The E-Sylum:  Volume 5, Number 38, September 22, 2002, Article 16

ON GOING CASHLESS

  Hal Dunn writes: "Here are my thoughts on a cashless system:
  I use debit and credit cards in the majority of my transactions
  exceeding $10.  They are great!  But I doubt, and hope, that
  they will never fully replace cash.  If one is relying on electronic
  money exclusively, one day they may be in for a rude awaking.

  Failures of power systems, telephone systems, computer
  systems and merchant's card readers can render a card useless
  and put you into a real bind if you do not have some ready cash.
  This is especially true when traveling out-of-town, or state, and
  no one will accept your check.  When traveling I always keep a
  minimum of $100 in reserve cash to be prepared for such
  incidents.  Incidentally, these are not theoretical failures, these
  are real world scenarios.  As a merchant taking credit cards, I
  have had the system go down, and have had several power
  failures, one lasting in excess of four hours, all of which shut
  down my card reader.  Several years ago, in California, I
  attempted to use an ATM, only to discover the system was
  down; fortunately I still had some cash on hand.

  Just last month at the ANA, I wanted to make a purchase for
  just over $150.  The dealer couldn't take a credit card there
  because he did not have a telephone connection on the show
  floor.  Result: I wrote a check, accepted because the dealer
  knew me.  More than once I have seen a sign posted in a
  store proclaiming that minimum credit card purchase was a
  certain amount (such as $3).  And finally, without cash, how
  does one pay the newspaper hawker 50 cents, plus tip; or tip
  that nice bellman that helps you from the curb into a hotel
  lobby; or deal with a host of other small transactions with
  people that don't take credit/debit cards?

  At the end of the day, perhaps you should have some cash.
  I certainly will."

  Wayne Homren, Editor

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