Of the many restaurants in the Crystal Mall area that I often go to with my family, I have noticed a recurring trend – there is always a folded up sheet of eight and a half by eleven white paper with “CASH ONLY” scribbled with marker in large font. You notice this is small boutiques as well. When I was young, I always wondered why this was the case. Now, of course, I know why that is – companies have to pay credit card companies a fee for the service of the credit card, or customer transaction services. Which is why I found it interesting to read that shopkeepers nowadays are willing to give discounts to customers who pay in cash, and want to lower fees so they don’t have to increase prices. However, credit card companies do not agree to changes that would make it more difficult to use their cards. Both sides state that they are “putting consumers first”. I agree that stores should give customers discounts when paying in cash because by doing so, both sides avoid credit card fees, and small businesses are benefited as a discount may pull customers away from bigger competitors. People saving money equals to people being happy. And in the end, who doesn’t love a discount?
Article:
http://www2.macleans.ca/2013/10/08/credit-card-fees-too-high-give-us-a-discount-for-paying-cash/
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