Establishments that only take cash | Page 3 | TigerDroppings.com
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TigerSpy
LSU Fan
Baton Rouge
Member since Sep 2006
9820 posts

re: Establishments that only take cash

They don't do it for ATM fees, they do it to launder money and tax evade.


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bdevill
LSU Fan
Baton Rouge, LA
Member since Mar 2008
8915 posts

re: Establishments that only take cash
quote:

What? .... debit card


read again..

And if you don't want to pay cash at places that only take cash.. just go somewhere else.. Or eat at home.


Politiceaux
LSU Fan
Member since Feb 2009
15767 posts

re: Establishments that only take cash
Differentiating between credit and debit cards when talking about cash only places is quite a moot point.
quote:

And if you don't want to pay cash at places that only take cash.. just go somewhere else.. Or eat at home.
I pay cash when I have it or if I think about it on the way. I go elsewhere when I don't. That's not some grand breakthrough, Aristotle. The point was that business owners who don't take plastic are short-sighted.


bdevill
LSU Fan
Baton Rouge, LA
Member since Mar 2008
8915 posts

re: Establishments that only take cash
Well if you'd read accurately, you're response might not be so defensive..

quote:

business owners who don't take plastic are short-sighted


Moron.
This post was edited on 11/29 at 4:38 pm


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Count Chocula
Yale Fan
Tier 5 and proud
Member since Feb 2009
51203 posts

re: Establishments that only take cash
quote:

Personally, it angers me that they're too cheap to pay the credit card processing fees
That aint it. The IRS cant track cash...


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joeleblanc
Member since Jan 2012
1230 posts

re: Establishments that only take cash
quote:

I pay cash when I have it or if I think about it on the way. I go elsewhere when I don't. That's not some grand breakthrough, Aristotle. The point was that business owners who don't take plastic are short-sighted.


I beg to differ. know a po-boy shop in my town. Cash/check ONLY. Only way he has ever done business and has a VERY good business.


rbdallas
LSU Fan
The BGO Store
Member since Nov 2007
6241 posts

re: Establishments that only take cash
when it is all said and done, in small business transactions, a place could me paying 4 - 5 % for that credit card fee-transaction fee-processing fee and monthly settlement fee.

for a marginal business that's a lot.



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TIGRLEE
LSU Fan
Northeast Louisiana
Member since Nov 2009
24554 posts

re: Establishments that only take cash
Lose business.
Fact.


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TigahRag
Texas A&M Fan
Sorting Out OT BS Since 2005
Member since May 2005
130759 posts

re: Establishments that only take cash
quote:

So, his business is doing really well?


Considering it is around 2 to 2.25% per swipe with a master card processor, that's around $3.5 million in JUST MC sales ..

Somebody's bullshiteting somebody ..
This post was edited on 11/30 at 7:09 am


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saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
21634 posts

re: Establishments that only take cash
quote:

beg to differ. know a po-boy shop in my town.
Thats the difference between a town and a city. Unless the poboy place is so much better than the competition, I don't want to stop at the bank to get cash. I can find any number of places that will not require me to stop and get cash


notiger1997
Member since May 2009
25211 posts

re: Establishments that only take cash
quote:

Thats the difference between a town and a city. Unless the poboy place is so much better than the competition, I don't want to stop at the bank to get cash. I can find any number of places that will not require me to stop and get cash


Bingo.
I can find hundreds of great places that will take my card that serve damn good food.


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nwacajun
LSU Fan
Cracker County NW AR
Member since Dec 2008
51 posts

re: Establishments that only take cash
you have no clue what you are talking about


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
75656 posts

re: Establishments that only take cash
quote:

you have no clue what you are talking about



what percentage of your sales are mastercard? what percentage do you pay them?


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TigahRag
Texas A&M Fan
Sorting Out OT BS Since 2005
Member since May 2005
130759 posts

re: Establishments that only take cash
quote:

He's not doing 10 mil in sales, I know that.

My guess would be between 2-3, and that would put him around that 75K mark.

So I don't think that was b.s.


so when you say master card, you actually mean all credit cards .. correct ?? i.e. that $75K figure includes VISA, Discover, and American Express too ? Depending on the type of business, I could see a good one doing a gross of $3 million+ ..


TigahRag
Texas A&M Fan
Sorting Out OT BS Since 2005
Member since May 2005
130759 posts

re: Establishments that only take cash
quote:

If you have to use a credit card to eat, you don't deserve to eat.


i am sure most people are referring to debit cards and not credit cards .. hopefully ..


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TigahRag
Texas A&M Fan
Sorting Out OT BS Since 2005
Member since May 2005
130759 posts

re: Establishments that only take cash
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 at 9:11 am


BRgetthenet
LSU Fan
Golf Board Smash Lab™ CEO
Member since Oct 2011
72061 posts

re: Establishments that only take cash
When this thread started, I jumped in it because the person I know threw that figure out once while we were about to pick up the check at another restaraunt.

It has to have been total credit card sales. I could see them doing north of 2.5 mil.


notiger1997
Member since May 2009
25211 posts

re: Establishments that only take cash
I thought he already confirmed that it was total credit card sales.



TigahRag
Texas A&M Fan
Sorting Out OT BS Since 2005
Member since May 2005
130759 posts

re: Establishments that only take cash
quote:

When this thread started, I jumped in it because the person I know threw that figure out once while we were about to pick up the check at another restaraunt.

It has to have been total credit card sales. I could see them doing north of 2.5 mil.



i can see him doing that much in total credit card sales .. that makes sense ... but is this a restaurant ? or some other type of bigger average ticket business ?


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TigahRag
Texas A&M Fan
Sorting Out OT BS Since 2005
Member since May 2005
130759 posts

re: Establishments that only take cash
quote:

I thought he already confirmed that it was total credit card sales.



i see where he did it now .. that's my bad ..


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