There are still many businesses who are very much cash orientated.
I can see a case for some of these businesses paying staff in cash, therefore not having to pay the fees for banking it. etc.
But it also comes with the associated risk of having to keep large sums of cash available.
I suppose it is up to each individual business to weigh up the pros and cons.
Maybe, but they still have to payroll taxes and pension contributions.
Touché
The only businesses I see which are cash oriented are by choice, rather than any kind of industry need.
The company I work for is still very cash reliant, even though it offers alternative payment methods.
However, we are no longer paid in cash, so the money has to be banked.
How frequently were you paid? When I last worked in a business which worked with cash, there would never have been enough in the till to pay staff on a monthly pay cycle.
Weekly pay
Touché
Lol not really, sorry if it come across that way. Just saying that it wouldn’t be the employees fault that’s all!
? you made a good point
I worked at a pub in a low income area when I first left school
Until November 2018 we where paid in cash weekly and then it went to FPS weekly.
I left late last year so yeah.
The owner said that less people paid cash so it was no longer practical. (He was doing it to avoid deposit charges.)
It is way more effort than it is worth to pay cash given the manual work involved unless there is some financial advantage.
The financial advantage is avoiding charges for depositing cash into a bank account.
Given all the high street business accounts I have dealt with the fees to deposit cash are lower than the labour cost of processing payroll paperwork costs manually.
There is still an opportunity cost, no matter where it is done. That time utilised whilst watching TV, could be utilised differently. The lack of software does not change the fact it is a cheaper way of operating.
All this says is that the people concerned don’t share your views on the cost/benefit model. It doesn’t need any further justification or explanation.
I know starling allow post office deposits, loving monzo so far but the only downside is the max £1000 deposit every 6 months (even then restricted to £300 a time!).
Is there any thought of going for using the post office for deposits and increasing the cash amount being able to deposit…as someone who buys and sells cars £1000 just isn’t enough, I might as well have a legacy account which then defeats the point in having a monzo account.
you might as well get a business account rather than go against the T and Cs of a personal account and risk getting your account frozen all together, to then come back on to the forum and complain that youve had your account frozen through no fault of your own.
edit - Having said that - Monzo dont seem to allow used automotive dealing either which you have just said you are doing presumably on your personal account dont know how many used automotive deals you would be allowed on a personal account just something to be aware of, Monzo might view it as you carrying on a business …
The best chance you have is by voting for it in the below topic. Discussing it all in one place will also show Monzo how much of a demand there is for it too
Just did! Thanks for sharing the OP again, it was far back x)
By the way FYI Monzo I signed up on your community just to vote for this feature
Thanks in advance!
I wouldn’t hold your breath, its been on there a long time and hasn’t moved phases
Hey all, have just joined Monzo this week, so far am really liking it especially this community page, is certainly different to traditional banks, one thing I really would love to see as someone who still prefers to deal with cash, is the ability to do free cash deposits at my local Post Office. I know there is PayPoint but i would prefer the deposit system at the Post Office and it would stop costing me a £1 a time
Why would you think that? When I last heard of Monzo discussing this, it was pointed out that the Post Office was a more expensive proposition than PayPoint.
I wouldn’t want to bet on Monzo swallowing that increased cost, even now, but if it ever happens then we’ll see!