Anyone else think it's time to get rid of the penny?
I don't use cash much anymore but when I do I hate getting pennies. I think the penny should be done away with and everything is rounded to nearest nickle. I am speaking of American currency!
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edistoflyer · 46-50, M
Think about the economical impact if you instead did away with plastic -- credit and debit cards. Every swipe -- EVERY swipe -- to a restaurant, retailer or other business results in either a flat fee or a transaction percentage being lost by the merchant and going to MasterCard, Visa, Discover, AmEx, Diner's Club or whichever banking entity appears on the card.
These lost/forfeited sums, the flat fees and transaction percentages, don't exist at all when payments are made via cash or check (or barter). These "invisible" fees are ultimately paid for by all customers in terms of higher prices.
So instead of thinking about savings from elimination of ones (pennies and individual dollars), think about replacing plastic payment methods with paper. No more siphoning profits from EVERY plastic transaction for ALL service and product merchants means significant cost reductions for "we the people."
Many medical/dental/car repair and other businesses will discount your total when you pay with cash instead of plastic. Ask and you'll find out. Much better than saving one to four pennies per transaction.
These lost/forfeited sums, the flat fees and transaction percentages, don't exist at all when payments are made via cash or check (or barter). These "invisible" fees are ultimately paid for by all customers in terms of higher prices.
So instead of thinking about savings from elimination of ones (pennies and individual dollars), think about replacing plastic payment methods with paper. No more siphoning profits from EVERY plastic transaction for ALL service and product merchants means significant cost reductions for "we the people."
Many medical/dental/car repair and other businesses will discount your total when you pay with cash instead of plastic. Ask and you'll find out. Much better than saving one to four pennies per transaction.
wstcstrob · 46-50, M
@edistoflyer Trust me I know and agree with all you say. I'm a business owner and I will not let my sales people ask for plastic, they must ask for checks or cash only. The response 95 times out of 100 is I want my rewards points. The fees I paid in 2018 to the CC companies is more than some people make in a year. It hurts but people are stuck on plastic and rewards.
edistoflyer · 46-50, M
@wstcstrob
wstcstrob, How sad. The appeal of points (heavily preying on every human's deep desire to qualify -- or at least to not be disqualified) tricks people into accumulating what they frequently shall never redeem.
I support the local economies. I believe in the principles that those doing the work are worthy of their pay. So much power in our local communities when our hard-earned funds aren't siphoned/shunted to distant banks who allow the "convenience" of a transaction that truly does not need them. Cash and go.
I wish much success for you, yours and those providing goods and services to others like you. Blessings always, man!
wstcstrob, How sad. The appeal of points (heavily preying on every human's deep desire to qualify -- or at least to not be disqualified) tricks people into accumulating what they frequently shall never redeem.
I support the local economies. I believe in the principles that those doing the work are worthy of their pay. So much power in our local communities when our hard-earned funds aren't siphoned/shunted to distant banks who allow the "convenience" of a transaction that truly does not need them. Cash and go.
I wish much success for you, yours and those providing goods and services to others like you. Blessings always, man!
wstcstrob · 46-50, M
@edistoflyer Thank you very much, I appreciate your words.