cash only shops - Barista Exchange2024-03-29T08:48:28Zhttps://www.baristaexchange.com/forum/topics/cash-only-shops?commentId=1688216%3AComment%3A1312203&x=1&feed=yes&xn_auth=noThanks Jay. I think I was pu…tag:www.baristaexchange.com,2011-11-07:1688216:Comment:13122032011-11-07T20:03:07.553ZKyla brownhttps://www.baristaexchange.com/profile/Kylabrown
<p>Thanks Jay. I think I was put off by the initial percentage but the extra change per transaction charged by other companies puts the cost of a transaction waaay above 2.75%.</p>
<p> </p>
<p>Thanks for that :-)</p>
<p>Thanks Jay. I think I was put off by the initial percentage but the extra change per transaction charged by other companies puts the cost of a transaction waaay above 2.75%.</p>
<p> </p>
<p>Thanks for that :-)</p> Kathy, take another look at t…tag:www.baristaexchange.com,2011-11-07:1688216:Comment:13122822011-11-07T16:24:49.605ZGigihttps://www.baristaexchange.com/profile/Gigi
<p>Kathy, take another look at the new regulation as well as the MC and Visa Merchant agreements. In the past, a merchant could NOT set a minimum or maximum purchase amount, but could offer discounts for cash. The new regulation allows merchants to set a minimum purchase amount of not more than $10 for credit card transactions. </p>
<p> </p>
<p>Here's the language that appears on the Visa website: …</p>
<p>Kathy, take another look at the new regulation as well as the MC and Visa Merchant agreements. In the past, a merchant could NOT set a minimum or maximum purchase amount, but could offer discounts for cash. The new regulation allows merchants to set a minimum purchase amount of not more than $10 for credit card transactions. </p>
<p> </p>
<p>Here's the language that appears on the Visa website: <a href="http://usa.visa.com/about_visa/ask_visa/index.html">http://usa.visa.com/about_visa/ask_visa/index.html</a></p> You can not set a minumum but…tag:www.baristaexchange.com,2011-11-07:1688216:Comment:13124462011-11-07T16:16:59.936ZKathy Fadorsenhttps://www.baristaexchange.com/profile/KathyFadorsen
You can not set a minumum but you can now offer discounts for cash and you can also offer discounts if they use different forms of credit such as debit cards or the visa gift cards which by the way have the highest fees.
You can not set a minumum but you can now offer discounts for cash and you can also offer discounts if they use different forms of credit such as debit cards or the visa gift cards which by the way have the highest fees. The recent changes to the cre…tag:www.baristaexchange.com,2011-11-06:1688216:Comment:13119892011-11-06T14:43:14.040ZRon Ingberhttps://www.baristaexchange.com/profile/RonIngber
<p>The recent changes to the credit card laws make it legal to set a minimum charge.</p>
<p> </p>
<p>Before this change, many businesses posted notices that "prices reflect a cash discount - add 5% for credit card use"</p>
<p> </p>
<p>"the oldest guy at your party"</p>
<p>The recent changes to the credit card laws make it legal to set a minimum charge.</p>
<p> </p>
<p>Before this change, many businesses posted notices that "prices reflect a cash discount - add 5% for credit card use"</p>
<p> </p>
<p>"the oldest guy at your party"</p> Kyla-
Presuming your number…tag:www.baristaexchange.com,2011-11-06:1688216:Comment:13119862011-11-06T13:53:40.968ZJay Caragayhttps://www.baristaexchange.com/profile/JayCaragay
<p>Kyla-</p>
<p> </p>
<p>Presuming your numbers gives you a monthly total of $30,000, you're still talking about 3.5%, which is lower than the average metric of 4% we've discussed in this thread.</p>
<p> </p>
<p>So, is it really "too much"? Up for you to decide.</p>
<p> </p>
<p>BTW, as Jack has stated: Square POS for iPad charges a simple 2.75% on transactions, which works out to $825/mo in fees.</p>
<p> </p>
<p>Two months and you've paid for the cost of your iPad, and you can play Angry…</p>
<p>Kyla-</p>
<p> </p>
<p>Presuming your numbers gives you a monthly total of $30,000, you're still talking about 3.5%, which is lower than the average metric of 4% we've discussed in this thread.</p>
<p> </p>
<p>So, is it really "too much"? Up for you to decide.</p>
<p> </p>
<p>BTW, as Jack has stated: Square POS for iPad charges a simple 2.75% on transactions, which works out to $825/mo in fees.</p>
<p> </p>
<p>Two months and you've paid for the cost of your iPad, and you can play Angry Birds between customers.</p> ok, this CC processing is rea…tag:www.baristaexchange.com,2011-11-05:1688216:Comment:13119452011-11-05T19:47:25.051ZKyla brownhttps://www.baristaexchange.com/profile/Kylabrown
<p>ok, this CC processing is really new to me. I am just starting out and have been researching different companies. The rates are astronomical (in my opinion)</p>
<p> </p>
<p>Please can someone chime in and tell me if this is normal (or if my math is off)</p>
<p> </p>
<p>Here's an example:</p>
<p> </p>
<p> </p>
<p>CC processing company 1.55% + .14cents per transaction.</p>
<p> </p>
<p>I estimate that each transaction will be $5.</p>
<p>I estimate I will have about 200 transaction per…</p>
<p>ok, this CC processing is really new to me. I am just starting out and have been researching different companies. The rates are astronomical (in my opinion)</p>
<p> </p>
<p>Please can someone chime in and tell me if this is normal (or if my math is off)</p>
<p> </p>
<p>Here's an example:</p>
<p> </p>
<p> </p>
<p>CC processing company 1.55% + .14cents per transaction.</p>
<p> </p>
<p>I estimate that each transaction will be $5.</p>
<p>I estimate I will have about 200 transaction per day.</p>
<p>So... 5 x .0155 = 0775 + .14 = about .22 cents per transation</p>
<p>.22 cent x 200 = $44/day</p>
<p>$44/day x 6days/week =$264/week</p>
<p>$264/week x 4weeks = $1056/month!!!</p>
<p> </p>
<p>$1056/month in transaction fees!!!! </p>
<p> </p>
<p>Please tell me if this is a normal rate or can I do much better!</p>
<p>Thanks :-)</p> [hit "save" twice. sorry]tag:www.baristaexchange.com,2011-06-27:1688216:Comment:11841212011-06-27T21:53:40.157ZMarshall Fusshttps://www.baristaexchange.com/profile/Marshall
<p>[hit "save" twice. sorry]</p>
<p>[hit "save" twice. sorry]</p> Well, at least on the debit c…tag:www.baristaexchange.com,2011-06-27:1688216:Comment:11841192011-06-27T21:53:35.602ZMarshall Fusshttps://www.baristaexchange.com/profile/Marshall
Well, at least on the debit card side, your merchant fees are likely to drop quite a bit next month: <a href="http://www.loansafe.org/retailers-cheer-banks-are-worried-about-changes-in-debit-card-charges" target="_blank">http://www.loansafe.org/retailers-cheer-banks-are-worried-about-changes-in-debit-card-charges</a> .<br/>
Well, at least on the debit card side, your merchant fees are likely to drop quite a bit next month: <a href="http://www.loansafe.org/retailers-cheer-banks-are-worried-about-changes-in-debit-card-charges" target="_blank">http://www.loansafe.org/retailers-cheer-banks-are-worried-about-changes-in-debit-card-charges</a> .<br/> When we opened our shop we bu…tag:www.baristaexchange.com,2011-06-27:1688216:Comment:11834282011-06-27T18:00:14.207ZSid Gaubyhttps://www.baristaexchange.com/profile/SidGauby
<p>When we opened our shop we build the cost of the cc fees into our prices. We just figured that 40% or our customers would use credit and built the price points accordingly. So far the percentages are working according to plans. </p>
<p> </p>
<p>In regards to tips. We set it up so that people wouldn't have to sign under $25 but when they didn't sign hardly anyone left a tip, especially in the drive through. Now that we have everyone sign no matter the amount the number of tippers has gone up…</p>
<p>When we opened our shop we build the cost of the cc fees into our prices. We just figured that 40% or our customers would use credit and built the price points accordingly. So far the percentages are working according to plans. </p>
<p> </p>
<p>In regards to tips. We set it up so that people wouldn't have to sign under $25 but when they didn't sign hardly anyone left a tip, especially in the drive through. Now that we have everyone sign no matter the amount the number of tippers has gone up but only slightly. The amount of tip to total bill would be maybe 8% on a good day and down below 2% some days. Now some people do leave a cash tip when paying with a cc but not many.</p> Research the Durbin Amendment…tag:www.baristaexchange.com,2011-06-27:1688216:Comment:11831692011-06-27T15:01:56.012ZSandy Honhttps://www.baristaexchange.com/profile/SandyHon
<p>Research the Durbin Amendment; it is applicable to this discussion.</p>
<p> </p>
<p>FWIW- it's not necesarily "big evil credit cards" but also "big evil Banks" that are charging fees.</p>
<p>Everyone has someone to answer to.....</p>
<p> </p>
<p>Keep that in mind as we all have to do business. </p>
<p>Don't polarize one without polarizing the other; if that is your true conviction.</p>
<p>Most importantly, know your rights. …</p>
<p></p>
<p>Research the Durbin Amendment; it is applicable to this discussion.</p>
<p> </p>
<p>FWIW- it's not necesarily "big evil credit cards" but also "big evil Banks" that are charging fees.</p>
<p>Everyone has someone to answer to.....</p>
<p> </p>
<p>Keep that in mind as we all have to do business. </p>
<p>Don't polarize one without polarizing the other; if that is your true conviction.</p>
<p>Most importantly, know your rights. </p>
<p><a rel="nofollow" target="_blank" href="http://http://www.nerdwallet.com/blog/2011/durbin-amendment-explained/">The Durbin Amendment Explained</a></p>
<p><a rel="nofollow" target="_blank" href="http://http://www.practicalecommerce.com/articles/2865-Durbin-Amendment-May-Foster-Deceptive-Credit-Debit-Processing-Fees">this Reform Act takes place July 21, 2011</a></p>
<p><a rel="nofollow" target="_blank" href="http://http://www.practicalecommerce.com/articles/2865-Durbin-Amendment-May-Foster-Deceptive-Credit-Debit-Processing-Fees"></a></p>