There is something to be said for the old-fashioned art of paying with cash. It leaves no trace on your credit card, it doesn't require a signature, and you're not charged any convenience fees. The reality of cash against your watch is that it's also slow. There are always more steps involved than just pulling out your wallet or taking out your phone. Cash is difficult to split between friends, and more difficult to use in many countries outside of the US. But there's no denying that cash has some clear advantages over more modern payment methods. Here are some more reasons why you might want to give cash another try!
How to get loans against jewellery
Just like jewelry, watches can be a popular asset that could be worth a fair amount of money - and you'd do well to sell your timepiece to capitalise on that asset.
In many instances, the loan can be used as collateral for future purchases, or used as security for other borrowing. If your watch is worth enough to take out a loan, and you have any of the necessary documentation to prove it, you can.
Downsides to Cash Payments
While cash payments are undoubtedly less convenient than credit or debit cards, there are also disadvantages to handling it, aside from the obvious privacy and security implications. Here are some of the downsides to cash payments.
Cash Payment Processors Are Costly
Cash processors take the fees that banks and credit card companies charge for processing credit and debit card transactions, and add another markup on top of that. If you're paying with cash, you're actually paying these expenses. The added fees are usually related to the amount you're exchanging, but the difference can be substantial:
Payment options have dramatically changed over the past few years, especially for those who do a lot of online shopping. It seems like almost everyone now uses a credit card, PayPal or Apple Pay for all of their transactions. I have a separate post discussing why I don't think these forms of payment are preferable, but there are still advantages to cash and credit cards that are worth keeping in mind.