Comment on How prevalent are cash transactions in the USA?
The_v@lemmy.world 3 weeks ago
It depends on where you are. Some communities operate mostly in cash. Other communities use other methods.
For example, when I am on rural agricultural communities, the local taco wagon is often cash only. The one in larger towns or cities almost always accepts card readers and now phones.
Larger amounts (more than $5,000) are usually checks and occasionally ACH or bank wire. Checks are free however so it is by far the preferred method.
In my small business I accept cash, cards, phones, ACH, International Wires,and checks. It all gets a little confusing at times. I highly encourage checks or cash because they have no fees.
jacksilver@lemmy.world 3 weeks ago
I thought ACH transactions were typically free too, hence why large transactions typically use them.
The_v@lemmy.world 3 weeks ago
Depends on where you are. In Europe they are free and checks have a surcharge.
In the U.S. they generally charge a small fee or do other shenanigans. Example: Intuit puts the money in a holding account for 5-7 business days before delivering (guess who keeps the interest).
If sending an international ACH there is always fees even if they are hidden in the exchange rate.