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 Replies: 49 / Views: 6,087 |
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Pillar of the Community
Germany
1238 Posts |
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you'd think it would only apply when you pay in cash Seems so. I got curious and looked them up ... and voilĂ : "For all cash transactions where pennies would have been used, we will be rounding down in favor of the customer to the nearest nickel." http://mikesbikes.com/about/pennies...ts-pg952.htmChristian |
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Bedrock of the Community
United States
10284 Posts |
I am still accepting one cent coins.
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Moderator
 United States
188770 Posts |
I love it.  As I have mentioned before, there are places here that will round cash totals down to the nearest nickel, some even to the nearest dollar. As mentioned above, credit card processing is not free and does cost the business a percentage of the transaction. Quote:
Besides, minting other coins costs us money... No, it does not, at least for the dime and higher. Minting those actually generates profit because of seigniorage. |
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Valued Member
United States
417 Posts |
Time to buy a new bike and offer to pay only in pennies. They don't like it, take the business else ware.
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Pillar of the Community
United States
609 Posts |
Shouldnt the costs of pennies and nickels even out with the profit of dimes and quarters?
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Bedrock of the Community
United States
10635 Posts |
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Time to buy a new bike and offer to pay only in pennies. They don't like it, take the business else ware. LOL, ram96, I was thinking the same thing? So if I showed up willing only in pennies pay for a bike, they'd turn me away? I'd love to challenge this!  Les |
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Pillar of the Community
United States
1231 Posts |
Yes they would turn you away. And they have every right to. A business can refuse to accept any form of payment.
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Bedrock of the Community
United States
10635 Posts |
Any business that would turn away a big sale deserves to go out of business.
Les
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Pillar of the Community
Australia
652 Posts |
Its called an "Invitation to Treat". They don't have to sell you anything. Or accept your offer of payment. Or charge you the advertised price.
Its interesting to hear the squeals of dismay and outrage about getting rid of $1 notes in place of $1 coins, but you'll all carry around a practicaly useless copper coin that will buy you nothing!
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Pillar of the Community
United States
4778 Posts |
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Perhaps a kid came in with a wheelbarrow of pennies, wanting a new bicycle? Or with a young kid, maybe his very first. That would be kind of messed up if they still turned him away. Quote:
Shouldnt the costs of pennies and nickels even out with the profit of dimes and quarters? Don't forget the profit from minting dollar coins. The first and last reasons I understand, but the second one just isn't doing it for me. It wouldn't be any different than people wasting time handling dimes or nickels. Sounds like they couldn't think of another reason so they slapped that one on there. |
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Pillar of the Community
United States
609 Posts |
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Don't forget the profit from minting dollar coins. Arent they losing money because they dont circulate and they had to build another building just to hold them? I dunno. Interesting subject though. |
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Pillar of the Community
United States
4778 Posts |
Yes Hambone. But the mint isn't losing this money. The mint makes a profit from making them. It costs around a quarter (someone correct me if I'm wrong please) to mint them. And they are, obviously, one dollar coins. So the mint makes around 75 cents on each. (I know it sounds like I'm throwing numbers around, but its been a while since I read this, and can't remember where exactly).
Edited by VisigothKing
08/01/2011 10:24 pm
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Bedrock of the Community
United States
10635 Posts |
Why don't we all just ban coins of any amount? Makes perfect sense business-wise for everyone, yes? No more counting and handling those nasty, dirty things. Plastic is the way to go! Stores would be happier, banks would be happier (and they CERTAINLY would pass on the savings to us, right?), the Mint could stop wasting OUR money making pointless, worthless round discs... CoinStar will go out of business, but there is bound to be casualties aren't there? Anyone know the catalog number of the Dansco Credit Card Collection album? Les |
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Moderator
  United States
6563 Posts |
I have been in retail for 10 years. If someone came in with a wheelbarrow of coins I'd have to turn him down. It would literally have to be counted 3 times with the way my current company works. Not to mention our armored car service wouldn't accept it then we are stuck.
Every business has the right to deny payment in any form. Legal tender just means it can be accepted as a formal payment but isn't mandatory.
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Bedrock of the Community
United States
10635 Posts |
I can see it now... instead of dollar stores, there will be a chain of discount stores named "Just Coins" where plastic isn't allowed. LOL
Les
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Replies: 49 / Views: 6,087 |
First Page
Posted 08/01/2011 1:24 pm
