Credit Card acceptance at changer

[bigjws]

Hey guys .. I've been reading on all the ways to swipe the cards in the bays, on the vacs, etc --

Has anyone ever just put a credit card reader on the changer? Just have every swipe give $5 in quarters -- maybe even use the gas station tactic of charging $5.10 for every $5 to offset anyone trying to use it as a cash card? I'm just spitballing, so I may be missing some obvious problems -- but I've always been taught that you should keep it as simple as possible. Just having one reader for the SS bays instead of one for each bay, plus vac, etc seems like less trouble..any thoughts?

 

[ibspuds]

I think there are laws that prohibit the sale of cash money via credit card....

 

[soapy]

I have a Hamilton credit card to token machine. I do not think it is legal to have a credit card to quarter machine. In the time I used the token vendor I think I averaged about $40 per month in useage. When I converted the 4 SS bays over to a credit card reader in the bays sales went up to $2000 per month in credit cards and now often end up over $3000 per month.

 

[I.B. Washincars]

I was a huge crusader for the CC to token machine back around the turn of the century. I put them in three of my washes. They have not been the panacea that I thought they would be. They get a little usage, but not worthwhile. Good idea, but it just didn't work.

 

[mjwalsh]

Hey guys .. I've been reading on all the ways to swipe the cards in the bays, on the vacs, etc --

Has anyone ever just put a credit card reader on the changer? Just have every swipe give $5 in quarters -- maybe even use the gas station tactic of charging $5.10 for every $5 to offset anyone trying to use it as a cash card? I'm just spitballing, so I may be missing some obvious problems -- but I've always been taught that you should keep it as simple as possible. Just having one reader for the SS bays instead of one for each bay, plus vac, etc seems like less trouble..any thoughts?

bigjws,

The most straightforward way I know of would be for you to help me lobby the growing ATM industry to give us the option to also give out a specified number of dollar coins besides just $5 bills like we have been successfully doing for over 1.5 years now. Of course, I really do believe the increased number of $5 bills in our in bay bill acceptors is related to the ATM payout.

Of course you will have to lobby for free just as I am trying to do.

You will get a few free loaders just getting the printout for their current bank balance but that is not even close to being a problem though!

Like a changemaker ... an in the wall version would probably make sense depending on how you locate it on your premises.

If some of your local banks &/or credit unions take care of all the customer's ATM fees (including your chosen rate) without any red tape or hassle like here in Bismarck-Mandan this approach makes even more sense.

mike walsh king koin of bismarck

 

[ted mcmeekin]

Hey Soapy,

Did Total revenue increase for ss bays with the cc readers--I realize the CC to token was a loser around here.

Thanks,

Ted

 

[MEP001]

I don't think it's technically illegal to give currency with a credit card dispenser, but it's definitely not allowed by the credit card companies.

Just like I.B. said, the credit-card-to-token dispenser just doesn't work. The last guy I talked to who pulled out a machine had only 1300 tokens dispensed in two years.

An ATM is ok for customer convenience, but it does nothing to encourage more spending. Only in-bay credit card acceptance does that.

 

[soapy]

Yes, I do think the CC in the bays revenue.

 

[DiamondWash]

Since we added CC readers to our SS bays revenue has been going up, I saw the CC to token machine at ICA show and immediately saw a problem with customers who wouldn't want to get $5 in tokens per swipe when all they want is a quick start up value $2.50 to rinse off their vehicle and leave.

 

[Whale of a Wash]

Last year i needed a new changer and got the standard changer
with the credit card. The changer has worked flawlessly and i do about
$1200 a month on credit card. I have the butttons set and $5,10,20,50.
Only 1 or 2 $50 in the last year--90% $5 and $10
I am actually pretty happy with it's usage.

 

[Earl Weiss]

I think one of the Mantras of business is to make it as easy as possible to get the $ out of the customer's pocket and into yours.

Years ago "Pay at the Pump" was conc\siderd bad because the customer did not need to come into your store where they might buy other stuff.

The rest is history.

 

[Ric]

Our cc to token machine gets plenty of use. I wouldn't be without it. Maybe it's because we give 6 one dollar tokens for every $5 purchased.

 

[bigjws]

Last year i needed a new changer and got the standard changer
with the credit card. The changer has worked flawlessly and i do about
$1200 a month on credit card. I have the butttons set and $5,10,20,50.
Only 1 or 2 $50 in the last year--90% $5 and $10
I am actually pretty happy with it's usage.

I'm assuming you use tokens with this changer...and I would also assume it has options to change to quarters, and the ability to tell the card reader that you are using 4 'tokens' per dollar. So, would it be as easy as I'm thinking to just switch that changer to give quarters for credit card swipes?

Has anyone actually looked into the legality of giving quarters for credit card swipes? Some have said it's illegal, some have said the credit card companies 'frown' on it...if it's only hearsay, I may have to do some research!

 

[DiamondWash]

That's alot of swipes for 5 dollars if needed, I know when we first got our Washcard system we had to have it setup until the update was released to have the customer swipe once to start up the wash $2.50 4 mins and if they wanted more time to keep swiping their card after a while customers became ****ed off at this way and went elsewhere then once we got the upgrade swipe once and done they started to return.

 

[mjwalsh]

Has anyone actually looked into the legality of giving quarters for credit card swipes? Some have said it's illegal, some have said the credit card companies 'frown' on it...if it's only hearsay, I may have to do some research!

Bigjws,

I am pretty sure you that you would be at high risk for opportunists to come along & seeing that they could rack up rewards & frequent flyer mileage on their credit cards ... you would get hit with non customers on the easily swapped quarters for face value hard cash at most banks!

Whale - John,

I know those if Bigjws is shopping for a fancy yacht & he feels a need to ask to see what it costs "he probably can't afford it" So I am going to ask for him. What is the specific merchant fee costs for a credit card to token transaction? With tokens you could come out factoring in the "float" & other factors but with straight cash such as quarters or dollar coins there is no question of potential significant "net losses".

Again, Gate City Regional Banking that includes Fargo ... all fees are taken care of for all ATMs plus some Credit Unions are doing the same. I suppose bank cards are treated different than credit cards though. I do not see an ATM as a greater risk than a bill breaker or a changer that accepts &/or swaps cash.

mike

 

[MEP001]

It's not just "frowned upon" by credit card companies to vend cash with a machine, I know for a fact they'll cancel your merchant account if they find out. I doubt it's illegal since you can actually withdraw cash off a credit card account.

 

[MEP001]

The changer has worked flawlessly and i do about $1200 a month on credit card.

For what it's worth, we do about that much per bay per month in credit/debit sales.

 

[bigjws]

I think you misunderstood my sentence (or maybe I miswrote!)..I wouldn't have a swipe worth a quarter -- I'd probably set it so that you could ONLY do $5 swipes, and get $5 in quarters.

And as I said in the first part of the thread, I'd also plan on charging possibly $5.15 or so for $5 of quarters to slow down the non-customers getting cash and to soften the hit of the extra fees (kind of like a charge vs cash charge at some gas stations.)

MEP - just wondering if you know why the card companies are against this? They still get their card used and fees charged -- is it something to do with them charging a larger percentage for cash advances or something? Just wondering...

 

[pitzerwm]

When I had the check cashing store, we gave cash on credit cards. It is in the CC contract that you won't give cash advances. We just wrote "Invoice # 2345" on the receipt. Never had an issue with the CC company.

 

[bigjws]

When I had the check cashing store, we gave cash on credit cards. It is in the CC contract that you won't give cash advances. We just wrote "Invoice # 2345" on the receipt. Never had an issue with the CC company.

So it sounds as if giving quarters for credit may work .. I assume at a check cashing business you would definitely charge a fee to get the cash -- would that go on the card also? Say, they were charged $550 on the card for $500 cash?