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.

Comments

Re:or

[Gr8Apes]

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.

Hm.

[buss_error]

THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE

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.

Re:war on cash = private sales tax

[Highdude702]

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.

Re:The government let them do this in the first pl

[HornWumpus]

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.

Some already did

[rsilvergun]

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.

Re:or

[hey!]

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.