Discuss all about Going Cashless

I think that amount they’ve stated for the cost of cash is the actual fee it costs business to deposit cash in a business account.

But doesn’t take into account paying staff to tally up the tills for loss prevention, time/cost of going to the bank to deposit cash and getting or paying for change.

You’ve also got the loss when you get counterfeit notes.

Also if you need a security van to pick up the cash that is relatively expensive.

Business insurance doesn’t cover much cash so the trips to the bank may be more often than you’d imagine.

I might try a cashless October. See how it goes.

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As a foreigner to the UK, please clear up some points :thinking:

Aren’t deposits free, at least when done at ATMs? As for the time spent by staff, that’s certainly a valid point, tough it doesn’t take more than 3 minutes at the end of a shift

Really? How common is that?

You’d have a bigger business to have that need, so the cost is relative

Again, if you’re a bigger business, in which case you have someone to handle your cash anyway

I’ve only personally checked for the banks that have branches near my old work, definitely those ones but I believe all business accounts charge a fee for cash deposits as part of the account fees regardless if it was ATM or manned counter.

I would say it took half an hour each day for one person to count ~8 cash drawers and restock the change.

It would depend on the size of the business but smaller businesses will have less tills but also won’t have the machines to tally up quickly so similar time.

Counterfeit isn’t that common but would depend on the area normally, I saw about 2 per year.

So either cash vans which are expensive or a small business is probably doing a 20-30min trip to the bank 3 times a week which adds up in wages.

I guess each company has different circumstances so there’s no easy way to work it out, it would depend on how close and busy the bank is, how much cash and if the boss would trust the workers or do extra spot checks on the totals.

Also one place used to pay us in cash weekly so cash didn’t end up costing them anything.

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Then cheque “imagining” (as many people seen to call it this, or rather their phone autocorrect does), will finally take off :grin:

Makes a change (haha) as normally food events (hate the word festival) are cash only so I don’t bother going.

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Perhaps these are valid points but you’re going to have hidden expenses to card transactions too in the same light as these - fraudulent card use/cloned cards will have some sort of cost to businesses as will the cost of systems to detect and deal with these, which also has a staff cost of who uses and maintains said system, as an example.

I’m fine with cashless.
Have been for a couple of years. I only carry my wallet for ID purposes. Once they all move to an app; no more wallet.

Hmm true, but I guess tallying up tills and going to the bank is constant.

Cloned cards are pretty rare in the UK as they’ll only work with swipe, and we would refuse magstripe transactions as do the banks when they can see that the terminal accepts chip and pin.

There’s no real card fraud prevention systems for retail unless you make staff check an I.d. against the name on the card which isn’t practical,

We recently bought a car, and joked about contactless transactions for it (>£3k) and the salesperson was like, “Yeah, but Apple Pay works!”, so we had the novel experience of buying a car with a phone!

Seems sort of unreal that you can spend that much!

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I was at a food event at the weekend and several stalls had izettle terminals. There’s really no reason for them not to.

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Me too. In fact, all of the stalls had signs printed by the organiser to say that they accepted card payments.

Personally i get a little offended in mercantile does not accept my Monzo card (i.e. cash only).

In UK especially we are moving to cashless and more importantly contactless payment system.

Here is an interesting challenge to see which form of payment is superior in Europe, guess which one won…

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I tend to use cash 50% of the time
Mainly to get around rural village shops wanting £5 woth of buisness to pay by debit card and the barbers, a few shops in the nearest town that wont take cards or have a stupidly high min spend.
Monzos lack of post office withdrawals is why I can’t use it as my only account. (no cash machine for 10 miles)
I pay by debit card in supermarkets, petrol stations and anywhere thats a big chain oh and the pub.

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Very rarely use cash and don’t carry much of it, usually pound coins for parking and even then most places take card/use an app.

Hardly use cash these days

Nitrous sellers now accepting contactless :exploding_head:

I feel naked without cash in my wallet…

I must be old school :slight_smile:

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In the UK you don’t have the ability to just deposit at an ATM? As for tallying up tills, that’s usually done during quieter periods and basically just uses up what would otherwise be idle time