Quote:
Originally Posted by MooseDog
Like any other cash-involved business, a huge amount of restaurant cash sales go unreported for tax purposes.
Processing fees for a merchant-based credit card system shouldn't be more than 3% plus maybe a transaction fee of 20-50 cents. That's about a $1-1.50 on a $30 order. If they are paying more than that they are getting robbed by their processor.
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A few places around here went to cash only. They have an ATM inside, which charges a fee, so I figure they're getting a bit of savings, and a bit of the fee.
Eating out at the lower end has gotten expensive.
I figure credit cards are an expense any retail sort of place just has to deal with. The Bike shop was cash only until I had the kid working weekends make notes on what went unbought because we didn't take cards. First day was $400, and we were a tiny place.
The owner got a credit card deal a couple weeks later.
We had a strange setup, I think we may have been the last lace with the old physical forms and slider.
At the time it was weird, we were getting a worse deal than I had just by having Paypal, which I thught was high.
And a monthly fee if we took no card payments that month. Once we got the modern card reader part of my job was to go in once a month during the winter and charge a soda to my card. Cost us more than the Coke, but saved the $35 fee....
Yeah, it was a weird place.
04-10-2024, 08:22 AM
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