independent.co.uk
You used to be able to swipe your card through the slit but now it's gone all contactless. I said slit.
What are we talking about again?!
Lots of bars/pubs only accept cash for some items, no idea why, assume to stop drunk people issuing chargebacks the next day xD
That's due to the existence of the €100 and €200 notes. Meaning that you need €50s to give change without emptying your whole till and then being unable ot give the next person change.
If you accept a £50 note from somebody you have to give them change, which depending on what they're buying could be a tenner and two pound coins, or it could be two twenties and a fiver. The end result is you then have a £50 note sitting in the drawer you can't do anything with. Well unless somebody comes in asking for change for a Gold Britannia.
NB: For reference, even though a Gold Britannia is legal tender in the UK and has a face value of £100 you will never see anyone spend them outside of a joke because the coins are worth ~£1600 and up to collectors.
Soldato
I did my colleague’s break in the kiosk yesterday. I was handed a £5 of this. https://www.bankofengland.co.uk/-/m...s-loan-box-banknote-character-information.pdf by a customer in her late 80s.
Instantly knew it was an old note. Paper and brighter green. Plus I remember them being withdrawn as I was working at a bank at the time. One of my jobs was to when we had a certain amount of old £5s, to send them back to the BoE.
I asked the customer I cannot accept this £5 as it was withdrawn over 20 years ago. She was adamant that she got it at a shop a few doors from us as change. I said that they would not have done that. I believe she found it in an old purse at home. I said do you have any other money. The customer called me a liar and ungrateful.
Manager was nearby as an engineer was leaving after fixing a broken freezer. He dealt with the lying customer. She did have other money in her purse.
I hate customers who lie like this.
Instantly knew it was an old note. Paper and brighter green. Plus I remember them being withdrawn as I was working at a bank at the time. One of my jobs was to when we had a certain amount of old £5s, to send them back to the BoE.
I asked the customer I cannot accept this £5 as it was withdrawn over 20 years ago. She was adamant that she got it at a shop a few doors from us as change. I said that they would not have done that. I believe she found it in an old purse at home. I said do you have any other money. The customer called me a liar and ungrateful.
Manager was nearby as an engineer was leaving after fixing a broken freezer. He dealt with the lying customer. She did have other money in her purse.
I hate customers who lie like this.
Soldato
There’s a group of people I went to school with who run businesses and cry regularly about the death of cash. On the surface they claim it’s all about muh freedoms but the subtext is clear that it means they have to declare everything.
I’ve posted here many times before the U.K. tax gap is what it is not because of large corporates but the huge amount of evasion that goes on in owner managed businesses. It might seem nice to get a 20% discount on your building work but you’ll ultimately pay for it in higher income taxes many times over.
I recently looked at buying another business, But whilst checking the accounts it was very obvious why they are cash only.. They tried to use cards a few years ago but it didn't last long. As a cash only business 100% of your turnover is cash. When you offer cards the turnover will go to 90+% cards. When the owner said taking cards costs too much. I now know what he meant.. (takeaway business)
I had similar years ago when I worked in a pub, tradesman came in with a big wad of 20s and tried to pay for a few pints - I checked and knew it was fake before holding it up. He claimed he had just withdrawn it from the bank, what a douche.
Or just having more fivers around. A lot of cash machines don't dispense them any more.
Personally I'd look at phasing out coins under 5p. Sweden has made it work, they have nothing under 1kr now (which is the equivalent of about 8p). Heck even 30 years ago the smallest was 0.5kr (~4p). What confused me a bit was they still had prices in supermarkets with smaller denominations but you didn't get change, it was just rounded up.
I often see folk talking about the cost of taking cards suggesting the cost of handling cash is zero. But it isn't, handling cash can be real pain. Someone's got to take it to the bank, someone's got to be on the look out for fakes, there's the security risk of having thousands of quid on the premises, car, bag. There's a risk of staff putting their hand in the till. There is the increasing cost of missed sales if you don't accept electronic payment. There are plenty of hassles and downsides for a business using cash - hence why virtually all business take electronic payments, the cost *is* worth it.
Youve got to pay staff to count the money at the EOD. (card machine takes about 30 secs)
Then we count it at the end of the week for banking.
Then I have to drive into town and pay for parking.
Then I have to queue to pay it in. Then get back to the car and home.
It costs more to take cash.
Only tax dodgers et al really want to keep cash
And in 20 years i've not had a fake card payment... We have had several hundred ££'s worth of fake notes slip by
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Phasing out 1 and 2p coins makes a lot of sense as mentioned earlier in the thread too - Australia and New Zealand have done it too apparently.
I don't really get the £5 coin, having some more fivers as you say might be handy. AFAIK the issue with notes vs coins was notes get worn and need to be replaced but now we've got polymer notes the economics have perhaps changed a bit. The £2 coin was introduced just over 25 years ago but perhaps a £2 note might make sense or even £1 notes (we used to have them) as with the new polymer material, it might be the case that they're more economical than a coin.
The £5 coin is basically what used to be a "Crown" and is quite a hefty coin, bigger than the £2. You can get them from the Royal Mint as part of commemorative releases and they are legal tender but I don't think they'd be particularly useful vs notes in general circulation.
Soldato
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Don't see why they can't but i would imagine a lot of people would be sceptical of taking them in.