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re: Establishments that only take cash
Posted on 11/30/12 at 9:06 am to nwacajun
Posted on 11/30/12 at 9:06 am to nwacajun
quote:
you have no clue what you are talking about
which part are you referring to ?? because he hits it on the head on all points ... you pay between 2 and 3% on individual VISA, Master Card, and Discover swipes .. and between 3 and 4% of AMEX swipes to your credit card processor plus about a .35 per day close fee ... when he says master card accounts for about 1/3 of their sales, i assume he is referring to solely master card and not all cards ... so if this guy is paying his processor $75K a year JUST for master card transactions .. that is around $3.5 million (give or take) a year gross in JUST master card sales .. his $10 million figure is taking the other three cards into account ...
eta: if this is a restaurant we are referring to .. and it is a medium to high end place, $3.5 million basically equates to 539 table turns a week at an average of $125 a table .. that's a LOT of turns on the high end too ..
This post was edited on 11/30/12 at 9:11 am
1
Posted on 11/30/12 at 2:10 pm to TigahRag
quote:
you pay between 2 and 3% on individual VISA, Master Card, and Discover swipes .. and between 3 and 4% of AMEX swipes to your credit card processor plus about a .35 per day close fee
Serious question, isn't this changing because of the new credit card reform act? That it would be $0.21 per transaction - which is great if you're selling a $1000 TV, but much more than it used to be for a $5 burger.
I can't remember where I originally read that, but here's a link that sort of touches on it: LINK
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