04/03/2023
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💲Please understand what NOT using cash is doing. CASH is important. 💸 Why should we pay cash everywhere we can,instead of a credit card? 💳
- I have a $50 bill in my pocket.
Going to a restaurant&paying for dinner with it. The server gets to keep the full amount& not get less because taxes were taken out. The restaurant owner 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 to tan or shop.
-After an unlimited number of payments, it will still remain a $50, which has fulfilled its purpose to everyone who used it for payment & the bank has jumped dry from every cash payment transaction made...
- But if I come to a restaurant&pay digitally/Card, bank fees for my payment transaction are charged to the seller are 3%, so around $1.50-$2.00 &so will the fee $1.50-$2.00 for each further payment transaction or owner re laundry or payments of the owner of the laundry shop, or payments of the barber tanning etc....
-Therefore, after 30 transactions, the initial $50 will remain only $5 😫 and the remaining $45 became the property of the bank 🏦 thanks to all digital transactions&fees😖
-SMALL businesses need your HELP& this is one way to help ourselves too. Pull small amounts of cash out at a time&use that INSTEAD OF credit,tap,etc.
-When this is put into perspective, imagine what each retailer is paying on a monthly basis in fees at 3% per transaction through their POS machine.
If they have, for example, $50,000 in sales & 90% are by Card, they are paying $1500 in fees in ONE Month. $18,000 in a year + other yearly fees! That comes out of their income every month😰😕
That would go a long way to helping that small business provide for its family🏦♥️ for some, its our only source of income. We don’t want to start having to charge the customer a fee for every swipe to cover this. Remember CASH. Thank you😊