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Would you shop at a store or restaurant that refuses to take cash?

Valued Contributor

Would you shop at a store or restaurant that refuses to take cash?

https://www.msn.com/en-us/money/companies/visa-takes-war-on-cash-to-restaurants/ar-BBEhceI?li=BBnbfc...

 

Not sure it's even legal given cash is legal tender .... but Visa is trying .... gin up the lawyers...

Message 1 of 37
36 REPLIES
Contributor

Re: Would you shop at a store or restaurant that refuses to take cash?

Personally, I don't even carry cash.

 

But, I'm disciplined enough to not spend more than I have.  This will only lead to more debt for the average American, it's a horrible greedy decision. 

 

What I'm interested in is would merchants offer a discount for cash purchases

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Message 2 of 37
Senior Contributor

Re: Would you shop at a store or restaurant that refuses to take cash?

I think we already see that with things like gas, where often the cash price is 10 cents per gallon less than the credit price. I'm not sure if this is considered a discount for cash, or a fee for credit. Could be viewed either way I suppose.

I only used cash one time in 2016 personally, cards for everything else.
Message 3 of 37
Valued Contributor

Re: Would you shop at a store or restaurant that refuses to take cash?

It's one thing if you choose to use cards, but this seems like a "bribe" to force a merchant to not accept cash whereas the bill says on it "this note is legal tender for all debts public and private" which would include when the check was presented after a meal at a restaurant (aka a "debt").  There are an awful lot of people that don't have a checking account, let alone a credit card. Note too that EBT cards can not be used for prepared meals, so is Visa forcing a large part of the population to go buy "gift cards" ?

 

I can also see the wait staff having 100% of their tips now reported and reduced due to withholding and swipe fees. For those that only use cards, no big deal, but for those that don't or won't use cards you are telling them they are not welcome even with $1000 cash in their pocket. Personally for me and I have a pocketful of cards I would avoid any merchant that told me my "actual money" was no good.

 

Just imagine the guy that takes his date/wife to a fancy restaurant and drops a couple hundred on dinner and goes to pay with cash - sorry sir we don't accept cash - that's all I have is cash - sorry sir we don't accept US currency (?) Guy goes to walk out after they won't take his cash - restaurant calls the cops, customer says I tried to pay and they rejected my CASH, cop goes huh?  You think a judge is going to tell this poor dude, I sentence you to apply for an AmEx and a Visa and when you get approved you have 72 hours to pay the restaurant, and then you can take your "dirty cash" and sent it to the credit card company.

 

This Visa "policy" (bribe) is going to get tossed by the courts IMO as an unfair business practice. . 

 

 

Message 4 of 37
Senior Contributor

Re: Would you shop at a store or restaurant that refuses to take cash?

I can't say I disagree with your perspective there.

 

It's crazy how the shift from cash to credit has really taken off in the last 10-20 years.  20 years ago in restaurants (at least where I worked) credit verses cash transactions were about 50/50.  Last I checked, it was at 81/19 in favor of credit (which also includes debit cards). 

Message 5 of 37
Established Contributor

Re: Would you shop at a store or restaurant that refuses to take cash?

I think this is going to become more common.  With the advent of Prepaid cards, its just a lot easier for merchants.  I think those same merchants will just pass on the fees to the consumers.

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Message 6 of 37
Senior Contributor

Re: Would you shop at a store or restaurant that refuses to take cash?

In restaurants, employers are starting to pass on the fees for tipped CC transactions to the employee that's being tipped.

Message 7 of 37
Contributor

Re: Would you shop at a store or restaurant that refuses to take cash?


pipeguy wrote:

https://www.msn.com/en-us/money/companies/visa-takes-war-on-cash-to-restaurants/ar-BBEhceI?li=BBnbfc...

 

Not sure it's even legal given cash is legal tender .... but Visa is trying .... gin up the lawyers...


As much as I want it to not be legal I think it is.

 

I think Apple did this when they released the iPhone one year.  You had to pay by credit card and could not use cash.



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Message 8 of 37
Established Contributor

Re: Would you shop at a store or restaurant that refuses to take cash?


VoltaicShock wrote:

pipeguy wrote:

https://www.msn.com/en-us/money/companies/visa-takes-war-on-cash-to-restaurants/ar-BBEhceI?li=BBnbfc...

 

Not sure it's even legal given cash is legal tender .... but Visa is trying .... gin up the lawyers...


As much as I want it to not be legal I think it is.

 

I think Apple did this when they released the iPhone one year.  You had to pay by credit card and could not use cash.


Apple obviously changed that policy, because when I bought my iPhone SE earlier this year, I paid cash at the Apple Store with no problems.

 

On the larger point, it seems to me that even if it's legal to decline cash payments - there is in fact no Federal law requiring a merchant to accept cash under all circumstances, though some states do have such statutes - a merchant had better have a darn good reason to do so. After all, it says right there on any U.S. currency note: "This note is legal tender for all debts, public and private".

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Message 9 of 37
Contributor

Re: Would you shop at a store or restaurant that refuses to take cash?


joe8185 wrote:

VoltaicShock wrote:

pipeguy wrote:

https://www.msn.com/en-us/money/companies/visa-takes-war-on-cash-to-restaurants/ar-BBEhceI?li=BBnbfc...

 

Not sure it's even legal given cash is legal tender .... but Visa is trying .... gin up the lawyers...


As much as I want it to not be legal I think it is.

 

I think Apple did this when they released the iPhone one year.  You had to pay by credit card and could not use cash.


Apple obviously changed that policy, because when I bought my iPhone SE earlier this year, I paid cash at the Apple Store with no problems.


Yeah it was a long time ago

 

https://www.wired.com/2007/10/the-iphone-cash/

 

This artcile goes into why it's legal to not accept cash.



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Message 10 of 37