The Hidden costs of a cashless society
As society increasingly relies on digital transactions, it's crucial to understand the broader implications of credit card fees and the shift towards a cashless economy.
Credit cards offer undeniable convenience, but they come with significant fees. Banks charge transaction fees each time we use a credit card, accumulating over time and significantly impacting businesses and consumers. Designed to be seductive, credit cards make it easy to buy now and pay later, leading to overspending. Swiping a card is less tangible than handling cash, making it easier to lose track of spending, resulting in higher debt levels and financial strain.
Businesses used to absorb the fees associated with transactions , but they are increasingly passing on the costs to their customers, who decide to use this payment method. Credit card fees extract value from our community, affecting more than just businesses. Consumers often bear these costs directly through transaction fees and interest rates. The cumulative effect hinders local economic growth, as less money circulates within the community.
Trading local produce and skills paid in cash is a better alternative. This practice keeps money circulating within our community, strengthens local bonds, and supports small businesses.
Cash transactions are fee-free, ensuring every dollar spent stays within the local economy. Before you go out into the world each day, look at the notes in your wallet or purse and consider how much you will save and benefit your community by being well prepared.
I would like to acknowledge the role both the Summerland Bank and Nimbin Post Office play in providing banking services that benefit the community. Their support and services making cash available are invaluable to maintaining our local area's financial health and well-being.
The Chamber conducted a general meeting in May, a networking opportunity for local businesses.
Highlights of the evening, apart from the excellent finger food and the welcoming Negroni, were the addresses of three local businesses: Black Dog Honey, who continue to push ahead with an amazing product range embracing great integrity enhancing brand Nimbin; Steve’s Limousines, who provides high-quality on-demand transport for locals and visitors alike; and Jagged from Flourish Sanctuary, who outlined future plans to reinforce Nimbin’s role as a spiritual hub in the northern rivers area.
Women in Business held a very well-attended meeting during May,
showing that interest has not waned; in fact, it has increased. Excellent feedback highlighted the value of networking support for local women in their journey of managing or creating new business opportunities.
More networking opportunities are on the horizon
Keep your eyes open for further details on an Employee Retention Strategies and Employment Law Update workshop that will be conducted from 7:30 to 9:00 am Tuesday, 18th June. Employers negotiate difficult pathways currently, and the information in this workshop is invaluable.
The Chamber is looking forward to presenting a workshop dedicated to Public Speaking. This subject will provide the opportunity to help people move past their fear of talking publicly or refine the skills they have already gained.
Nimbin Public School
Continuing from our desire to engage with Nimbin Public School, various businesses from the Nimbin Chamber of Commerce attended the Careers Day at Nimbin Central School. This was a great opportunity to reach out to our youth, connect with them, and give insight into the employment pathways within the village.
The Out There Book
The major highlight of the month was the launch of the hard-covered “Out There Book,” a photographic journal created by Goffin Marion and Quentin Merlaud. A potted history of a revolution called Nimbin was released at a book launch at the Church of Aquarius. The book is available in selected outlets in the village or by visiting The Chambers website at nimbinaustralia.com.au
In closing
Your participation matters if you own or manage a business in the area. Consider joining the Chamber to help shape the future of our beloved village. Let's stay updated and share your thoughts on our social media channels. Your feedback is valuable and will help us improve.