Credit Card "All In Fees"

[OurTown]

So if this came to fruition you would have a sign that says something like "we charge sales tax" and Cryptopay would add it to the total bay cost used and display on timer? We only pay state sales tax on vending.

 

[Earl Weiss]

I have talked recently with Cryptopay about adding an option to be able to charge a sales tax fee.!

We don't have sales tax on service here so not sure how this works for cash on SS Bay so how would it need to be added for CC, or alternatively like gasoline which does have sales tax but it's included in the "Pump Price" so there is no separate entry for any CC transaction.

Similarly other enterprises like parking Garages with a separate tax simply charge an "All In" fee and signs disclose that the rate includes $x Tax.

 

[pgrzes]

On my autoteller I have a box to check for sales tax to be added and a box for the correct amount. I was thinking something similar.

 

[Ghetto Wash]

Do you expect that July was average? Assuming it was and your annual net CC Sales were $4000 or so, what did it cost you to install the swipers?

Yes July was typical. Swipers and coordinator cost was $2400. Overall not a good investment for me.

 

[soapy]

I am a little late but last month my fees using tsys for my automatics averaged 5.08%.

 

[Earl Weiss]

Yes July was typical. Swipers and coordinator cost was $2400. Overall not a good investment for me.

Based on your numbers the net revenue covered the cost in less than 8 months. Of course this does not account for those who simply switched from cash. I would expect over time for any number of reasons the amount will grow. Doesn't seem terrible.

 

[SteveZone]

Anyone using or looking into NAYAX?

 

[mjwalsh]

I installed Crypto Pay about a year ago. Performance has been poor. For July, sales were $401.25. World Pay fees were $72.32, making my all in credit card processing expense for the month a little over 18%. I assume my expense percentage is so high because my sales are so low. The lowest monthly expenses I've seen still ran 13%.

If I had to do it over again I wouldn't do it.

Ghetto Wash,

Thanks for the heads up for some of us. Not to be too negative but it seems like for some locations ... merchant fee based formats are not worth it. We know from past posts that you are in one of the toughest areas in the USA where cashless could be helpful ... but it comes down to what extent it helps prevent break ins: Is it enough to offset the extra expense you have to pass on to your customers. Being a laundromat owner ... it makes me even more cautious when I see genuine non hyped reports of what the 100% "all in" totals costs can be for some of us for CC extra cost. At some point customers will go for the better rate that a non CC car wash might be in a position to charge.

www.kingkoin.com

 

[Overachiever]

Yes July was typical. Swipers and coordinator cost was $2400. Overall not a good investment for me.

I wonder why your WorldPay fees are so much? I have similar sales as you some months $400-$500 and they don't charge me $70+ It's usually around $40.

 

[Ghetto Wash]

I wonder why your WorldPay fees are so much? I have similar sales as you some months $400-$500 and they don't charge me $70+ It's usually around $40.

I'm going to send you a PM. I'd love to get a copy of your statement so I could compare.

 

[OurTown]

Ghetto, what is your average ticket price? If it's really low maybe that's why the high percentage fees. Also curious if your total sales went up or if some cash customers just switched over to cc.

 

[Ghetto Wash]

I'm count down with credit price same as cash. $1.25 to start.

Comparing my CryptoPay statement to Overachiever's statement shows why my expenses are so high. My average sale per swipe is only $2.71. I believe if I could double that number, my expenses would be inline with everyone else. I might be able to get there if I change to count up.

Overachiever - thanks for the info