NATURAL INTELLIGENCE as the basis of a trading system - page 81
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Credit card payments take three to six months to circulate, so it takes a long time for the money you pay with your credit card in a shop today to reach the shop's account. So no one is going anywhere...
Do you have a retail outlet? Have you ever accepted plastic card payments?
A few months for cash receipts is the exception, and is caused by errors in settlement transactions.
You should also read something: http://www.denznak.ru/history/11/
So, everyone actually walked around with bamboo sticks, or soon will be walking around with them, which is most likely :o)
to timbo
You got it right, respect.
:о)
I read it.
Why was this link given to me? I did not ask, and timbo asked about the Middle Ages.
I've read it.
Why was this link given to me? I didn't ask, but timbo asked about the Middle Ages.
I didn't realise timbo was asking about the Middle Ages. :о)))))))))
Do you have a retail outlet? Have you ever accepted plastic card payments?
A few months for cash receipts is the exception, and is caused by errors in settlement transactions.
I wrote "credit card". Have you ever had a credit card?
If I pay for something with a credit card today, I have up to 55 days before the card issuing bank asks for my money back. It will take at least another month until the bank pays the payment system, and then another two days until the payment system transfers the money to the seller.
If after the bank sends the statement with the payment, I suddenly realise that I didn't buy it in that shop, I call the bank and tell them that I refuse to pay for that purchase. The bank will initiate proceedings, which will drag on for another two months at least. And the seller will continue to wait even longer for his money...
I didn't realise timbo was asking about the Middle Ages. :о)))))))))
Why don't you reread his post? And if that doesn't help, try searching for the word "Middle Ages" or the word "ages" or the phrase "Middle Ages" on page 80 of this thread. It's fun here :)
Basically, here's a quote:
---
timbo wrote (a):
And how was monetary settlement in the Middle Ages, when there were no plastic cards or even electricity, interestingly enough. Did everyone carry sacks of gold around with them? Or were there tools of some kind? Letters of trust, references, promissory notes... "The bearer of this letter is a long-standing customer of the Bank of London, requesting the release of his money at his request..."
---
I wrote 'credit card'. Have you ever had a credit card?
If I pay for something with a credit card today, I have up to 55 days before the card issuing bank asks for my money back. It will take at least another month until the bank pays the payment system, and two more months until the payment system transfers the money to the seller.
If after the bank sends the statement with the payment, I suddenly realise that I didn't buy it in that shop, I call the bank and tell them that I refuse to pay for that purchase. The bank will initiate proceedings, which will drag on for another two months at least. And the seller will continue to wait even longer for his money...
You are definitely mistaken in this case. I too have credit cards with a grace period, but that doesn't mean that when paying from them, the recipient is "smoking bamboo" for a few months. The shop will get the money quickly and I, like you, will take advantage of the grace period in peace. I anticipate your question "What does the bank earn?" It earns on the interest it deducts from the amount. That is, the shop will receive less than the amount of your purchase receipt, by 3 percent. And your subsequent refusal to pay the bank will only lead to a dispute, which will be dealt with separately.
And you should reread his post. And if that doesn't help, try searching for the word "Middle Ages" or the word "centuries" or the phrase "Middle Ages" on page 80 of this thread. It's fun here :)
Basically, here's a quote:
...
So, have you read this post yourself or are you just kindly copying those who wish to do so?
So, have you read this post yourself or are you just kindly copying those who wish to?
I read it
PapaYozh, in the quoted post timbo did not ask, but claimed that there were some tools. The questions here are rather rhetorical.
And the link to the Templars article only confirms timbo's point. But I liked the article, thank you.