Jokes on you. Merchants prefer credit cards because there is less loss than cash. 2.5% is nothing compared to 5-10% loss at the register. Plus easier and more accurate accounting.

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1970-01-01 4 hours ago | parent | next [-]

If you're expecting 10% loss at the register and have terrible service, that's a 1-2 punch for bankruptcy.

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seri4l 4 hours ago | parent | prev | next [-]

>5-10% loss at the register

Where did you get this number from?

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foobarian 3 hours ago | parent [-]

Clankers found me one study [1] that suggests total handling costs may actually be this bad, but are highly business dependent e.g. restaurants are worse than grocery stores

[1] https://www.ihlservices.com/product/the-cost-of-cash-handlin...

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zahlman 3 hours ago | parent | next [-]

I'm just seeing what looks like an attempt to sell me a PDF.

What actually is the source of such costs? The cashier still has to be paid even if the customer is using a card. Presumably there isn't anywhere near that much theft from registers, or people messing up giving change?

	▲	supertrope 2 hours ago \| parent [-]
		Employee theft. Store manager theft. Robberies. Counterfeits. The extra time spent at each cash transaction and re-counting at the end of the day. Going to the bank, or paying an armored car service. Banks charge merchants a percentage of each cash deposit. Buying safes and pointing cameras down at each register.

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consumer451 2 hours ago | parent | prev [-]

Clank deeper, please. You gave us content marketing from the electronic payment industry:

"Does IHL Group have any connections to merchant providers?"

> IHL Group sells market intelligence, vendor directories, and lead generation data to the electronic payment industry.

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supertrope 2 hours ago | parent [-]

Definitely a conflict of interest.

Cash handling costs is a real issue though. Not counting under-reporting income, credit cards cost the most at US intercharge levels of 1-3%. Then the all-in cost of cash handling. The lowest cost method is debit.

	▲	consumer451 2 hours ago \| parent [-]
		The lowest cost is in the EU in this regard. Anti-rent-seeking regulations ain't so bad for everyone, save the rent-seekers. BTW, I used to handle around $7M/year in credit card transaction in the USA, and if you got actual hand-written partial numbers on a signed contract, then we could avoid nearly 100% of charge backs, as we always delivered on our end. I think in 14 years, we had around 10 charge back attempts, and our merchant provider loved us. The only time I ever magically lost a charge back was to a Visa executive for ~$10k, and our merchant provider just shrugged. Whatayagonnado?

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aand16 4 hours ago | parent | prev | next [-]

90% of cash I give to restaurants goes in the pocket, not the register.

Bad service = card always.

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nonethewiser 4 hours ago | parent [-]

Are you saying servers keep 90% of what you pay? Tip and otherwise? What country? How do you know? How could a business possibly operate in this reality?

	▲	dmoy an hour ago \| parent [-]
		Not necessarily servers, just not into the register as a tracked transaction. Tax fraud, essentially. E.g. you go to the Minnesota State Fair, merchants may offer to not charge sales tax if you pay cash. It is shockingly brazen sometimes. > How could a business possibly operate in this reality? Extremely lax enforcement on the part of the specific US state's department of revenue

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Onavo 4 hours ago | parent | prev | next [-]

ACH is still the best

https://gocardless.com/

	▲	dylan604 4 hours ago \| parent \| next [-]
		Great, so it is immediately deducted from my account and swiftly deposited into the recipient's account in 3-5 business days.
	▲	anjel 3 hours ago \| parent \| prev \| next [-]
		While cc banks are in these times starting to side more with vendors on charge disputes, its still far more recourse than bank drafts offer you in a transactional dispute
	▲	massagedpelican 2 hours ago \| parent \| prev [-]
		20% more expensive than stripe, no?

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asdff 4 hours ago | parent | prev [-]

If your employees are stealing you should probably nip that in the bud...

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supertrope 2 hours ago | parent [-]

Cash allows for many more opportunities for diversion.

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asdff an hour ago | parent [-]

You know they count the till against the reciepts right? And frequently have cameras over the register drawer pointed at the employee? And send people to jail who try to do this?

	▲	supertrope 39 minutes ago \| parent [-]
		My point is you cannot entirely eliminate insider theft just suppress it. Cash payments are a lot "leakier."