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Credit Cards vs Cash Only

March 29, 2014


I am seeking experienced opinions on credit card vs cash only at a dive/college nightclub. The business has been operating for many years on a cash only basis. We are open 2 nights a week. We are currently operating at about $8.5 dollars per patron on a busy night, excluding vending, cover, atm etc. With that being said will adding credit cards raise the price per head enough to justify the $1500-2000 a month loss in atm activity? I realize the majority of you take credit cards and I understand why. Basically we will have to increase sales by at minimum 5-7 percent by adding cards. Is this likely? Thank you.

Re: Credit Cards vs Cash Only
by: jarhead
on:
June 28, 2014

We use Intuit and a IPad. The Intuit device and program is free and they take a small percent (2.5% I think) of the credit card sales. Using the IPad makes it quick and easy and is a lot cheaper than a contract and rental f a "Visa Swipe" machine. There are no additoanl charges. As long as you have internet connection, you will be good to good. They also deposit right into your bank account within 1 to 2 business days.
Intuit also works with QuickBooks if you want to use it as a management tool also. Personally, I have not used the QuickBooks stuff, just very pleased with using it for credit card transactions.


 
Re: Credit Cards vs Cash Only
by: jamesandersont
on:
August 20, 2014

Cash is king! Show up at my sales counter with cash that's great. But that means I need to keep change in the building. If you buy $15.00 worth of merchandise & try to give me a $100.00. I don't keep that kind of money around. I keep a total of $100.00 as cash on hand.

Credit card are also great but I, as a vendor, have to pay a fee for the
privilege of taking that card. I have a monthly fee for the basic service, plus a fee on each sale. That cuts into my bottom line. But it also allows me to let the customer pay me with a credit card & I can ship his order without sending it UPS COD.
There is good & bad in both forms of payment. Any sales you make where you get pay is a good sale.


 

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