Cash Vs Card? Why Banks LOVE Cards!

Cash or Card?

Once that was a question you were asked when paying. Now it seems it's automatically THE CARD.

Once upon a time, the ONLY way you could pay for stuff was with cash, folding stuff, moolah, bucks.

Cash used to be printed on paper then in 1988, the geniuses at the Australian Mint who print the money invented plastic banknotes.

'They last longer' they said.

'They'll survive the washing machine' they said.

The Big Banks then took it one step further and created plastic cards to use instead of cash.

'Convenient' they said...

"Easier than carrying cash' they said ...

And they were right, it was more convenient.

But then came the FEES, CHARGES and SURCHARGES.

Most of those fees, charges and surcharges are borne by the business community.

However, more and more business are now charging customers those same fees, charges and surcharges for the convenience promised by the Big Banks.

For a small business like ours, the cost of renting the EFTPOS terminal and providing electronic transactions for our clients costs around $5000 per year ... every year.

And this applies to every business in Australia.

Every time you tap at the café, hairdresser or service station, the Big Banks rake in more profits adding to their multi-billion bottom lines.

We as customers are all paying for the convenience of the Big Banks not having to provide cash services anymore. 

Electronic Funds Transfers are a river of gold flowing directly to the Big Banks.

This is why they are pushing the Australian Government to eliminate cash from the economy.

For every tap, they hear KER-CHING!

So next time you visit a small business, try paying in cash. This will help keep their running costs lower and not make the Big Banks richer.

Remember also, cash still works when the power goes out or your phone runs out of charge...

Just a thought especially in these crazy times.