New sign at the local McDonald’s
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Meanwhile Bitcoin fees now denominate in fraction of a Satoshi
This came to Canada quite a while back.
Easier rounding, to 5¢ than 10¢, but I imagine the nickel's turn will come, if we move that slowly.
And zaps in a fraction of a penny 🤣
I remember visiting Canada shortly after that had started there. Do they round up and down? It seems like it was always rounded in the customer’s favor, but I don’t remember. With this approach here, it could penalize customers for using cash, even if it’s only a few cents at a time.
Does it mean that remaining pennies are scarce and we need to stack them now?
Canada got rid of the penny around 10 years ago
The value of the penny is rapidly exceeding .01
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🤷♂️ Probably still so many of them out there that they won’t be worth anything for a while. But maybe rare ones get more valuable? Idk
The "rounding tax" is an insult on top of everything else, they devalued our currency to the point where the smallest denominations are useless, then the consumers get hit by companies rounding up 🙄
Rounding Up: The Impact of Phasing Out the Penny
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Just standard rounding. From my experience in retail it's a wash money wise. The tills reported the variance due to this and it was minor pocket change daily, positive some days, negative on others. 70% pay with tap anyways.
Right, and companies could price things in such a way where the rounding always benefits them. Pretty obnoxious.
Yea it wouldn’t amount to much unless the merchants intentionally priced things so the rounding always worked in their favor. 😂
Yeah prices are still ending in .99 for everything 😂 A merchant could do that, but once someone buys more than a single item it's hard to make it work.
"How rounding works" 😭😭😭
Gas prices have been doing this since the 70’s.
Not even worth mentioning because its an irrelevant amount of money.
👊🏻🧡🍻
How long till it’s rounding dollars, not cents. 🤔
I 'member .99c gallons.
I totally do.
Mid 80’s it happened a few times.
Right 😂
It's the same rounding as written there.
Digital transactions are still to the penny.
The customer theoretically could watch the till and choose cash when it would work in their favour. Haha!
When 5 cent coins become collectibles, then we know hyperinflation is taking place.
They can't, with multiple items and tax percentages.
One way to make it simple - make all prices end in 5 or 0 cents, and eliminate sales tax!
Somehow I don't think they'll do that!
Is that even legal? I always thought posted price trumps policy. If I buy something (with tax) that comes to 0.59 then I pay 0.59
Gas stations get away with it because the 9/10 price is posted and factored into the total sale.
Good question. Not sure
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I understand it, I don't even nessacerilly disagree with it, but there are consumer laws in the US that say any such policies need to favor the consumer (always round down) and in some cases need to be equally applied (not only cash transactions)
This sounds like a franchisee setting a policy as a small money grab, the prices are probably going to be set such that in most cases the rounding is going to be up.