Visa Is Offering Restaurants $10,000 to Stop Accepting Cash

Megalith

Megalith

24-bit/48kHz
Staff member
Joined
Aug 20, 2006
Messages
13,000
Credit card giant Visa has declared war on cash by handing out thousands of dollars to up to 50 small food and restaurant vendors if they agree to stop taking paper currency. Additionally, the company will upgrade restaurants' checkout terminals so they can accept contactless payments (e.g., Apple Pay) and invest in some of the stores' marketing costs. Naturally, Visa is interested in a cashless culture, arguing higher convenience, security, and ease of use.

It's all part of the trend of moving towards a "cashless" society. Sweden is leading the pack, with that nation already predicted to become the world's first truly cash-free society; over half the banks there already do not keep any cash on hand. But the U.S. is catching up: Amazon's brick-and-mortar retail stores only accept credit cards and mobile payment methods; Facebook recently added a peer-to-peer payment option with its Messenger service; and Apple's iOS11 will include an upgrade to its ApplePay system that allows users to send money to each other via text message.
 
Master_shake_ said:
Credit card debt? For sure.
Click to expand...
This is, of course, the evil master plan for VISA. Get those monthly interest payments rolling.

That said, I've been carrying cards for years and well, I just use them responsibly, and set the auto-pay to pay 100% of the balance at due time. My total accrued interest on every credit card I've ever owned: $0. Learn to control your spending so you can do that every month, and credit cards become a massive payment simplification. These days paper money is just a lump in my pocket which I inevitably spend on stupid stuff like lottery tickets, because you can't pay for those with a credit card.
 
Megalith said:
Credit card giant Visa has declared war on cash by handing out thousands of dollars to up to 50 small food and restaurant vendors if they agree to stop taking paper currency. Additionally, the company will upgrade restaurants' checkout terminals so they can accept contactless payments (e.g., Apple Pay) and invest in some of the stores' marketing costs. Naturally, Visa is interested in a cashless culture, arguing higher convenience, security, and ease of use.

It's all part of the trend of moving towards a "cashless" society. Sweden is leading the pack, with that nation already predicted to become the world's first truly cash-free society; over half the banks there already do not keep any cash on hand. But the U.S. is catching up: Amazon's brick-and-mortar retail stores only accept credit cards and mobile payment methods; Facebook recently added a peer-to-peer payment option with its Messenger service; and Apple's iOS11 will include an upgrade to its ApplePay system that allows users to send money to each other via text message.
Click to expand...

And many businesses who try this will lose a great deal of business. Many people still just use cash.
 
SuperSubZero said:
This is, of course, the evil master plan for VISA. Get those monthly interest payments rolling.

That said, I've been carrying cards for years and well, I just use them responsibly, and set the auto-pay to pay 100% of the balance at due time. My total accrued interest on every credit card I've ever owned: $0. Learn to control your spending so you can do that every month, and credit cards become a massive payment simplification. These days paper money is just a lump in my pocket which I inevitably spend on stupid stuff like lottery tickets, because you can't pay for those with a credit card.
Click to expand...


You do realize the VISA has nothing to do with charging interest right?

They are just trying to get an even greater percentage of transactions on their payment rail to collect their fee.
 
XvMMvX said:
You do realize the VISA has nothing to do with charging interest right?

They are just trying to get an even greater percentage of transactions on their payment rail to collect their fee.
Click to expand...
It was meant to be somewhat sarcastic, but the credit card is where the interest is attached. They can live off the merchant fees and that's fine by me.
 
Let's see how progressive and smart they think they are when the banks start charging negative interest due to there being no cash. Rape-land, I mean Sweden is hardly the intellectual juggernaut to benchmark and follow.
 
You beat me to it katanaD.

Checking my credit card statement every month for dubious charges. Sometimes I get a call, most times not. CC companies can go **** themselves. I'm looking at you CHASE.
 
katanaD said:
>Visa is interested in a cashless culture, arguing higher convenience, security, and ease of use.

UMM.. wouldnt those be the benefits of CASH ???

LOL
Click to expand...
Not really, but cash still has its purpose.

Convenience = one card replaces all those wads of cash in your pocket
Security = go ahead steal it, i'll just cancel it the second you leave
Ease of use = tap... done
 
katanaD said:
>Visa is interested in a cashless culture, arguing higher convenience, security, and ease of use.

UMM.. wouldnt those be the benefits of CASH ???

LOL
Click to expand...

I find this is true for small transactions like those at restaurants. No worry about which card(s) they take, the waiter copying the card info, etc. And cash doesn't leave a tracking trail. Never had a $20 bill I used to pay with compromised and used to run up fraudulent charges. Twice have had a card compromised. Both times the CC company wiped the charges but it was still a PITA waiting for the new card and then having to remember companies with autopay setup on the old card.
 
katanaD said:
>Visa is interested in a cashless culture, arguing higher convenience, security, and ease of use.

UMM.. wouldnt those be the benefits of CASH ???

LOL
Click to expand...

Lugging around a bunch of foldable linen/cotten currency isn't exactly convenient... add in the fact it's been in some sweaty crackheads hands, strippers ass, or used to snort coke... no thanks. Security wise I'd rather have a wallet of CC's stolen than a wallet of cash.

I get the argument of why some people hate CC's, and it boils down to the simple fact that the average person is too stupid to understand and/or respect the way a credit card works. Over the 15 year or so I've run probably a few hundred K through CC's paying for anything and everything. The universal simple fact that nobody really gets is that you pay the bill (in full) each month and all of a sudden you get a magical 1 to 5% discount in life all the time.

I've had CC's skimmed/stolen before and it's not a big deal really, doesn't cost me a dime, and worst case scenario I can't use that card for 24-48 hours till they over night a new one to me. Treat the card like a debit card in your mind and only use it when you know you can pay for it and the whole business turns into easy street. The only things that don't get paid for on a CC is my mortgage and car note.
 
While the part of me that loathes carrying cash around me thinks this is pretty cool, the /tinfoilhaton part of me can't scream any louder to run away.
 
Isn't refusing legal tender or negotiable instrument to settle a debt illegal? Especially in a face to face transaction like a dining joint?
Actually it appears that yes it is in some situations (e.g. it goes to debt enforcement) https://www.law.cornell.edu/ucc/3/3-603

(b) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates.

Basically, lets just completely fuck any middle of nowhere or remote business venture?
I can't wait for the day truly decentralised, non-govt pozzed cryptocurrency removes this worthless, demonic, predatory and leach-like govt sanctioned Zionist banking system.
 
katanaD said:
>Visa is interested in a cashless culture, arguing higher convenience, security, and ease of use.

UMM.. wouldnt those be the benefits of CASH ???

LOL
Click to expand...

Not really. Swiping a card is a lot more convenient and easy to use than going through a bunch of bills and waiting for the cashier to figure out your change. If you lose your cash or it gets stolen, it's gone. If you lose your card or it gets stolen, you just report it and get a new one and aren't on the hook for any charges. If a merchant sells you a defective product and you paid in cash, you are totally at their mercy. If you paid with a card, the threat of a chargeback gives you a lot more leverage to get it taken care of.
 
nightanole said:
The fact that i get 1% cash back, and the retailer gets charged 1.5-2%, says something. Used car dealerships laugh when you try to buy a $5k car with your amex.
Click to expand...
Yeah I was a bit bummed that I couldn't use my CostCo Visa (or any credit card) to pay off my auto loan at 0.9% while I earn 1%, I was able to use it on the down payment though, but that was just $2k. But either way I make more investing the money I could have used to just buy it outright so overall it's worth it.
 
Well, if a business entity refuses to accept cash as a form of payment, then I guess they don't really want my business. There will always be some other business that will be more than happy to accept my cash.
If you like paying with plastic, then go ahead and pay with plastic. Some of us prefer to use cash whenever possible.
 
At the rate of a 2% processing fee, the business would be losing money after $500K sales that went from cash to charge. A lot of low margin retail businesses do that in a couple years at most.
 
I guess everything will be pay up front then?

If not I wonder how that will work, I eat a meal, I hand over some legal US currency and they refuse to accept payment. What will the police do when called, would I be arrested because they refused payment and I didn't have a credit card?
 
  • Like
Reactions: PaulP
like this
Not sure how this will go. Customers might feel the need to have the government step in if they can't settle their debts with cash. There are people that can't get cards, or they don't believe in them. I know this is a restaurant, but I see some problems with card or phone wallet only places.
 
Master_shake_ said:
Credit card debt? For sure.
Who needs solvency?
Click to expand...
Just pay it off at the end of the month.
SuperSubZero said:
This is, of course, the evil master plan for VISA. Get those monthly interest payments rolling.
That said, I've been carrying cards for years and well, I just use them responsibly, and set the auto-pay to pay 100% of the balance at due time. My total accrued interest on every credit card I've ever owned: $0. Learn to control your spending so you can do that every month, and credit cards become a massive payment simplification. These days paper money is just a lump in my pocket which I inevitably spend on stupid stuff like lottery tickets, because you can't pay for those with a credit card.
Click to expand...

Maybe, but they get 2-3% of the sale, so if a restaurant only does $1000 of business/day they'll all their money back in no more than 17 months. I'm surprised Visa isn't offering this to any and all takers.

As a result, I don't get what the advantage is for a restaurant. By only taking CCs, they could lose business from those who don't carry credit cards and they lose 2-3% of the sale from those that would have paid cash. I guess the apple pay part is nice -- I have had times where I go to the grocery store, do my shopping and realize I only have my phone with me -- but I think it's best if we have the option of spending cash.
 
Megalith said:
Credit card giant Visa has declared war on cash by handing out thousands of dollars to up to 50 small food and restaurant vendors if they agree to stop taking paper currency. Additionally, the company will upgrade restaurants' checkout terminals so they can accept contactless payments (e.g., Apple Pay) and invest in some of the stores' marketing costs. Naturally, Visa is interested in a cashless culture, arguing higher convenience, security, and ease of use.
Click to expand...

"Arguing higher convenience, security, and ease of use". They just want that 3%.
We like credit cards at our shop for the only reason that we get our money that day, less the 3% that Visa and Mastercard keep for transaction fees. We refuse to take Discover or American Express because they take a much higher % and that can sometimes mean we lose money on the transaction.
 
DogChainX said:
You beat me to it katanaD.

Checking my credit card statement every month for dubious charges. Sometimes I get a call, most times not. CC companies can go **** themselves. I'm looking at you CHASE.
Click to expand...

Yeah. I have all of my cards/accounts set to alert via email if a charge is over $5. That way I can quickly glance at the mailbox for stuff I don't recognize.
 
lol at the security argument. My wife and I have had our credit and debit cards skimmed countless times.

How about instead of forcing merchants to stop accepting cash, they focus on forcing merchants to go chip reader only. With how easy it is to skim magnetic strips, it's a travesty that any merchant is still allowed to use them at all.

It's especially bad with gas stations. They all still use the strips with no chip option, and it is so incredibly easy for someone to walk up to the gas pump and install a skimmer. My cards have been skimmed like 5 times now at gas stations. It's getting ridiculous.
 
Last edited:
They should take the money. Most restaurant will be shutting down in the next 5 years when minimum wage goes up to $15 an hour across the country!
 
You must log in or register to reply here.
Back
Top