The good old sports bar, where men and women have been enjoying a few beers and some sports games for close to 100 years. Yeah, you heard that right, sports bars first became a thing way back in 1930.
Obviously, the style and concept of these establishments are completely different today from what was around back then. Understandably, it wasn’t until the 1970s that sports bars featured multiple television screens beaming out live sports and slot machines.
Aside from a better sports-watching experience due to the above changes over the years, we’ve also witnessed countless different new to pay. For many years or decades, in fact, the only viable option was cash (remember that?). Then, the advent of credit cards gave us another convenient option.
Fast forward to today, and we’re flush with ways to purchase our beer and grub at the local sports bar. We can flip out our credit cards, scan QR codes, or, if allowed, just get the bartender to whack it on the tab!
There are even many betting sites that accept MasterCard available online. While you probably appreciate the many options available, have you ever wondered which are the most cost-effective? If so, you’re about to find out.
Good Old Cash
It sometimes feels like good old cash is being left behind and forgotten about with all these modern, and let’s face it, convenient payment methods. Some believe that cash as we know it will eventually become obsolete and we’ll live in a completely cash-free society. That’s not too hard to believe, especially as we already have a ton of cashless payment options at our disposal.
That said, cash is still far and away the most cost-effective, so don’t forget about it totally, folks. It goes from one hand to another with no transaction fees involved. Cash isn’t totally free, however. We do have to pay ATM fees to get it into our hands in the first place.
The Flexible Friend – Credit Cards
No payment method changed the landscape more than the credit or debit card. Sure, there were checks before them, but bank cards were the first game-changing cashless payment method.
They’re actually one of the most cost-effective, too, although you do have to pay annual fees, interest on late payments, and all that other stuff. When using them to make purchases, however, it is the merchant that is charged a fee, which usually ranges between 2% to 3%. Admittedly, some of these merchants do try to recoup these fees by adding a surcharge to your purchase.
Credit/debit cards are still one of the most popular payment methods, mainly because they are extremely secure and widely accepted. You can use them online at a sports bar or any other retail outlet to purchase goods or services.
Let’s not forget about the other benefits of credit cards, too. Obviously, knowing you have a best buddy willing to lend you money any time you ask is pretty great. Just make sure you pay him back on time or you’ll cop a ton of interest on top!
Convenient Digital Wallets / eWallets
The internet also paved the way for new payment methods. We now have so many digital wallets we can use to make purchases both online and even at land-based outlets. How cost-effective they are depends on the Ewallet, and let’s be honest, there are quite a few of them these days.
PayPal is probably the most widely accepted, but it is often criticized for its fees. Other options include Apple Pay and Google Pay. We wouldn’t say they are one of the most cost-effective payments in general, but they’re great as you can use them for so many things. You can make payments and purchases, pay your bills, buy cryptocurrencies, book services, and a whole lot more.
Cryptocurrencies
I bet we all wish we bought a few Bitcoin when they were just a ‘fad that will die out’. It’s certainly crazy just how big and valuable they have become. Cryptocurrencies are also an extremely cost-effective and convenient payment method that has now crossed over into the real world of transactions.
As most are decentralized, there are no middlemen to pay off, meaning all you have to pay are network fees. Those fees vary across different cryptocurrencies, but more often than not, they’re cheaper than what you’d have to pay using most eWallets.
Your Bill, Sir
So, the next time you spend a night at your local Sports Bar to enjoy the game and your favorite brews, which payment method are you likely to use? Will you stick to old-fashioned cash, or will you use one of the more modern cashless options? Whatever your preference, at least you now know which are the most cost-eff
