Can a business deny accepting cash? Isn't cash federally mandated?

Sadly yes, but stupid if you expect to keep return customers.

Quote from: TrumpTrain on April 30, 2020, 05:21:23 PM
Personally, I don't use cash at all, and I do mean ast all. I have not had a dollar bill in my hand for years.

Because I only use cash, no one knows what I'm doing or how much money I have.
I prefer to not leave a digital trail.

I should not have to use a credit card for food under $20.

Cash transactions cost a business more than cards.  Some places out on the West coast started denying cash payments.  Somebody complained.  The law got involved.  Now they MUST accept cash.

My take:  If you own a private business you should be able to set your terms; not the Government.  You should be able to run it any way you want even if others think it's foolish or offends.  For example; if a restaurant refused to serve devilishly handsome, highly intelligent, 56 year old, bald, bearded, white men I would obviously be excluded from dining.  However....  I would support this business's right to exclude me, even if it made me sad, hurt, and emotionally scarred.

Quote from: AJ on May 19, 2020, 11:52:32 PM
Cash transactions cost a business more than cards.  Some places out on the West coast started denying cash payments.  Somebody complained.  The law got involved.  Now they MUST accept cash.

My take:  If you own a private business you should be able to set your terms; not the Government.  You should be able to run it any way you want even if others think it's foolish or offends.  For example; if a restaurant refused to serve devilishly handsome, highly intelligent, 56 year old, bald, bearded, white men I would obviously be excluded from dining.  However....  I would support this business's right to exclude me, even if it made me sad, hurt, and emotionally scarred.

AJ, LOL I like your silly sense of humor.

Quote from: AJ on May 19, 2020, 11:52:32 PM
Cash transactions cost a business more than cards.  Some places out on the West coast started denying cash payments.  Somebody complained.  The law got involved.  Now they MUST accept cash.

My take:  If you own a private business you should be able to set your terms; not the Government.  You should be able to run it any way you want even if others think it's foolish or offends.  For example; if a restaurant refused to serve devilishly handsome, highly intelligent, 56 year old, bald, bearded, white men I would obviously be excluded from dining.  However....  I would support this business's right to exclude me, even if it made me sad, hurt, and emotionally scarred.

Quote from: AJ on May 19, 2020, 11:52:32 PM
Cash transactions cost a business more than cards.  Some places out on the West coast started denying cash payments.  Somebody complained.  The law got involved.  Now they MUST accept cash.

My take:  If you own a private business you should be able to set your terms; not the Government.  You should be able to run it any way you want even if others think it's foolish or offends.  For example; if a restaurant refused to serve devilishly handsome, highly intelligent, 56 year old, bald, bearded, white men I would obviously be excluded from dining.  However....  I would support this business's right to exclude me, even if it made me sad, hurt, and emotionally scarred.

How does it cost more?

What was the legal aspect of them being required to accept cash?

We are not talking about denying service to specific people. We are talking about the cornerstone of capitalism: accepting federal reserve notes.

Quote from: Sick Of Silence on May 20, 2020, 06:29:23 AM
How does it cost more?

What was the legal aspect of them being required to accept cash?

We are not talking about denying service to specific people. We are talking about the cornerstone of capitalism: accepting federal reserve notes.

As a former CEO, I can attest, cash is always cheaper. With a card, the business pays a percentage to the card company for the customers convenience.
I still do business with one distributor that only does cash/checks transactions, the card company was taking 1.3% of the entire transaction.

If I bought 20 grand worth of supplies from them, that 1.3% cut was literally one third of their profit margin. Hardly worth it, so they asked their customers if they would pay in cash and everyone agreed.

Quote from: Solar on May 20, 2020, 06:43:42 AM
As a former CEO, I can attest, cash is always cheaper. With a card, the business pays a percentage to the card company for the customers convenience.
I still do business with one distributor that only does cash/checks transactions, the card company was taking 1.3% of the entire transaction.

If I bought 20 grand worth of supplies from them, that 1.3% cut was literally one third of their profit margin. Hardly worth it, so they asked their customers if they would pay in cash and everyone agreed.

I agree cash is not as expensive as cards. Here we have gas retailers who give a discount for cash or ATM card. I understand credit card companies have been increasing the fees for merchants. I recall I once had a company American Express card and I was surprised how many merchants would not accept Amex because of its fees.

Quote from: supsalemgr on May 20, 2020, 08:39:08 AM
I agree cash is not as expensive as cards. Here we have gas retailers who give a discount for cash or ATM card. I understand credit card companies have been increasing the fees for merchants. I recall I once had a company American Express card and I was surprised how many merchants would not accept Amex because of its fees.

Exactly! I forgot about gas and paying cash, saves you 3% off the overall cost that a card would have penalized.

Quote from: supsalemgr on May 20, 2020, 08:39:08 AM
I agree cash is not as expensive as cards. Here we have gas retailers who give a discount for cash or ATM card. I understand credit card companies have been increasing the fees for merchants. I recall I once had a company American Express card and I was surprised how many merchants would not accept Amex because of its fees.

Why does the military and major corporate business have their employees/GIs use AmEx? Every major company I worked for made us use an AmEx.

Quote from: Sick Of Silence on May 20, 2020, 08:55:50 AM
Why does the military and major corporate business have their employees/GIs use AmEx? Every major company I worked for made us use an AmEx.

I don't know for sure. However, I believe that Amex may be charging higher fees to merchants in order to fund kickbacks to companies who use the cards.

Quote from: Solar on April 30, 2020, 05:12:19 PM
Sadly yes, but stupid if you expect to keep return customers.

There is certainly an effect. In our lockdown, lot of businesses have been choosing to move away from cash due to the contact it stems from and so forth. Only problem, is that a lot of people in the city who are patronizing businesses are people who are paid cash for their work (for some reason there are a lot of under the table workers where I live) This has caused an even more decline in business. I know a liquor store near me was protested over their decision to go cashless aimed Covid.

Quote from: Sick Of Silence on May 20, 2020, 08:55:50 AM
Why does the military and major corporate business have their employees/GIs use AmEx? Every major company I worked for made us use an AmEx.

It's all about the fees

https://creditcards.usnews.com/articles/why-isnt-american-express-accepted-everywhere