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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.


 

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