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How long until we achieve a truly cashless society?


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#21 Nparker

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Posted 21 January 2017 - 01:07 AM

...i don't think cash will ever fully go away.. become less common probably.. but never fully be gone

I'd give you a penny for that thought, but....



#22 Midnightly

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Posted 21 January 2017 - 01:18 AM

if we get rid of cash, it will effect all sorts of fund raising.. this year it already had an effect on the Christmas kettle program, it would effect girl scouts selling cookies, whatever team is selling donuts, or christmas trees.... not to mention all the farmers markets and little stalls that pop up selling items in the summer, and christmas craft fairs that are all cash based

 

heck even the fall fair, or the carnival/midway is cash only


Edited by Midnightly, 21 January 2017 - 01:19 AM.


#23 rjag

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Posted 21 January 2017 - 07:47 AM

Dont forget small businesses that dont like to declare all earnings to CRA like barbers, butcher shops, handymen, gardeners, roadside stalls, pub workers etc

 

Imagine, it would be a CRA wet dream to have no cash because they could then follow all the money



#24 sebberry

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Posted 21 January 2017 - 10:07 AM

if we get rid of cash, it will effect all sorts of fund raising.. this year it already had an effect on the Christmas kettle program, it would effect girl scouts selling cookies, whatever team is selling donuts, or christmas trees.... not to mention all the farmers markets and little stalls that pop up selling items in the summer, and christmas craft fairs that are all cash based

 

heck even the fall fair, or the carnival/midway is cash only

 

I'm quite puzzled as to why these small operations don't grab a Square reader and start taking credit cards.


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#25 AllseeingEye

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Posted 21 January 2017 - 10:50 AM

I'm quite puzzled as to why these small operations don't grab a Square reader and start taking credit cards.

No reason any of those smaller operator/businesses can't utilize a Square. My acupressure specialist, who I use occasionally to work on a recurring lower back problem, runs her business out of her apartment and bills customers solely using a Square. Its fast and convenient and automatic. Drop dead simple. No monthly fees either which makes it more attractive (or should) to small operators. It will be interesting in coming years to see if other nations follow the Indian lead, or whether the initiative sputters and dies on the vine....



#26 sebberry

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Posted 21 January 2017 - 11:02 AM

We use Square with a stack of iPads for all the drink tickets at Rifflandia.  If there's a true test of its capability, it's that venue.


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#27 rjag

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Posted 21 January 2017 - 12:35 PM

No reason any of those smaller operator/businesses can't utilize a Square. My acupressure specialist, who I use occasionally to work on a recurring lower back problem, runs her business out of her apartment and bills customers solely using a Square. Its fast and convenient and automatic. Drop dead simple. No monthly fees either which makes it more attractive (or should) to small operators. It will be interesting in coming years to see if other nations follow the Indian lead, or whether the initiative sputters and dies on the vine....

Is Square free?
Get your free Square Reader at sign-up or pick one up at a store near you. Pay 2.75% per swipe for Visa, MasterCard, Discover, and American Express. Swipe $100, see $97.25 in your bank account in one to two business days. No monthly fees, no commitments, no surprises.
thats a pretty hefty commission, not bad on $10 but on a $100 charge? Compared to 1.5% for standard merchant fees for a process terminal
 
 
 


#28 sebberry

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Posted 21 January 2017 - 12:46 PM

The merchant rate charged by Visa/MC was 2.5% not very long ago.  When I had my store, it was 2.5%.  And because I hadn't been an established business for very long, Moneris or Global wanted something like $20,000 security deposit before giving me a terminal. 

 

Square might not be for everyone, but it's a great solution to those who don't want the hassle of getting a payment terminal. 


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#29 jonny

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Posted 21 January 2017 - 12:53 PM

I say never, or at least not for 100 years or more.

There are still a million Canadian $1000 bills out there, despite being "removed from circulation" 10+ years ago.

#30 Matt R.

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Posted 21 January 2017 - 01:15 PM

Credit card fees vary from card to card, 1-3% and more for Amex plus Moneris or whoever your provider is charges a rental fee for equipment.

We keep a square for when the power goes out, and we've used it off site at events. Works like a charm and is cheap and simple, every merchant should keep one in their office for when Moneris or whatever goes down. No charge to get one and no charge unless you use it.

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#31 AllseeingEye

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Posted 21 January 2017 - 01:20 PM

 

Is Square free?
Get your free Square Reader at sign-up or pick one up at a store near you. Pay 2.75% per swipe for Visa, MasterCard, Discover, and American Express. Swipe $100, see $97.25 in your bank account in one to two business days. No monthly fees, no commitments, no surprises.
thats a pretty hefty commission, not bad on $10 but on a $100 charge? Compared to 1.5% for standard merchant fees for a process terminal
 
 
 

 

I'm not advocating one way or the other in favor of or against the Square, merely citing it as one possible option in a cashless environment - clearly sufficient numbers of people/small business owners perceive value judging by the uptake since its introduction in addition to generally very favorable reviews on various tech sites; it seems many small businesses aren't that fussed about the commission cost given the ease of use and general convenience of that tool. That all said I'm sure there are many other options.

 

And from the same article above re: the credit card rate "drop" is this -

 

.....one senator who has been advocating for regulation of interchange fees calls the cut “practically meaningless.” Pierrette Ringuette points out Visa and Mastercard had spiked rates by 25% in the past two years. Canada will continue to have some of the highest fees in the world. Visa and MasterCard are laughing all the way to the bank.

 

I would hope the CC companies would do something after years if not decades of unceasing rate hikes for businesses; heck most places still won't accept American Express due to their exorbitant rates. 


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#32 jonny

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Posted 21 January 2017 - 02:15 PM

Square is very expensive if you process any sort of volume, in which case you're better off with a traditional payment acquirer/processor set up.

And credit card companies HAVE done something in regards to rate hikes. Average interchange fees were recently capped at 1.5%

#33 AllseeingEye

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Posted 21 January 2017 - 02:33 PM

Time.com cites several reputable academic and economic experts from Harvard and other institutions who make some interesting and even compelling arguments for the elimination of "cash", many of them revolving around crime mitigation.

 

Interestingly according to a link provided in the story apparently Sweden, Denmark and Norway are very gradually also moving away from cash - 

 

http://time.com/mone...ng-rid-of-cash/



#34 jonny

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Posted 21 January 2017 - 06:03 PM

What about the massive, systemic, ongoing issues of credit and debit card fraud?

Everybody has moved away from cash. That's going to continue. The question is will we get to totally cashless. Not for a long time. Something like 40% of merchant transactions are still in cash.

The more likely payment method to go obsolete in the near future is cheques.

#35 LJ

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Posted 21 January 2017 - 06:40 PM

There was a story on 60 Minutes a couple of years ago about Kenya that had a payment system on their cell phones. It didn't cost very much to use and all you had to do was enter the receiving party's phone number and amount you wanted to pay. Very simple, very quick and safe.

 

http://www.cbsnews.c...g-it-for-years/


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#36 Mike K.

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Posted 22 January 2017 - 07:11 AM

Currencies like Bitcoin (whatever happened to that, hey?) will ensure criminal proceeds can be exchanged in a digital currency society.

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#37 jonny

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Posted 22 January 2017 - 01:51 PM

It's probably pretty easy for the government to confiscate your drug money bitcoins. Harder to find buried cash.

#38 grantpalin

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Posted 22 January 2017 - 04:18 PM

There should be an express lane for caffeine deprived people that just want to quickly trade a loonie or toonie for their fix.

The Tim Hortons in the Juliet Building has a line reserved for coffee-only purchases in the morning (I think)


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#39 rjag

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Posted 25 January 2017 - 10:08 AM

https://www.nytimes....ns-to-bite.html

 

In Its Third Month, India’s Cash Shortage Begins to Bite

 

 

 

 

Mr. Rathore is one among a large number of Indians — the precise number is not known — who have lost their jobs since Nov. 8, when Mr. Modi abruptly banned 86 percent of the country’s currency in a bid to eliminate “black money,” currency on which taxes had not been paid.

Edited by rjag, 25 January 2017 - 10:08 AM.


#40 http

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Posted 25 January 2017 - 11:50 AM

One segment just drooling at the prospect of a cashless society: banks. They would be able to go from a fractional reserve system to a zero reserve system.

 

Drooling.


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