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Super high merchant rate: Cryptopay on vacs and vending

slash007

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It used to be First Data only when they first started. Then they switched to Worldpay only. When I added my second location, they let me go with First Data for it since I already had one account with them. My understanding is that all new accounts have to go with Worldpay.
 

Earl Weiss

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Last months statement. (First Data) - Tunnel $7729.75. Bays / Vacs $3000.25 . Total $10,730.00 fees $630.01 = 5.87%.
 
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copperglobe

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Last months statement. (First Data) - Tunnel $77729.75. Bays / Vacs $3000.25 . Total $10,730.00 fees $630.01 = 5.87%.
When you combine large ticket items with your small ($1.00 or so) your merchant fee is much lower. Stand alone $1.00 swipe without also washing or large ticket add-on averages 22-28%.
 

Earl Weiss

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Since my base tunnel wash is $3.50 there aren't really a lot of "Large Ticket" swipes. My Vacuum swipe is a minimum $2.00 and bays minimum $2.50.
 

sparkey

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That's interesting. I noticed the last time I called cryptopay about their system not being PCI complient they were trying to steer me towards worldpay. They told me that worldpay "understands their system better". The fact is cryptopay is not listed as a device that is PCI complient. That's probably why they are trying to get away from First Data. I was having trouble getting the PCI complient to pass with First Data. I just basically had to say it was safe and sign my life away to get it to pass.
 
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For those of you that have Cryptopay; Do you think added business from CC acceptance more than offsets the cost of being able to accept CC's? I mean actual added revenue, not existing customers that switched from cash. I can see where count up would help to make bigger ticket sizes in SS. What are your thoughts?
 

bert79

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I can only give you my experience so far. We have been open for business for approximately 3 months after a complete reno of an old closed facility. We added Cryptopay to the ss bays and the automatic. I am thoroughly convinced so far that customers spend significantly more with cc. Our average ss ticket is $5.50 with cc. The fact that people spend more with plastic than with cash (and the count up feature) more than makes up for the 5-6% fees paid to worldpay/cryptopay. We have been very happy.
 

Earl Weiss

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For those of you that have Cryptopay; Do you think added business from CC acceptance more than offsets the cost of being able to accept CC's? I mean actual added revenue,
I had no way of determining actual data for this so what I did was add CC to half the bays. Most places have some that are busier than others usually nearest the entrance. After a few months i decided to do the rest of the bays and now have done 4 vacuums. I think the biggest game changer is "Count Up" In a decent month the Credit card receipts are more than enough to cover the entire cost. So, put it in other terms. lets say you had a vacuum that functioned perfectly but was beat up so it looked bad. Now let's say that vaccuum took in $1000 a month but would cost $2000 to replace with something that looked great and perhaps would get you only 10% more in income. Would you do it. Of course you need to figure all in costs like timer upgrades, internet connection etc.
 

OurTown

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For those of you that have Cryptopay; Do you think added business from CC acceptance more than offsets the cost of being able to accept CC's? I mean actual added revenue, not existing customers that switched from cash. I can see where count up would help to make bigger ticket sizes in SS. What are your thoughts?
I don't have any real data but my guess is that most of our cc users were converted from cash. The average ticket price is higher and we are currently using it with count down. The perception is that it doesn't feel like real money to some so they are willing to spend more than if they had to use their cash. Before we put them in we had a fair amount of customers that (after talking to a lot of them) would pull away after seeing that it was cash only. What businesses do you go to nowadays that you can't use cards? Probably none.
 

MEP001

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For those of you that have Cryptopay; Do you think added business from CC acceptance more than offsets the cost of being able to accept CC's? I mean actual added revenue, not existing customers that switched from cash. I can see where count up would help to make bigger ticket sizes in SS. What are your thoughts?
Not with Cryptopay (Hamilton D.A.N. so the fees are about as high), we saw spending shift to about 25% card in the first year with only about 10% loss of cash income in the first two bays we tested. I've watched surveillance video and counted cars washed and used the data to see what was spent. CC users spend 35% more per car washed than cash users.

Since the fees are so high, the extra income from CC users is cut into pretty deeply, but it's still a net increase. I would guesstimate the Hamilton hardware pays for itself over again about every two years.
 

pgrzes

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I know anyone thats in this business loves the cash! So going to credit cards is a loss of some cash. I talk to a lot of other owners and everyone complains about the fees. I am at about 5.5% between my Cryptopay and my autotellers. To me the extra $$$ that now comes into my bays and vacuums, plus the time savings I have(collecting, sorting, hauling to the bank etc. etc.) Plus less likely to get robbed makes this a no brainer. I love getting up every day drink my coffee and look at my deposits. Credit card acceptance opens doors to new and more customers and I believe they spend more. I still get some cash so not a total loss there. Count up with bay blowers is a home run!!
 

Kevin James

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Talk about clueless! It’s very simple if you don’t like to pay the fees that go along with the credit cards don’t accept credit cards. If you want to accept credit cards then raise your prices like every other business does to pay for the fees. There’s also a reason that these companies in the car wash world force you to use their processor like World Pay or First Data, they are getting a kick back from using there system. It would be nice if Square was to come out with a card reader for the car wash industry, but I highly doubt that will ever happen. The development costs are too high for such a small market, the car wash industry isn’t even a blip on the radar screen on the credit card world. If it was then you’d see all the big boys trying to get onto the car wash playing field. If you don't want to pay don't play.
 

slash007

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CC fees are insane, but worth it. I offset by giving less time per .25 on cc than on cash. No one has ever complained or even noticed. CC customers generally spend way more and many wouldn't even come to wash if I didn't accept cc.
 

MEP001

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CC fees are insane, but worth it. I offset by giving less time per .25 on cc than on cash. No one has ever complained or even noticed. CC customers generally spend way more and many wouldn't even come to wash if I didn't accept cc.
I did the same by setting the CC start time 25¢ higher than cash startup but give the same time as cash. That eats up most of the processing fees.
 
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Could you elaborate on adding 25¢ but give the same time as cash? Is it a 25¢ higher start but same time per coin? How are you doing this?
 
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