Turbo29
Full time employment: Posting here.
Not the person you asked but I've known a few restaurant owners and they always told me they preferred cash for this reason.And what actual facts cause you to believe this?
Not the person you asked but I've known a few restaurant owners and they always told me they preferred cash for this reason.And what actual facts cause you to believe this?
So you have taken a statistically significant sample of all the restaurants in the world? In the US? How many restaurants? Really, it's a silly and indefensible statement.Resturant owners I have known open admitted to me that they pocketed $100 cash every night.
We like paying in cash, and haven't used a CC at a restaurant in decades. So, actually we had no idea this was going on. Sounds inconvenient for CC users!More and more restaurants seem to be adding a fee if you use your credit card. I've seen this be upwards of 3%. I know that the CC companies charge a transaction fee, but it just seems wrong to be passing this on to the consumer. I don't like carrying extra cash. And it is much easier to track spending by categories when using a CC. Is anybody using their debit cards instead which usually does not incur the extra fee?
This doesn't surprise me. I would be more surprised if there wasn't cash taken under the table.Resturant owners I have known open admitted to me that they pocketed $100 cash every night.
Maybe that's something that should be figured into the tip factor - 10% vs 15% vs 20%. Tip less with cash.I expect a lot of the waiters/waitress prefer cash tips, for that reason.
You don't have the same protections as you do with a CC.If I run into a fee that is higher than my cash back I will use my debit card.
Exactly. No debit card usage for me except ATM cash withdrawals and not many of those either, since I get paid in cash for the lessons I provide.You don't have the same protections as you do with a CC.
Good enough for me: "We offer you this simple guarantee: Schwab will cover losses in any of your Schwab accounts due to unauthorized activity.You don't have the same protections as you do with a CC.
Reference:Good enough for me: "We offer you this simple guarantee: Schwab will cover losses in any of your Schwab accounts due to unauthorized activity.
Cash under the table, food taken home expensed to the restaurant, meals eaten at the restaurant that don't get recorded, etc. There are a lot of ways for restaurant owners to game the system if they choose.This doesn't surprise me. I would be more surprised if there wasn't cash taken under the table.
... and your point is ??Reference:
Why You Should Never Use a Debit Card To Pay for Anything
Banks love to pitch debit cards as a way to avoid spending money you don’t have. Here's why you shouldn't use debit to pay for anything, if you can help it.clark.com
Supporting reference to my earlier post that you responded to:... and your point is ??
Putting skimmers at gas stations where you pay at the pump is a big problem here so I will not use a debit card. I also get 3% back on my credit card.Well, gas stations typically have the most well-advertised differential between CC pricing and cash/debit card pricing, so usually it's better to pay with a debit card (or cash). For example, the Citgo down the road from me here in suburban metro Atlanta has a cash/debit price of $3.29/gal and a CC price of $3.34/gal. The differential is usually between 5 and 10¢/gal. However, I still pay for gas with my Silver Business AmEx, since it gives me 3% cash back on gasoline purchases, which works out to about 10¢/gal these days (and thus completely makes up for the CC pricing surcharge).
I guess that applies to some people. Not me though, the method of paying has no bearing on what I decide to eat.Seems to me that the early pitch in enticing restaurants into accepting credit cards in the first place is that people would spend more. And I believe they do...a lot more.
I think the idea is that if you only have $200 in your pocket, you'll likely try to spend a bit less than that. But if you had a CC, you'd be more likely to spend $250 on that extra drink or dessert. I suspect that the CC companies have data to back that up.I guess that applies to some people. Not me though, the method of paying has no bearing on what I decide to eat.
I guess that applies to some people. Not me though, the method of paying has no bearing on what I decide to eat.
But there certainly is a demographic that wouldn't go to a restaurant if they had to pay cash or debit only...they just don't have the money.
CC companies have done the studies, repeatedly, and they know, yes, the average customer spends more in all categories when using plastic vs. cash. Way more than the fee difference. It's a no-brainer to accept the cards in most categories.Seems to me that the early pitch in enticing restaurants into accepting credit cards in the first place is that people would spend more. And I believe they do...a lot more.
As such, the restaurants are already making more money already with the CCs so why charge more? Having said that, I really don't care.
FWIW, I never, never, ever carry cash. Not even $5. We keep a draw of cash at home for tipping delivery guys but that's it. I'm not about to start lugging around $200-$300 for dinner to save $10.
+1. We're actually going out tonight for a very special celebration at a notably expensive restaurant. Would I bring $300? $400 $500 $600 in cash? Nah! Amex handles that worry.CC companies have done the studies, repeatedly, and they know, yes, the average customer spends more in all categories when using plastic vs. cash. Way more than the fee difference. It's a no-brainer to accept the cards in most categories.
Of course, some exceptions, mainly in the direct consumables (gas, groceries) but anything that has a discretionary angle to it? Yes, the purchase increases.
A mom-and-pop sandwich shop might not benefit from the credit card lift, but a nice sit down restaurant certainly does.
It has been many years since I looked at the prices on the menu when ordering. And when they bring the check, I just look at the bottom line, round up to the nearest $10, double it and move the decimal point to figure the tip. If, after discussing it with the young wife on the way home, we agree that the experience did not seem worth what we just paid, we'll try someplace different next time. In general, we eat out a lot less than we did when working. Among other things, we have time to cook and cleanup at home and we're not always tired. Additionally, the young wife is a far better cook than most restaurant chefs, our ingredients are usually higher quality and we can certainly enjoy far better wine when we stay home.I think the idea is that if you only have $200 in your pocket, you'll likely try to spend a bit less than that. But if you had a CC, you'd be more likely to spend $250 on that extra drink or dessert. I suspect that the CC companies have data to back that up.
With prices going up as they have been, I'd hate to be given the choice between reading a menu right-to-left or carrying around $500 cash to be safe. Quite lame to whip out a calculator while looking at the menu!
Personally, I haven't carried even $5 cash on me in maybe 15 years.
As someone who's notoriously math-challenged, that's what I do!! (Even then I get it wrong sometimes)It has been many years since I looked at the prices on the menu when ordering. And when they bring the check, I just look at the bottom line, round up to the nearest $10, double it and move the decimal point.