Cash vs Credit.....Trends and Expectations

[SparklesSS]

Hi all,

Interested to obtain your input. For those of you that accept both cash and credit at your SS washes, what percentage of your business comes in the form of credit? Have you seen this trend risk as people become more comfortable using credit?

We see approximately 30% of our business come in the form of credit. We have had credit installed for about 6 years.

 

[OurTown]

We are at 29% but there is not a place to vote for 20-30%.

 

[I.B. Washincars]

I fixed it.

 

[OurTown]

I changed my vote.

 

[Axxlrod]

35% for me.

 

[KleanRide]

I'm at about 18% but just installed Cryptopay 2 months ago

 

[Car_Wash_Guy]

I'm about 80%.

 

[Earl Weiss]

A factor that may skew percentages seems to be if you are purely SS or have IBA. From prior discussions those with IBA will seem to hve higher % simply due to more people using credit cards and higher price point at the IBA.

 

[CarWashBoy]

I'm about 80%.

Yep.. mine as well.. Count up.. no coins or tokens... Cash/Credit/Debit with Bill Breaker

 

[SparklesSS]

Yep.. mine as well.. Count up.. no coins or tokens... Cash/Credit/Debit with Bill Breaker

You do not accept any coins or tokens?

 

[mjwalsh]

Earl makes a good point about the IBA vs Self Service. Also the ones who do not accept any coins or tokens at all would be a skewing factor. I am pretty sure our actual customers who use our onsite ATM - Credit Card Process is in the less than the 30% category. Within those are a large percentage who use the ATM for free because of healthy local bank competition for using their "attractive account perk" etc. Our local heavily media supported overly glamorized state owned bank of course seems to not have the least bit of concern about competition ... in my very humble opinion!!!

 

[OurTown]

I did not include our IBA credit card income.

 

[jsoriano]

60%....no coins or tokens. Only CC and bills.

 

[soapy]

I will say that my location that uses wash gear almost doubles the locations that use Etowah valley credit cards.

 

[CarWashBoy]

You do not accept any coins or tokens?

We got rid of Coins coming up on 4 yrs.. People love it.. no coins to handle.. much simpler.. when a new customer goes to get change, he can insert a 5, 10 or 20 dollar bill.. easy.. fast.. no dropping coin after coin etc.. insert bills.. Plus you make MORE MONEY!
P.S...if he has a dollar bills, he or she can just insert in bay.. if he has a 5 he can go to changer and get 5 ones..

 

[mjwalsh]

We got rid of Coins coming up on 4 yrs.. People love it.. no coins to handle.. much simpler.. when a new customer goes to get change, he can insert a 5, 10 or 20 dollar bill.. easy.. fast.. no dropping coin after coin etc.. insert bills.. Plus you make MORE MONEY!
P.S...if he has a dollar bills, he or she can just insert in bay.. if he has a 5 he can go to changer and get 5 ones..

In our more rural area ... the redundancy of high denomination coins & the fact that that the high denomination coins are more waterproof than paper bills is an add'l service that our specific customers appreciate. We find bill acceptors more costly to buy & to maintain long term wise than paper bill acceptors. We have had both for about 10 years ... along with the ability for the use of paper tokens. I do like the fact that the number of $5 bills used has increased.

The better reality for us IMHO is that a waterproof $5 coin would be better than $5 paper for at least the self service end of our businesses. Too bad Honest Abe is not being followed when it comes to this issue: Abraham Lincoln Quotes. Government of the people, by the people, for the people, shall not perish from the Earth. My observations tend to be ... that the same operators who tend to lament about the demise of self service tend to be the same ones who bad mouth coins. That opens the door for eventually making any cash less viable since coins are not the only target for the unbridled merchant fee political cronies!!! All it takes is more & more "too intimidating to fight" impediments created by the merchant fee political cronies via the banking industry & there the 100% cashless proponents get their wish!!!