CC / Cash ratio

[864real]

What is everyone seeing as their cash to credit card ratio? Looking at buying a wash and trying to find ways to validate the cash claims. Currently they run about 25-27% credit cards vs cash.

Hoping to see what the average seems to be from others to see if that is inline. Since I could verify CC amounts thought it may be one way to validate cash. I'm not talking about % of transactions, but % of $ amounts.

Thanks!

 

[MudMoney]

Sounds like a Bot.Best your going to get are percentages as owners on this site aren't FB wannabes.

 

[864real]

Not sure what your saying and not a "bot". I'm only looking for % cc to cash not their actual sales numbers.

Also not a wannabe, have one SS wash, but had about a year and don't have CC there yet to look at ratios

 

[Keno]

There is no rule of thumb for this ratio, each market and wash is going to be completely different. Some maybe at 80%+ cc in higher demographics, and or it could be the other way around at a wash right down the street.

On another note, you need to put cc in your 1st wash - that will be your single biggest revenue increase out of any upgrade you can put in a SS wash.

 

[864real]

I guess I'm maybe wondering if anyone else on here is seeing CC % of sales be that low. To be fair, this wash only has swipe only in the SS bays and not vacs, but just wouldn't expect that low.


Yeah now that I have all the deferred maintenance and all things in correct working order, adding credit cards now to existing wash. Leaning on Nayax for single unit and with other hardware in SS bays and vacs the additional screen would work nicely.

 

[CarWashBoy]

80% and climbing.

 

[Keno]

I guess I'm maybe wondering if anyone else on here is seeing CC % of sales be that low. To be fair, this wash only has swipe only in the SS bays and not vacs, but just wouldn't expect that low.


Yeah now that I have all the deferred maintenance and all things in correct working order, adding credit cards now to existing wash. Leaning on Nayax for single unit and with other hardware in SS bays and vacs the additional screen would work nicely.

I've personally never seen or heard of cc % that low compared to cash unless the cc sales are still building up from a recent addition of cc to a site, but again that's irrelevant, each site will be completely different on this ratio.

If they are trying to get you to pay for the cash they are pocketing, you need to really consider if and how much you want to pay for that. All those numbers can be made up out of thin air. And they have benefitted once from not claiming that cash, they can't expect to get paid full rate for that unverifiable cash on sale also. Good rule of thumb is to pay for verifiable income only, but that's not how it always goes in a cash business. At the very least, you should be heavily discounting what they are claiming as pocketed cash income. If you are willing to pay for pocketed cash, better tread VERY carefully

 

[CarWashBoy]

What is everyone seeing as their cash to credit card ratio? Looking at buying a wash and trying to find ways to validate the cash claims. Currently they run about 25-27% credit cards vs cash.

Hoping to see what the average seems to be from others to see if that is inline. Since I could verify CC amounts thought it may be one way to validate cash. I'm not talking about % of transactions, but % of $ amounts.

Thanks!

I've personally never seen or heard of cc % that low compared to cash unless the cc sales are still building up from a recent addition of cc to a site, but again that's irrelevant, each site will be completely different on this ratio.

If they are trying to get you to pay for the cash they are pocketing, you need to really consider if and how much you want to pay for that. All those numbers can be made up out of thin air. And they have benefitted once from not claiming that cash, they can't expect to get paid full rate for that unverifiable cash on sale also. Good rule of thumb is to pay for verifiable income only, but that's not how it always goes in a cash business. At the very least, you should be heavily discounting what they are claiming as pocketed cash income. If you are willing to pay for pocketed cash, better tread VERY carefully

 

[CarWashBoy]

I may have confused you, 80% Credit/Debit and only 20% Cash.

 

[washnshine]

That sounds more common.

 

[Earl Weiss]

For anyone stating percentages specify if it is SS Only or SS and IBA. I would think due to ticket size IBA would tend higher. Demographics play a huge part.

 

[CarWashBoy]

For anyone stating percentages specify if it is SS Only or SS and IBA. I would think due to ticket size IBA would tend higher. Demographics play a huge part.

SS only.

 

[STXCW]

Our area is 50/50 at most locations and a couple are only 30% CC. We are a high cash using community. We tried to go cashless at a couple sites and we lost 50% of our sales for 60 days. Decided to turn the coin acceptors back on and our business increased, our CC numbers went up and we recouped our cash customers. Prior to 2020, our CC sales were horrible in the self service bays. Once the pandemic shut downs started things turned around almost instantly and we installed CC readers at all our locations and our sales continue to go up. Now CC's are a must, we recently started converting our sites from CryptoPay to Monex and the sales at these sites have begun to increase as well. Only thing that I can think of, is I know when I am prompted to swipe my cards at times, my magnetic strip won't work on some readers at retail locations. Now with Monex, we have 3 different options to be able to accept a card and feel this is the difference.
MasterCard will be phasing out magnetic strips in 2027 so we figured we may as well get a head start.

 

[427camaro]

What is everyone seeing as their cash to credit card ratio? Looking at buying a wash and trying to find ways to validate the cash claims. Currently they run about 25-27% credit cards vs cash.

Hoping to see what the average seems to be from others to see if that is inline. Since I could verify CC amounts thought it may be one way to validate cash. I'm not talking about % of transactions, but % of $ amounts.

Thanks!

WE had a CC phone app that was about 65%-70% of our $$$$ amounts. We had to abandon it after a few years, unfortunately, due to the incompetence and lack of support from the supplier who was based in Europe. I still think a Debit/CC phone app is a great idea......with the RIGHT service provider who pays weekly-no exceptions or excuses. A 2.5% service rate cost would be nice rather than 3.5% or a ghastly and greedy 5%.

 

[JaySingh]

I have one wash at 50% CC/ 50% CASH, another wash at 40/60 cash, and my last one at 30/70 cash.

 

[sjb]

3 years ago, 100% cash, now it’s 25%…

8 bay SS + 2 dog washes….

Estb.1997

 

[Greg Pack]

I've got a friend in low income areas and he hasn't broken 40%

At one wash in middle income area I'm 77%
At another wash in upper income areas I'm 84%

It seems to me the most resistant people to use credit cards are old folks and non native Americans. Old folks have been conditioned to be terrified of skimmers by their AARP newsletter.

 

[CarWashBoy]

I've got a friend in low income areas and he hasn't broken 40%

At one wash in middle income area I'm 77%
At another wash in upper income areas I'm 84%

It seems to me the most resistant people to use credit cards are old folks and non native Americans. Old folks have been conditioned to be terrified of skimmers by their AARP newsletter.

You hit the nail on the head!
Great Post!