Ah yes, it’s another day in a local UK Facebook selling group. You post your lovely handmade candles, your mate posts their side hustle lawn-mowing service, and then it happens… again.
“CASH ONLY – CASH IS KING!”
Cue the parade of emojis and “facts” that Karen from number 42 insists are legally binding because her uncle’s dog walker once worked in a bank.
Let’s break this down. Is cash really the king in 2025? Spoiler alert: nah, mate. At best, it’s a middle-management assistant regional monarch with a questionable expense report.
The Myth: “I don’t wanna pay card fees, so I only take cash!”
The logic is simple:
- Cash = No fees = More money for me
- Card payments = “The Man” stealing my hard-earned 3%
Seems sound… until you walk that sweaty pile of £5 notes into a business bank account and—SURPRISE!—your bank hits you with a cash deposit fee.
And it’s not tiny. Some banks charge up to 0.7% or £1 per £100 deposited. Others slap on a monthly cash-handling fee even if you don’t deposit anything that month.
Let’s do some rough maths:
You made £500 this weekend selling cupcakes at the market.
You think you saved £15 in card fees.
You now pay £3.50 to deposit that cash…
…plus £4 on bus fare and/or petrol just to drive to the nearest bank or Post Office.
Add in the time lost queuing behind a guy paying his TV licence in coins, and boom: your “free” cash just cost you a tenner and your will to live.
The Legal Tender Misconception
And while we’re busting myths, let’s talk about a phrase that shows up every five seconds in Facebook arguments: “It’s legal tender – they HAVE to accept it!”
Ah yes, the war cry of the ill-informed internet economist.
Here’s the truth: In the UK, legal tender only refers to what must be accepted to settle a court-ordered debt. It doesn’t mean shops, cafés, or your local mechanic are legally obliged to accept your fiver – or your bag of 1p coins.
Want more fun facts?
- Scotland and Northern Ireland don’t technically have legal tender at all. Yep. None. Nada.
- Coins have limits. You can’t walk into Tesco with £50 worth of 2p coins and expect a warm welcome.
- Private businesses can accept (or refuse) whatever payment methods they want – cards, crypto, or interpretive dance.
So no, Dave, your “legal right” to pay in cash isn’t being trampled when a market stall politely asks for contactless only. That’s just them choosing convenience over chaos.
Security: The Risk No One Talks About
Let’s say you don’t get the chance to go to the bank for a few days. You’ve got a few hundred in cash floating around in your till, glove box, under your pillow, or that mysterious “safe place” you always forget about.
Guess what?
That cash is now a security hazard.
You’re a walking target. You could be followed. Your vehicle could be broken into. Your home or market stall could be robbed. Card payments? Instantly in your bank. Cash? That’s bait.
Unless you fancy becoming the lead story on your local Neighbourhood Watch newsletter, maybe think twice about hoarding notes “because it feels safer.”
But Wait, There’s More…
You know who LOVES card payments?
- Your accounting software
- Your tax return
- Your ability to sleep at night without fearing an HMRC audit
You know who loves cash? People who “accidentally forgot” to report £600 in boot sale income. And maybe your neighbour Dave, who still thinks contactless is witchcraft.
Card Processing Isn’t the Devil
Modern payment providers like SumUp, Zettle, and Square charge between 1.5% and 2.5% per transaction. That’s less than the cost of:
- Losing a note on the floor
- Running out of change (again)
- Staring down a customer who only has Apple Pay while you say “cash only” for the third time today
Let’s be real. It’s 2025. People want convenience, not nostalgia. “Cash Only” isn’t a vibe—it’s a red flag.
TL;DR
Cash isn’t king. It’s a moody ex-royal who peaked in 2003.
It costs money to deposit. It’s a hassle. It makes your taxes messier. It’s a security risk. And it won’t make your business look any more “legit” than a toddler with a lemonade stand.
Take cards. Take payments online. Use digital tools. Build a real business—not just a Facebook Marketplace hustle with extra steps.
Bonus Tip:
Don’t take financial advice from the guy in the group who sells used kettles and calls himself an “entrepreneur.”
Hashtags for Social Sharing
#CashIsntKing #SmallBusinessTruths #FacebookGroupLogic #LegalTenderMyth #CardPaymentsFTW #BusinessRealityCheck #CashVsCard #UKSmallBiz #DigitalPayments #StopBeingAFacebookEconomist