Cash only and bank failures possible?

[homerunhitter]

Originally Posted by bnorth

I remember making chains out of the old pull tops so they will be extremely useful.

Awesome! I can put them on my tires to drive through the snow! Since there will probably be no tv due to no electricity, I think board games will be in high demand. I think I’m going to invest in board games to sell (when they are in high demand) like monopoly, connect four, twister, operation, chutes and ladder, candyland and battleship! I will be rich thanks to all the wonderful advice here! I like GOOOLLLDDD!!

[NiceDocter]

My 32 year old daughter asked me if these things come to
pass will her Beanie Babies go down in value? I didn’t have to heart to tell her……

[bnorth]

Originally Posted by homerunhitter

Yes, and I make a great possum stew and also figgy pudding! (Grandma Ethel’s family recipe) I just wonder if my collection of soda pop can pull tops will come in handy?

They have these new fangled pop tops that you can make fishing hooks out of.

[MooseDog]

Like any other cash-involved business, a huge amount of restaurant cash sales go unreported for tax purposes.

Processing fees for a merchant-based credit card system shouldn't be more than 3% plus maybe a transaction fee of 20-50 cents. That's about a $1-1.50 on a $30 order. If they are paying more than that they are getting robbed by their processor.

Originally Posted by steve B

And during the pandemic, another favorite restaurant went cash only for eat in but still takes cards for pickup. Both said it was because of the processing fees.

[ALR-bishop]

Leaf 1960 marbles are what you need come hard times. And second series marbles are the most valuable

[steve B]

Originally Posted by MooseDog

Like any other cash-involved business, a huge amount of restaurant cash sales go unreported for tax purposes.

Processing fees for a merchant-based credit card system shouldn't be more than 3% plus maybe a transaction fee of 20-50 cents. That's about a $1-1.50 on a $30 order. If they are paying more than that they are getting robbed by their processor.

A few places around here went to cash only. They have an ATM inside, which charges a fee, so I figure they're getting a bit of savings, and a bit of the fee.

Eating out at the lower end has gotten expensive.

I figure credit cards are an expense any retail sort of place just has to deal with. The Bike shop was cash only until I had the kid working weekends make notes on what went unbought because we didn't take cards. First day was $400, and we were a tiny place.
The owner got a credit card deal a couple weeks later.
We had a strange setup, I think we may have been the last lace with the old physical forms and slider.
At the time it was weird, we were getting a worse deal than I had just by having Paypal, which I thught was high.
And a monthly fee if we took no card payments that month. Once we got the modern card reader part of my job was to go in once a month during the winter and charge a soda to my card. Cost us more than the Coke, but saved the $35 fee....
Yeah, it was a weird place.

[CA Esq]

Originally Posted by homerunhitter

Hello,
I love the vast knowledge and great wealth of experience you guys have here so I ask this question (because I know you guys will give a honest, straight forward answer) based on what I am reading on the internet, my question is:

That's the problem right there.