03/22/2023
❤️💸
Please understand what NOT using cash is doing
Why should we pay cash everywhere we can instead of a credit or debit card?
Let’s say I have a $50 bill in my pocket.
I go to a restaurant and pay for dinner with it. The restaurant owner then uses the bill to pay for the laundry. The laundry owner then uses the bill to pay the barber. The barber will then use the bill for shopping.
After an unlimited number of payments, it will still remain a $50, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made...
- But if I visit a restaurant and pay digitally - Card, and bank fees for my payment transaction charged to the seller are 3%, ( debit cards are around 2.8%) so around $1.50. And so will the fee $1.50 for each further payment transaction… payments of the owner of the laundry shop, or payments of the barber etc.....
Therefore, after 30 transactions, the initial $50 will only have a value of $5 and the remaining $45 became the property of the bank.
Prices continue to rise as the value of the American dollar is dropping.
Small businesses need your help and this is one way to help ourselves and the American economy too.
Consider what each retailer is paying on a monthly basis in fees at 3% per transaction on credit and debit purchases.
If they have, for example, $50,000 in sales & 90% are by Card, they are paying $1500 in fees in ONE Month. That’s $18,000 in a year!
Author unknown but as a small business owner, I agree 100%.
