Cash Payments ARE Cheaper Than Cards for Shops - Let’s Keep it that Way!
Posted on: 27/09/2023This bakery wants customers to pay using cash.
More and more businesses are telling their customers the same thing.
Cards are VERY expensive, especially when adding to the high fees the “charge back”, where card schemes withhold payments to shops because of problems with the card holders. Charge backs are often reported to be at 3% or higher of sales.
So cash IS cheaper for shops.
BUT the Financial Conduct Authority needs to be vigilant to ensure banks don’t deliberately make cash more expensive for retailers and other businesses by artificially inflating cash deposit fees without justification.
The Payment Choice Alliance will be watching this closely and ensuring action is taken to protect the interests of businesses who welcome cash
payments from their customers.
cornwalllive.com/news/cornwall-news/cornwall-bakerys-cash-plea-after-8775174.amp
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