Had an interesting experience today, a business I was dealing with refused to accept cash as a method of payment citing security as the refusal, they did provided EFTPOS as the " their" method of payment. Does anyone know if a business has a " legal" obligation to accept cash as payment ?
Most airlines and hotels refuse cash.. They have a reason to I suppose.. As a business owner you can pretty much accept/refuse any tender you like.
If you are buying their product or service, they can chose to accept or not accept any method of payment they like. But if you are in debt to a company or person for something, then they cannot refuse cash. Hence why our money has "Legal Tender" written on it: https://en.wikipedia.org/wiki/Legal_tender
thats surprising as I would have thought that most business would happily accept cash so as not to pay tax on it.
It was a real estate agent, went to pay a months rent on a property I am renting, which would have made it 6 weeks in advance and they would not accept the cash. They recently introduced a third party payment system that charges a fee to make payments. I guess by making EFTPOS their fee free method of payment they would complying with their obligations. Crazy, the property I renting out, I get charged a commission by the agent, the property I am renting, a third party wants to make a commission for making payments, should come out of the agents fees the way I see it as they are doing less work.
I set up Bpay weekly deductions from my savings account into real estates Bpay company/system, Its interesting you do get charged a "fee". It should not be the case. Otherwise get a cheque book and write weekly fortnightly or monthly rents and date them accordingly (what a waste of time ) Well I havent heard before you do get charged to pay your rent... Unless you are trying to pay by using credit card? you shouldnt be charged extra. Real estate agents their time bomb is ticking, I hope its gonna be swift correction as Sydney housing is a nuclear disaster...
You do still have too, most companies can't hide much cash off the books, with outgoings and so on need to bank everything to pay the bills.
My understanding is that real estate agents use to handle a lot of cash on Saturdays. There were no banking facilities so they were often robbed. It was more an OH&S problem. They could be this pedantic as it was not their money and renters still had an obligation to meet their rent.
This is the case in NZ also. ALL DEBTS can be paid. Coins and notes have a denomination limit before they cease to "legal tender" Over here the values id consider small. 50cent coins only have HAVE TO BE ACCEPTED upto $5 in value for purchases. That is not the same rule applied to DEBT PAYMENT.
Puts a new spins on paying for something with "loose change", image trying to store that many coins. Pity it was not a stack of Panda's !!
