Gen Z Is Killing Cash

[#99]

Why? Obviously he probably would have paid you back plus some. I know if that happened to me I’m taking the guys name and either Venmo him the money right then and there or get his address and mail him a check. I’m not sure what the guy being rich has anything to do with it. Escalade or Pinto I’m helping a guy out.

 

This happened out on the interstate and the guy was from Pennsylvania.i would help anyone as well but I draw the line when your to ignorant to not pay attention to the gauges in your vehicle, and you don't carry any cash while traveling in case of emergency.

[rjs4470]

Glad that it works for you. But just curious, what happens when you lose your phone or it is stolen?

 

Knock on wood, but that hasn’t happened. But if it did, I have the apps set up on my tablet, and my wife has the apps on her phone as well. In addition, everything I can do through the app, I can do through my credit cards website. My “system” wouldn’t change at all. And in the event I lose my phone, I’ll have a replacement phone in 24 hours anyway. In reality, while my phone is certainly my hub, there’s nothing that I couldn’t do or get done if my phone was unavailable for some reason.

 

I understand the fears and worries people have about going cashless. And when I’m traveling, I do make sure to have at least some cash on me. But almost strictly using credit cards not only simplifies my financial life, with reward cards, I get free flights, hotel stays, cash back and other perks and benefits.

[#99]

Knock on wood, but that hasn’t happened. But if it did, I have the apps set up on my tablet, and my wife has the apps on her phone as well. In addition, everything I can do through the app, I can do through my credit cards website. My “system” wouldn’t change at all. And in the event I lose my phone, I’ll have a replacement phone in 24 hours anyway. In reality, while my phone is certainly my hub, there’s nothing that I couldn’t do or get done if my phone was unavailable for some reason.

 

I understand the fears and worries people have about going cashless. And when I’m traveling, I do make sure to have at least some cash on me. But almost strictly using credit cards not only simplifies my financial life, with reward cards, I get free flights, hotel stays, cash back and other perks and benefits.

 

I see what your saying. I guess part of my problem is that my business deals in mostly cash. It doesn't make sense for me to deposit cash just to use a card. Not to mention if you deposit a lot of cash in your personal account all the time, you become interesting to some people.. lol

[bballfamily]

I have not read all the posts on this thread and maybe someone has already mentioned what I am about to say. I had a business class my senior year high school,1968-69, and the teacher made the statement that we would not write checks or use cash some day. I thought, yeah right, well he is getting closer to being right as time goes by. So this trend is not really surprising. It may have accelerated under Gen Z, but it started long ago. As for me, I use cards as little as possible, particularly gas stations and restaurants.

[Beechwoodfan]

Played in a friendly euchre game with some young folks recently. We played for $2.00 a game and $1.00 per euchre. Well, my partner and I won, but could not get paid because these young guys don’t carry ANY cash! :angrybird2:

[GrantNKY]

Played in a friendly euchre game with some young folks recently. We played for $2.00 a game and $1.00 per euchre. Well, my partner and I won, but could not get paid because these young guys don’t carry ANY cash! :angrybird2:

Venmo.

[rockmom]

I did go to the ATM today and withdraw cash for tips this week.

[Beechwoodfan]

Venmo.

 

Like I know what that is!

[TheDeuce]

Like I know what that is!

 

:lol2:

[woodsrider]

I’ve heard the same. Much harder to recover stolen cash from your account than to reverse a charge that didn’t have your authorization. Had my number stolen a few times and a simple call and all charges were reversed. Heck they even called me one time to ask if the charge was mine and it wasn’t.

It's not any harder. Same security applies to your debit as it does your credit card. I had some in England get my debit card number and made purchase of over $1500. They tried another of over $900 but was declined. I had my money back in my account the next day.

[TheDeuce]

It's not any harder. Same security applies to your debit as it does your credit card. I had some in England get my debit card number and made purchase of over $1500. They tried another of over $900 but was declined. I had my money back in my account the next day.

 

Yep. Provisional credit.

[coldweatherfan]

ATM down too? Odds of both being down is very slim. The one thing my parents did always tell me that I do follow is to never let my tank get below a 1/3 of a tank so I also wouldn’t ever really be in that situation to begin with.

 

It also extends the life of your fuel pump if you have an in tank pump. Which almost all of them are.

 

The gas in your tank keeps your fuel pump cooler and extends it's life.

[LIPTON BASH]

I'd say I use a combination based on the circumstance. I have google pay and venmo for certain occasions. I use a CC or debit on others. But I normally carry 100 bucks in emergency cash or other times I call it fun money.

[jpa2825]

I wish they'd let me use a card reader at GABP.

 

Just curious. As I understood it, you're basically "buying" the beers you leave the stand with each time. At the end of the night, you took $400 in product, you pay the man his $400 and if you sold those beers for $600, you keep the $200. Other than the #s , is that anywhere close to right?

 

Obviously, they want continuity so they require you to sell the product at the same prices. Just wondering why they care if you take a credit card or Venmo or Bitcoin for the beers you "bought" from them so long as you have the greenbacks to pay them for the beers at the end of the night. I would think you have some regulars that would wait for you to come around and Venmo or credit card their beers b/c it is easier than paying some other vendor cash. You'd lose something in the credit card transaction, but hopefully make up for it in volume and/or higher tips.

[MJAlltheWay24]

Just curious. As I understood it, you're basically "buying" the beers you leave the stand with each time. At the end of the night, you took $400 in product, you pay the man his $400 and if you sold those beers for $600, you keep the $200. Other than the #s , is that anywhere close to right?

 

Obviously, they want continuity so they require you to sell the product at the same prices. Just wondering why they care if you take a credit card or Venmo or Bitcoin for the beers you "bought" from them so long as you have the greenbacks to pay them for the beers at the end of the night. I would think you have some regulars that would wait for you to come around and Venmo or credit card their beers b/c it is easier than paying some other vendor cash. You'd lose something in the credit card transaction, but hopefully make up for it in volume and/or higher tips.

 

You're basically correct. I would get in trouble if I sold them at a different price. But if someone gives me $10 on a $9 beer and says keep the change. Technically I sold it for $9, even though they gave me $10. So you are correct in the first part.

 

I'm not 100% sure their reasoning, other than the department's policy is that we only accept cash, so that's what I have to do. If I had my own square/chip reader and just paid them cash at the end of the night, I'd be violating their policy, if they knew about it. Not worth the risk to get caught.

 

They will say that part of it is liability with us handling the credit cards. But they allow the stands to do it, so I'm not sure that really holds up.

 

In my mind, you nailed it. I just bring a few extra hundred as my "bank" so that I can cover the costs I put on the reader. I eat the percentage of the transaction fee, the company wouldn't. Just their policy though and you gotta follow the bosses rules. But yes, it would be worth it for me to do it cause I lose sales from not accepting card.