I think a lot of these builders merchants that deal with tradesmen will eventually move towards account only sales.This in effect could nullify self employed builders from claiming that they earned the minimum when the reality is they've spent £100k on roof tiles etc over the course of a year... I know of some greedy twats that deal 'cash in hand',pocket a grand a week and claim benefits...
Next think you know travellers will accept card payments for trimming in your hedges and tarmacing your drive, issuing you with a receipt with their VAT registration number on it. Maybe...
Look on a £20 note, from the Bank of England, 'I promise to pay the the bearer by demand the sum of twenty pound' Cash is legal tender and if an establishment refuses to take it go elsewhere, as I have done already, one pub immediately changed their policy and the same at the bar at Hull Truck. Got to conform when going to City though which will mean I won't be spending much.
the disappearance of cash is potentially a major evil of digitalisation where there are repressive regimes, including the pervasive "cancel culture" currently effing with concepts like freedom of speech and freedom of thought. current cancel culture tactics include shaming companies that trade/otherwise deal with targetted individual into closing down accounts, bannings from stores, etc. take that to its clear extreme and you get people being unable to deal with banks, unable to use utility companies, and unable to purchase the basics of life. methods that will be used aplenty in communist countries.
That’s a very good point. There's been plenty times I've wanted to use my card to pay, but the machine's down and I don't have cash on me. Can't see that happening at the MKM obvs
You’ve got that the wrong way round, banks charge far more to bank cash, than they take on card payments.
Unless you’re getting shafted by whoever provides your merchant services, you’ll be paying 20-35p for every £100 you take on a debit card and 75p-£1 for every £100 you bank in cash (credit cards are higher than debit cards, but sill less than cash). It’s obvious why banks want to move away from cash, it needs counting and costs a fortune to move around, far cheaper for them to do everything digitally.
Trouble is they are doing you a favour as paying then cash results in 20% off your bill for the work done to your house which can be thousands. But you don't have anything to fall back on if anything goes wrong, same with guvvy jobs.
In a way but actually they’re just charging astronomical prices for their work nowadays But getting a good builder whose reliable is like getting a good owner!! Nigh on impossible
My card machine charges me 1.6% a customer wanted to pay a heating job on her card £2300 in total, I said sure you pay the near £37 charges I will get, soon decided to bank transfer it, I know big companies will get better rates but it’s a massive bonus for card companies, all it does is put prices up, cash should still be king.
If you took that to the Bank of England, and asked them to honour that promise, what would they give you?
Call me old fashioned but I remember the days when the Bank used to pay the customer by way of interest for every pound they banked with them. They then made their money by loaning your money out to lenders at a higher rate of interest then they ( the Banks) paid the saver.
Bravo sir! I find the MKM to be a Bermuda triangle of phone /internet reception but regardless of that the tech fails too often and is therefore too unreliable to be the sole means of payment. Cash is king and doesn't need passwords, batteries, the internet, a fixed number of users etc. Club should expand rather than narrow its options.