Kitchen utensils, as a gift for newlyweds, have been left in the past or orthodox generations. Today’s weddings only ask for money as a gift to pay for future expenses as husband and wife.
Therefore, companies like “The Knot” have begun to offer cash registers for the newlyweds, allowing them to receive money easily and manage it. It will no longer be like the past, where you put a box with a hole for cash.
Why use a cash register?
Although the use of cash registers at weddings is becoming increasingly famous every day, it is still not the master of wedding registries today. Probably because some taboo or people preferred to give away whatever they please.
Because of that taboo, you always get into an awkward situation where you wish you didn’t have to go through receiving gifts that you don’t care about or won’t use. Cash registers inside a wedding can be an easy solution to that.
With their appearance, you will grant all your guests the facility to give you cash envelopes or transfer the money to an account by credit card. It is a perfect method to get money from your guests and save those useless gifts.
It is necessary to clarify that it is not a cash register like the one in supermarkets or something similar; it is not a physical device where you have to hire someone to attend it. The Knot offers a registry system where your guests can deposit money to you.
In addition, you will receive an email to the email address you have affiliated with the platform to let you know who sent you money and how much. It is easy to thank you in real-time.
Is the cash register just sending money?
It is not only because the company The Knot offers you a service in the register, but you also put your dream goal to give purpose to the money raised. You can put it as “Honeymoon in Rome” or “Pay the first part of our house”.
Moreover, you set a goal for your guests, so they know how much money you need and have an estimate of the amount to send. If you plan to spend $4,000 on your honeymoon in Rome, you can put that in and know what purpose you will give those dollars.
It is the best way to subtly ask that you need some money for your first expenses as newlyweds, facilitating his administrative processes. Not many people are comfortable with this, but you must let go of the embarrassment and understand that money is necessary.
Will the cash register transfer the funds directly to my account?
No, The Knot does not offer an automated service where each transfer goes directly to your account. Users may think this is a scam, but you should analyze how many fees you will pay for transfers of at least 100 guests.
Moreover, you will have to do lengthy tax reporting for each transfer that lands in your account. The Knot accumulates all the money received and stacks it in percentages until you reach your registered goal.
If your registration was $4,000, but you only received $2,000, you will have only received 50% of your goal, but you will still be able to withdraw it whenever you want. Therefore, it is special to use these methods so that you can exclusively receive a single transfer with the concept of wedding fundraising.
The day after the wedding or whenever you are interested, you can ask The Knot to give you all the money accumulated, and the process will take approximately three weeks to be transferred to your account.
It’s hard to imagine that it will take that long for the money to arrive, but remember that you must go through several security methods to receive your money. It does not mean that it will not be delivered to you. However, you will need to wait until the indicated time.
Keep in mind that this way, you will secure all the funds you collect at your wedding without the possibility of theft or loss. It is common that in those boxes that are placed at the entrance of your wedding, an envelope gets lost or someone bad steals one of them.
What is the fee charged by The Knot for the cash register?
The fees can fluctuate; in some cases, there isn’t one, but it will depend on the type of register you use. In some cases, the fees will be charged to guests and, in others, to honeymooners.
For example, if you use The Knot’s HoneyFund, you or your guests will never be charged a fee, even if they pay by credit card. The company offers to give you the entire balance in gift cards and will not charge you any fees, so it’s free.
However, you will be charged a fee if you transfer all the funds to your account through banks such as PayPal or WePay. The Knot will take the percentage from you is 2.8% and $0.30 for each transaction you make.
The cash register, as such, charges a fee of 2.5% for each transaction you receive for your guests, which will be charged to them. Newlyweds cannot pay the fee for their guests.
There are a few other ways to receive cash gifts, such as Tendr, where they will charge $3 for each transaction you receive for the guest. The good thing is that there is an option for newlyweds to pay the fee for their guests.
The difference is about The Knot because, although they charge a fee only in some cases, they give you different ways to pay you the money you accumulated. It is considered a responsible and reliable company that stands above others.
Best of all, they offer many services to make your wedding experience different, and you get a lot of money. You will avoid ugly and unused gifts that will go straight to the warehouse.