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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.


 
Re: Credit Cards vs Cash Only
by: excellentbars.com
on:
September 23, 2014

I Feel that you are limiting your business by only taking Cash! lots of college kids now have CC's that mom and dad pay for and or Debit cards and they will spend every dollar they have to have a good time

One thing you might do that is Legal is pull the CC tips Cost to the business out of your Employee Tips

Cheers
Chris Lenahan
www.openingabar.com
www.excellentbars.com
www.myvenuetracker.com
Author- The Little Black Bar Book


 
Re: Credit Cards vs Cash Only
by: MikeMitchNC
on:
October 15, 2014

You're definitely losing money by not using credit cards. CC's are part of the new world. Straight cash is a thing of the past. You have to adapt my friend.

Check out this article on the types of women you'll meet nightclubs in New York. It's hilarious and true!


 

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