Updating old wash (credit/debit)

[Earl Weiss]

Ok. So take an average days cash sales, multiply by 5% for merchant fees. Thats the cost i would be willing to pay to not have to deal with cash. It doesnt work for your 8 bay?

By the way, the math from the example doesn't work because the claim isn't cash vs credit. In other words, provided you are already paying for the credit card merchant accounts making up x percent of sales, how much would it cost to pay the merchant rate to take care of the additional cash portion of sales? Also, is the 8 bay actually doing the $2000.00 average daily credit card sales?

It doesn't work for the 8 bay because except for rare occasions there is no need to accesss each collection point daily. Depending on volume it may be done weekly or Bi weekly with the same labor for each collection point. Collecting weekly from all points takes little more time than collecting daily, The count and sort takes a little longer.

I have been misunderstood. I was not arguing for or against because it's like arguing about how many needles fit on the head of a pin. I was simply providing an example of relative costs. There is no possibility that cash transactions will disappear in the forseeable future. I wish the 8 bay did $2000 / day in CC sales. It doesn't do that in a month - yet, maybe one day. Further, the frequency of collection is not daily. It does not need to be.

 

[mjwalsh]

It doesn't work for the 8 bay because except for rare occasions there is no need to accesss each collection point daily. Depending on volume it may be done weekly or Bi weekly with the same labor for each collection point. Collecting weekly from all points takes little more time than collecting daily, The count and sort takes a little longer.

I have been misunderstood. I was not arguing for or against because it's like arguing about how many needles fit on the head of a pin. I was simply providing an example of relative costs. There is no possibility that cash transactions will disappear in the forseeable future. I wish the 8 bay did $2000 / day in CC sales. It doesn't do that in a month - yet, maybe one day. Further, the frequency of collection is not daily. It does not need to be.

Earl,

Now if yours & Pat H's & Mep001's & others' lobbying skills were just a wee bit better, we could have a unified effort to ramp up the $2 bills & have $1 coins the more dominate available coin. Let me walk you through step by step: 1. Almost no quarters ... saving bulk & weight by 300% less. 2. Happier cash customers who will most likely be using $5 bills (less bulk & counting) so they are not interrupted to add more time. 3. The die hard credit card customers will also be happy because you certainly do not want to take out your Cryptopays once you have them already a done deal. Honestly, If I had already put in Cryptopays I most certainly would not take them out. Hopefully, our always wonderful gateway processors & banks will have just the right solution so it will not be too costly to transition into the new chip cards. The chip-pin cards ... it appears they will be either mandated or persuaded through the gradual shifting of the liability ... more liability to those who do not transition over in a timely way ... including us owners.

I am hoping that I have some insider people (who will be true friends) at my local main branch who will keep me current since the following NEW REPUBLIC article did mention that my currently trusty mega US Bank ... I quote ... "expects all customers will have dual magnetic-chip-pin cards by next year". Hopefully, they will also keep me current on how any liability might shift if our card swipe receptacles are not updated to be able to accept chip-pin cards. Presently I just have 3 dongle credit card acceptors besides my ATM credit card receptacle. It is better to get good information vs information that is a bit "too fly by night". Voluntary changeover to chip-pin cards? ... seems to have a significant caveat ... it appears the vulnerability of a liability shift will not be worth not going through the expense of changing over to the chip-pin cards. http://www.newrepublic.com/article/...c-stripes-are-putting-you-risk-identity-theft

Mike Walsh kingkoin.com/USA_Deficit_Reduction.html

 

[cwguy.com]

This was all hypothetical! How about just chilling out? Also like anyone on this forum has any control of what coins/bills can get added or removed! Jginther just mentioned how awesome it would be to never have to deal with cash..... But come on! So what if you have a myopic view of cash? No cash would be AWESOME! Dealing with cash is a time suction if your honest.

Plus we all got great verified information from Randy Nix earlier then Mike's posts? I trust Randy with my life.... If the zombie apocalypse starts I want to be at Randy's house not Mike's ATM or "the new republic"! LOL

 

[bbonipart]

It has become more apparent to me that I am losing money by not offering the ability to "swipe". Unfortunately the cost of changing the bays,themselves, over to Cryptopay is out of my reach. I wonder about installing a Hamilton changer that has credit card swiper ability. Especially with all the headaches that seem to be coming from the Cryptopay systems. If some of you had it to do all over again, would you pick the Cryptopay in the bay over credit card changer, and what are the benefits of one over the other? Thank you guys for all the help over the last year....my old car wash is now debt-free after one year!!!

I am going through the same process. Have you looked at USA Technologies. I installed 2 of their units in my wash as a test in June. They cost $500/unit. Installation and signage were another $200/bay. They have done better than I hoped. I recovered the cost in roughly 2 months. All of the income growth at the wash has been in these two bays. I plan to install them in my other bays.

 

[cwguy.com]

If I remember right are they not cell and cost $5 or $10 a month? I think that was there best feature.

 

[cdreed06]

So $700 per bay? Cryptopay is $300 per bay with one $300 receiver.

 

[cwguy.com]

So $700 per bay? Cryptopay is $300 per bay with one $300 receiver.

Well a comp comparison would be the $500 and the $300 per bay with one $300 receiver. Cryptopay doesn't come with free signs either.

The huge difference is the cell and the phone dial up. The USA tech would save you $50 a month on no phone service.

When I called usa tech they didn't have a car wash product. I guess I need to call again?

 

[cdreed06]

Our Cryptopay did come with free signs. We also had the internet/phone system anyway because of our cameras and auto cashier for the automatic wash. Not trying to be difficult just saying what worked well for us.