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Visa Considers Extending 'War on Cash' Business Incentives Outside US (cnbc.com)
Visa is hoping to extend its "war on cash" agenda to businesses in the U.K. after announcing new incentives for U.S. businesses to go cashless. From a report: The payment technology company revealed on Wednesday that it was launching a "cashless challenge" which would see 50 U.S. businesses receive $10,000 each to help them convert to a cashless payment model. It is now aiming to roll the model out to the U.K., though is yet to set a timeframe for the launch, a Visa spokesperson confirmed to CNBC Friday. Under the scheme, businesses in the U.S. are invited to submit plans outlining what going cashless might mean for them, their employees and their customers. Recipients of the award will then be required to use the lump sum to upgrade their point-of-sale systems so they are completely cashless. Any remaining money can be put towards marketing, the company said. "We're declaring a war on cash," Andy Gerlt, a spokesman for Visa, said in the announcement Wednesday.
Yes, they get a cut of everything. However, all they know is where you spend it. Retailers, so far, have been extremely reluctant to share what's actually sold and more importantly, for what price, whether it's with the CC company or vendors.
The cesspool just got a check and balance.
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Never understood how apartment and rent can be required to be non-cash payment.
Another issue is how do I pay my neighbor kid to mow my lawn with a credit card?
Another issue is that I simply may not want Visa, and via third party records, the government, know exactly what I'm spending on and how frequently. The phrase "None of your business" comes to mind if for no other reason that it is, after all, none of their damned business.
Necessity is the plea for every infringement of human freedom. It is the argument of tyrants; it is the creed of slaves.
Whats funny is they mention how fast it is to pay with your card, when in reality, especially since the chip readers... It takes almost twice as long for a transaction. and about 3-4x as long as a cash transaction.. At least from what I've seen at local stores and gas stations here in Las Vegas.
Surcharges are illegal, but cash discounts are not. Some merchant agreements try to ban them. But even then, make it a freebee after X dollars cash deal.
Business just has to have the balls to raise their middle fingers to VISA. I've seen more than a few that are ATM and cash only. I bet that costs them less than 2% in sales.
The elephant in the room is Apple/Google pay. VISA _should_ be worried. After 40+ years of VISA/MC's 'we're the only game in town' attitude, everybody should be looking for alternatives.
John McAfee 'It was like that time I hired that Bangkok prostitute; to do my taxes, while I fucked my accountant'
Except that all other problems don't flow from there, for most normal people. Most normal people see a trusted brand (with a few high profile stories about standing up to government surveillance not doing any harm to that reputation) and buy and use the product they want from that brand. Most normal people aren't particularly interested in hypothetical bogeymen, and privacy absolutists tend to rely on hypothetical bogeyman as the foundation of their argument.
If you disagree, post your argument. (-1, Overrated) isn't your personal censorship tool for views you don't like.
when they can't make cards work. What makes cards work for a business is two things:
1. Tacking on added value products/services. e.g. getting somebody to buy a $20 hdmi cable with their new TV. Folks are more likely to buy these things when they're not handing over cash.
2. Leveraging the fact that you're essentially giving out a loan with little to no risk. Yeah, the customer can dispute the charge, but most don't. The majority of credit card losses happen when the whole economy craps the bed and folks go bankrupt. If you're a business it's nice not having to deal with that. Let Visa clean up that mess and try to collect the money.
Credit Cards are mostly a raw deal for necessities. It's why you can't usually pay for a Car Loan, Mortgage or Rent with a card. We've already got a 'cashless' alternative. It's called ACH. My Car Loan auto drafts every month.
Basically, if you're a retail or service business complaining about taking cards you're doing it wrong.
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In some countries you can't get a credit card if you have payment problems or no job
Who told you surcharges are illegal (assuming in the US)? I certainly know of no federal law about that. Perhaps your state has a law concerning it?
In Canada, a law was passed expressly allowing retailers to charge extra for credit card transaction. A lot of people don't realize that those premium credit cards with high rewards charge the retailers a lot more, upwards of 3%, nearly double the rate for "normal" credit cards. If retailers are unable to add a surcharge, then those premium card holders' rewards are really being paid for by everyone else through overall higher prices. It's quite a racket.
Seconded. I've been with credit unions for 20 years, and never regretted it. Choose one with a branch that's convenient to you, and it will be great.
The one consideration is that the credit unions are not generally nationwide. You may pay a small fee to use an out-of-town ATM when you travel. So, if you travel a lot, this could be a consideration for you. Most credit unions are part of ATM networks anyway, and so it can still be a non-issue. If you don't travel much, then you don't need to worry about it.
This is the problem with /.'s moderation system - you write a long screed based on a bullshit premise and get modded to 5.
There is not law such as you've described. They don't need a law. It's part of the merchant agreement. But it gets better. In the US merchants may specifically add a surcharge to card transactions due to a settlement with the card industry:
https://usa.visa.com/dam/VCOM/...
So, basically, you're not only wrong, you are the exact opposite of true.
Do you have ESP?
Retailers, so far, have been extremely reluctant to share what's actually sold and more importantly, for what price, whether it's with the CC company or vendors.
If they become totally dependent upon Visa, Visa may gain leverage that outweighs that reluctance.
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