Banking - gotta love it - From the Inbox

almost no one carries cash anymore...

 

 

I have a $50.00 bill in my pocket. I go to a restaurant and pay for dinner with it. The restaurant owner then 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 for shopping. After an unlimited number of payments, it will still remain a $50 - which has fulfilled its purpose to everyone who used it for payment.

But if I come to a restaurant and pay with a credit card, bank fees for my payment transaction charged to the seller are 3%, so around $1.50  and so will the fee $1.50 for each further payment transaction or owner, the laundry or payments of the owner of the laundry shop, or payments of the barber and downhill from there. Therefore, after 30 transactions, the initial $50 only $5.00 will remain and the remaining $45 became the property of the bank thanks to all digital transactions and fees. 

Small businesses need your help and this is one way to help ourselves too. 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 $1350 in fees in ONE Month. Over $16,000 in a year! That comes straight out of their pocket day in and day out. You can't blame them for added a surcharge for YOUR convenience...