LCS no credit cards
moursund
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Nether of the LCS in my town take credit cards.
Is that common?
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Comments
My LCS has a sign “Cash Only”.
Yes, it used to be the norm - cash or check (from known customers).
Some take cards but add 4% to the price.
Yep - Only cash - so I prefer to buy from Ebay or Great collections -
"When they can't find anything wrong with you, they create it!"
My go to LCS guy has been in the biz for a very long time and is strictly Cash ONLY and he prefers to stay that way.
Does not have any internet presence either.
https://www.pcgs.com/setregistry/u-s-coins/quarters/PCGS-2020-quarter-quest/album/247091
Considering cards cost 2.9% for most vendors (at least), and the always present possibility of charge backs ... and you are face-to-face, why would they want too?
My local will, but they quote a different price if they know that up front.
If it's high dollar, they'll take my check.
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I wonder if these cash only places pay their full sales taxes and income taxes owed.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Mine takes cards for numismatic items, cash only for bullion. If you use a card to pay for bullion, they add 3%.
A lot of small businesses have gone to cash transactions... sign of the times. Cheers, RickO
Yes. Coins have a 10% margin, less for bullion. Credit cards eat 3% (or more) of that margin.
B&Ms probably mostly. Coin show dealers...er not so "mostly".
No CC in my area. All cash and carry.
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Cash is king at coin shops and I see no reason why that will change. They don't operate on "jewelry store" margins ... even for the jewelry they often sell these days.
About the same chance as the local cash only strip club. Human nature doesn’t like to divvy up piles of cash when no one is looking.
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Not in my part of NY State. In fact, some of them have gone cashless due to Covid.
@jmlanzaf.... Interesting... I have not run into that here where I live in NYS...I deal mostly in cash when buying locally and have not had a single refusal. Well, one pizza place did not want a $50 bill... claimed too many counterfeits around... but I had $20 bills to pay with.... Not much Covid issues here. Cheers, RickO
Mine doesn't. but being a retailer I don't blame them. The cost to the owner is significant. Numismatics loves cash.
I've never lost money in cash transactions. Have lost thousands of dollars taking checks and credit cards.
Those who don't understand are either naive or stupid as to "why" some dealers avoid inked promissary notes on paper , or plastic. Promissary is a lie.
If you need cash, credit cards offer cash advances, you know.
Also, you could go withdraw the cash from a bank, rather than write the person a check in an in person transaction.
If I don't know ya, cash on the barrel head in any in person transaction.
This.
When you transact with cash, there is no problem for either party.
So as long as nobody gets mugged when carrying huge wads of cash... 😛
Totally different subject. Don't meet people in dark alleys.
Was always a cash man until I started to buy online.
No local coin store here so no need for either cash or credit card.
Wayne
Kennedys are my quest...
Heh, now I have a vision of some guy in a dark alley, selling watches and old coins that are attached to the inside of his trench coat... 😛
I would not trade with a LOCAL that accepted cards. It's a THIN margin business and if they take cards (other than for jewelry or supplies) they will make it up somewhere.
CASH at coin shops has been the rule for longer than credit cards have even been around.
Hooray for the cash shops !!!!
Cash or check, but my LCS deals on pretty thin margins. A look at Apmex pricing between a check and a cc is enlightening.
My LCS charges an extra fee for cards, but he actually told me he prefers a check over cash. I asked him why and he said his bank gives him a hard time with large cash deposits and actually charged him a fee the last time he did it.
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All excellent responses!
Respect their authorita And love that they are already struggling to make a profit. Make their life easier. Do the right thing. Keep their lights on.
And decrease your debt load with coins and bullion.
Again, some of this depends on the situation. A 100-ounce gold deal is different than a 5-ounce silver deal. Cash works perfectly well up to a few thousand dollars. Beyond that, checks seem to rule, with wire transfers becoming the preferred method around 5-6 figures.
In general, those who own businesses hate taking plastic unless they simply have no option. The bank's cut is pretty substantial. Overhead is generally fixed, so money given to the bank comes right off the bottom line.
Yes it’s the norm. At shows or shops it’s cash and carry.
I use cash for just about everything. Credit card is for emergency use except for when traveling to countries that don't use US currency then its just easier. Cash is King and for a good reason.
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I thought the money belt full of krugerrands was the emergency backup...
I like using cash that way I know not running up credit card debt.
I buy everything with credit cards and I pay them off in full every month. I pay zero credit card interest.
Also, I enjoy getting back a few hundred dollars in credit card rebates at the end of the year.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
why do you think they dont take credit cards? It's not to save 2.9% (otherwise theyd just charge more). 100% tax dodging.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
You don't have to meet people in dark alleys. Many people have been followed from coin shows and the like.
agreed. and I disagree its a different subject. You're talking about safety of accepting payment. With physical money, that INCLUDES physical safety. duh.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
Agreed it's all about safety and the relative risks and costs associated with the different methods. For someone I know, I'd much rather take a check than cash or credit. For someone I don't know at all, I'd much rather have cash or credit rather than a check.
for someone I don't know, i'll take an irreversible wire transfer. For someone I know (friends), friends and family on paypal is free. But, they need to be friends.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
Sure. I consider a wire transfer as "cash".
Why? Because people are willing to spend more, and can use it as a means to finance a large purchase.
i don't recall running into a problem in the many shops i have visited but i also always have checks so if anyone has ever told me no CC (credit card/check card), i probably just wrote a check or paid cash and gave it no nevermind since it is too infrequent. BUT that others encounter this does NOT surprise me with the age of a lot of numismatists and the time period they come from. world changes a lot in 20, 40, 60 years.
dealers at shows sometimes say cash only, no exceptions. and i mean NO exceptions.
i have paid the 3% on many occasions and don't recall losing any sleep over it.
anyone geeking over 3% should really spend some time looking over their car notes, mortgages etc and look how much goes out in interest. unless a customers/shop it dealing in some SERIOUS amounts of money, for the most part, should not let something like that stop them from time to time for the sake of a good customer relationship. heck split it 50/50.
you wanna be successful, gotta get a little creative sometimes and NOTHING gets in the way of me getting my coins. and THAT is THAT!
maybe somehow connect the CC to pp and see if they would take that since it is cash and i dont think it shows the direct source the funds come from to the seller.
Also, I dare you people to walk around Baltimore with $50k cash
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
Studies show that people spend 20% more when using credit cards. It's one of the reasons people argue for using cash when buying.
Hey Ricko, I have a friend that's been in the tool sales and repair business on LI for 40 years. He said his business has gone from all cash to debit and credit cards even for $5 and $10 purchases over the last ten years or so. This is pre-Covid so it's not a byproduct of the pandemic. Even when I go into 7-11 I see people paying for a cup of coffee with a debit card. A sign of the times and the trend towards a cashless society.
That's not entirely true. Raising prices lowers your competitive advantage in the market. This is especially true for low margin items. When I was running a private medical practice, reimbursements and allowed charges were mostly fixed by insurance companies and government. It might have been a 3% fee, but that 3% represented 6-7% of my profit. Other markets have different constraints on pricing too.
Ya, buying with cash and buying with plastic activates different parts of the brain. Paying with credit activates pleasure centers and paying with cash or debit does not. Those who earn 3-6% on "points" but spend 20% more are fooling themselves, usually.
I do not accept your argument. What lowers your competitive advantage? Only accepting one form of payment.
Let the consumer decide how they want to pay, and with what fees.
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be