Watch out - more and more fake bills are circulating in Montreal. This CBC video shows you how to tell the real thing from fakes. Definitely a concern here given this is primarily a cash business.
More fake money is circulating in Montreal
- Thread starter WC3000
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If I had choice, I would prefer to pay with card than cash.
isn't more easy for the gouvernement to track your income if they decide to audit you?
To avoid going to withdraw cash at the ATM machine of my bank. This represent withdrawals of several hundred dollars on a nearly regular basis. I do not want to fall in paranoia, but on a long term it could be suspicious. Usually I do not need cash, I pay with card. Paying with a credit card, if the provider has a discreet business account, would be easier for me and more discreet. But from the view of the provider, it could be more complicated to manage the income.
It would be more convenient for both parties. It's already my preferred option for larger amounts. The only concern I have is the possibility of chargeback.
For the points/miles!
Joke aside, it's just the hassle to go to the ATM. Sometimes it doesn't have bigger notes. Luckily I am close to one that has.
Otherwise there are few banks on Canada that allows nickname for your interact account if that helps.
I heard too many horror stories with fraudster clients who sent fraudulent e-Transfers, where the providers had their bank account(s) frozen until the end of the investigation.
But also, I thought with any bank, when you only receive an e-transfer, the sender shouldn't see your (real) name but only the name he entered himself? We see the real name of the sender, though.
Yes it was an answer about why preferring credit card than cash
I don't want to explain why I prefer and demand cash payments, because people always suspect that it's because I don't want to pay taxes, which isn't the case. The vast majority of providers prefer being paid cash for specific reasons, and it isn't because they don't want to pay taxes, mostly.Yes it was an answer about why preferring credit card than cash
One of the reasons is the one mentioned above by Giselle, I have heard many times of clients sending fraudulent e-transfers, cancelling the transfer without the provider knowing, or calling their bank to accuse the provider of scam or fraud. It's a way a client can steal money from us.
Fake cash money has always been around, I think it's useful to know how to recognize it and that it's happening, but I remember even when I was a kid I was warned about batches of fake money circulating in Montreal. But being paranoid about it is pointless in my opinion..
Cash is King- except when it is fake.
www.linkedin.com
Cash Is King — Until It’s Counterfeit
The Forensic Guide to Detecting Fake Liquidity and Cash Flow Manipulation A deep forensic breakdown of Cash & Cash Equivalents and how companies manipulate liquidity to mislead investors. Written by Gary Rushin, CPA, former Wall Street banker, turnaround CEO, and forensic accounting educator.
www.linkedin.com
For the transaction to be "anonymous" from both sides you will need that both parties use a bank that allows nicknames meaning not the real name.
For example, Simplii Financial (CIBC backed), CIBC, Scotiabank, EQ bank.
It was not my question, I wouldn't want the client to be anonymous. When it's electronic, I better know who's sending me the money.
I’ve started accepting crypto to avoid cash but I have to know you for that, same for e-transfers I’ve always accepted them but only from people I know
I receive a lot of unsolicited e-transfers and I just ignore them, I don’t even log in to decline them I just treat it as if it was spam.
I don’t like cash all that much but it’s still the safest for me even with fake bills going around
I receive a lot of unsolicited e-transfers and I just ignore them, I don’t even log in to decline them I just treat it as if it was spam.
I don’t like cash all that much but it’s still the safest for me even with fake bills going around
