I have noticed a increase in cc use.
What percent of your business is from cc?
As a percetage of sales it is definitely going up. If you have a lot of foot traffic I have heard installing an ATM machine can offset this.
A little more than 35% of my sales are credit cards, but after giving tips to delivery drivers, it winds up closer to 45% of my total deposits.
I would caution you to check with your insurance company before installing an ATM machine. I was looking into doing that and found that the premiums for my insurance wolud go up by 3 times. I needed to have 40 ATM transactions each day to offset the increase in insurance.
Debit card transactions are by far more popular in my shop than credit cards.
You need to add a 50%+ option…
Mine averages 50-55%. Ugh.
Yes, I too am about 55-60%. And our fees are approximately 10.5%!!!
I tried and tried to get the ownership to use RBSLynk (hi LynkMan!) but they signed a 5 year contract with this current company!!! Unheard of.
Yup, same here. I’m over 50% myself. -J_r0kk
I was concerned when I first saw this thread this morning because I am over 50% as well.
But now I see I am not abnormal afterall.
Using a “checkcard” is the same as cash, right?
That’s what the banks drill into peoples heads. They don’t bother telling them that by doing so it gives the banks 2%-3% of the sale.
Seems that no one carrys any cash at all any more - not even $5.
About 20-25% for deliveries at our store. Even higher for dine-in and pick-up.
Red Baron,
Contract or Agreement?
Contracts can’t be broken, Agreements are designed to be (usually with an early termination fee). IF the savings offset the early term fee maybe they should revisit their “contract”.
With OUR (RBSLynk) restaurant pricing savings are usually in the order of 20%. That is direct to the Bottom Line money.
HEY GUYS
A QUESTION FOR ALL OF YOU
ANY ONE CHARGE ANY TRANSACTION FEE ON CREDIT CARD SALES…OR MINIMUM AMOUNT
IF YOU DO HOW MUCH YOU CHARGE EXTRA… .25 CENTS OR .50 CENTS…
THANKS
One word of warning.
It is aginst Visa & MasterCard regulations to charge a surcharge or to set a minimum. The penalty, IF someone complains and/or you get caught, is possibly having your ability to accept V/MC taken away.
Personally I don’t see the problem with it but no one asked me my opinion when the associations made the rules.
One possible way around the regulation is to offer a discount if paying with cash. For example raise the price of a pie by 50 cents and give a 50 cent discount for cash. When a customer pays with credit/debit the added 50 cents will offset the cost of accepting “Plastic”.
Guess I was not logged in. That was my comment above.
I charge 50 cents per transaction, and have been questioned about it just a few times. I tell them that the quoted price included the cash discount. I guess I need to print on my menus that prices reflect cash discount. I will not give up the fee no matter what anyone says, as it accounts for over $1000 a month in sales.