If you buy the whole COVID-19 story, of course we should be using cards whenever possible, rather than passing around cash. Cards are much more efficient, cleaner, and have you ever watched one of those kids manning the check-out counter try to make change?
I really grumbled when debit cards came main stream in the 90's.
The various banks hold the money for 3-4 days and take a percentage of the transaction from the retailer.
Each morning, my bookkeeper had to spend 2 hours a day tracking the various banks to be sure our money was deposited.
Continued until '09 when I closed shop due to Obama Care.
Cards are a hit to the retailer. That is why you see signs stating minimum purchase to use a card to pay.
Apple Pay? Do not know. After my time but guaranteed a hit to the retailer.
Cards are much more efficient, cleaner, and have you ever watched one of those kids manning the check-out counter try to make change?
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I never pay with cash, not even for a cup of coffee. Waiting for kids trying to make change can be exasperating, but what really drives me up the wall are people who are either rummaging through their pockets or purses counting out pennies, or else messing around with their damn checkbooks. Ugh!
The cut to the bank for each transaction is not a accounting expense nor reduction of revenue.
Your P&L reflects the total sale and you eat the transaction cost for the card use.
Cards are much more efficient, cleaner,
As a customer, my transactions are faster than those cards. They scan my stuff, I hand em cash, they put the total in And hand me back change and receipt. 15 seconds tops.
EBT cards: Put them in machine wait 10 seconds to find out chip is on the other side. Pull it out, turn it around stick it in again. Wait 15 seconds. Type in pin number. Card denied. Customer rummages through wallet for another card wait 10 more.....
I remember specifically handing cashier a $10 Bill. The item was $7.75. Register was broken. After about 2 minutes He gave me 9.25. I asked how he got that. He said “75 and 25 are 1. 10 minus 1 is 9. So 9.25”. He then gave me a look like I was a dumbass for not knowing that. I said “thank you”...bonehead.