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maryam@impact
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[email protected],
User Rank: Light Sabre
1/25/2018 | 11:24:10 AM
Re: irctc account registration
Joe I try to avoid cash at all costs I prefer to reconcile spending and track expenses( the analyst in me) and cash performs the disappearing act with me?

 

That said our financial infrastructure is different from the EU and the unbanked in our country still pose an issue to a cashless society. It has many benefits and can help eliminate time and costs for merchants but it will take an evolution in american thinking. Just think of all the illegal activities that could be harnessed with a cashless society!
Susan Fourtané
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Susan Fourtané,
User Rank: Blogger
1/23/2018 | 8:38:46 PM
Re: Cashless a Dream
All those reasons are because you adapt to their way of doing things. What would it happen if one day you tell the handyman that you have decided not to use checks any longer, and from now on you are going to pay electronically to his bank account for his services? Is he going to refuse, lose a client, and say “find a new handyman,” or is he going to adapt to your new way? As an experiment, you could try and see what he says. (If you do, I want to know.)
Phil_Britt
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Phil_Britt,
User Rank: Light Sabre
1/22/2018 | 10:42:33 AM
Re: Cashless a Dream
Three reasons:

 

Stubborness: People don't want to change

Friction: Some of the newer payment systems -- at least here in the U.S., are more trouble than staying with the old way of doing things.

Cost: No real cost in handyman and others accepting checks, where they would give up 2-3 percent with Square or something similair. Yes, theoretically, these people would sell more and have easier accounting/reconciliation with the electronic paymnets, but they don't see it or are just being stubborn.
Susan Fourtané
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Susan Fourtané,
User Rank: Blogger
1/20/2018 | 6:16:22 AM
Re: Cashless a Dream
Have you ever wondered why you have to adapt to those who only accept cash or checks and they are not willing to adapt to electronic or card payments? A few days ago, I went to a relatively new small café in Brighton, England. I had been there once, not long after they had opened. This time, I was really pleased to see they were accepting card payments through iZettle. So easy for them and so much better for their customers. And back to your handyman, I wonder if he knows what happens to the species who fail to adapt to changes.
Phil_Britt
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Phil_Britt,
User Rank: Light Sabre
1/19/2018 | 6:50:02 PM
Re: Cashless a Dream
You're right about checks. I only use paper checks to pay contractors (handyman) who only accept cash or check and for some tax payments. But some people won't change, even if other payments are easier. Just plain stubborn. Millennials rarely use checks. 
Susan Fourtané
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Susan Fourtané,
User Rank: Blogger
1/5/2018 | 4:04:28 AM
Re: Cashless a Dream
Sorry about the experience your daughter had. However, there is risk in everything. There is no evidence of lost checks? I think checks are too problematic, too slow, too archaic, and way too impractical. It all sounds to me like everyone is too comfortable in their old ways and have no intention to adapt and refuse to change. And we all know what happened to the dinosaurs. :D People who grew up and refuse to change are probably not going to live for long. But what about the new generations? The ones who grew up with a smartphone almost as an extension of their hand?
Pablo Valerio
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Pablo Valerio,
User Rank: Light Beer
1/4/2018 | 5:36:45 AM
Re: Cashless a Dream
"Europe is far ahead of U.S. in adopting newer forms of payment instead of cash and checks."

That's right. To us Europeans the amount of checks the US is still using is mind-boggling. Nobody will even dream of mailing a check here to pay an utility bill, or your rent.

Also European banks have been way ahead on the use of digital payments.

Since the introduction of the Euro in 2002 (existed as electronic currency since 1999) the European Central Bank (ECB) has been very active encouraging the use of electronic payments. 

The EMV system for cards (Chip+PIN) has been around since 2005, and recently the ECB has reduced the interchange fees -the ones charged between the issuing bank and the processing bank- to fuel contactless and small card payments.

Another reason is the network of intermediaries the US has to process card payments. In Europe the connection is almost direct, using the SEPA system and the EMV network. 
Phil_Britt
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Phil_Britt,
User Rank: Light Sabre
1/3/2018 | 9:05:07 AM
Re: Cashless a Dream
The reasons for checks holding on are several:

1) Many employers are stuck in their ways. While many have moved to electronic payments, others still issue paychecks to employees. Businesses are even more behind the times dealing with contractors (such as myself). While I would much prefer ACH payments, most of my clients insist on checks (why? Some can't figure out ACH).

2) Some contractors aren't set up to accept ACH

3) Debit cards can be hacked -- my daughter had four charges of several hundred dollars apiece hit her account from four separate states almost simultaneously. If one doesn't have debit card, this risk doesn't exist.

4) Checks do certainly slow things down at the point of sale, and to be honest, the use at checkout is miniscule -- though it always tends to be the person in front of me -- typically, these are people who grew up using checks at checkout and refuse to change.

5) Americans slow to change. I use checks only to pay contractors (who accept no other form of payment) and for some tax payments (postmark is considered date paid, providing a couple of extra days of cash flow with mailed payments).
Susan Fourtané
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Susan Fourtané,
User Rank: Blogger
1/2/2018 | 7:09:39 PM
Re: Cashless a Dream
Why would you say the checking system is still so popular in the U.S.? Doesn’t it slow things down at this point?
Phil_Britt
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Phil_Britt,
User Rank: Light Sabre
1/2/2018 | 6:05:12 PM
Re: Cashless a Dream
You're right about networks and infrastrructure needing to be advanced. Also. there has to be too much "friction" in making problems other ways. One reason checking has held on so diligently here in the U.S. is that the system works better than in many other countries -- so most European countries adopted electronic payment forms before we did here. I've been covering financial services for 30 years and have written about faster payments and other payments issues countless times for a number of publications.
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