Discounts Based on Payment Methods

[mjwalsh]

Just passing on FWIW ... what a poster on the coin laundry association forum just posted this morning during a discussion of recovering lost gross revenue from credit card &/or phone app "merchant fees".

Granted ... in some geographical areas it might make sense to offer a "discount for cash". Another factor could be the car wash owner's ability to efficiently process coins & currency it seems. Below is the post & a link to the specific state by state ... potential legal technicalities.

It's not illegal. You just have to lie.
It's not a credit card fee, it's a cash discount.
It's not a credit card fee, it's a surcharge.
Here is the list of state-approved lies. Caveat emptor:

www.bankrate.com/finance/credit-cards/...

 

[OurTown]

How could we recover "lost" gross income from the expenses related to accepting cash? Changer, bill validator, coin mech and high security lock maintenance, repair and replacement. Don't forget your bill counter and coin counter/sorter maintenance and replacement. Oh yeah. There is the time involved in counting it all and going to the bank. I bet credit card equipment and fees are a drop in the bucket compared to all that.

 

[Car_Wash_Guy]

How could we recover "lost" gross income from the expenses related to accepting cash? Changer, bill validator, coin mech and high security lock maintenance, repair and replacement. Don't forget your bill counter and coin counter/sorter maintenance and replacement. Oh yeah. There is the time involved in counting it all and going to the bank. I bet credit card equipment and fees are a drop in the bucket compared to all that.

I often use that as my argument defending the troubles with accepting cash. By now my sites are only about 12% cash.

My bigger issue and concern is going away from a physical monetary system and inviting the .gov even further into our lives.

 

[Wash4Life]

I often use that as my argument defending the troubles with accepting cash. By now my sites are only about 12% cash.

My bigger issue and concern is going away from a physical monetary system and inviting the .gov even further into our lives.

And also, our merchant processing can control us even more. One of the things I've noticed is the lamenting of how our subscription services and equipment are limited to a particular merchant processor. It sucks. Who here like Worldpay for Cyrptopay?

 

[Keno]

How could we recover "lost" gross income from the expenses related to accepting cash? Changer, bill validator, coin mech and high security lock maintenance, repair and replacement. Don't forget your bill counter and coin counter/sorter maintenance and replacement. Oh yeah. There is the time involved in counting it all and going to the bank. I bet credit card equipment and fees are a drop in the bucket compared to all that.

These are out of sight out of mind type expenses when looking at cc vs cash costs. I would much rather pay the 2.5-3 percent to avoid all the labor and headaches associated with coins, not to mention the increased gross revenue with cc count up.

 

[sjb]

Don’t forget the cost to dump the quarters and the few $$ coins…

My Delta credit union gets a 3% vig, with what seems like a lot of paperwork, and 10% vig at banks or Kroger….

those that get a surplus of quarters, (we no longer dispense them) what do you do with them…?

 

[Roz]

Find a local bank. They often have coin counting machines and no fees for the service.

 

[MEP001]

Find a local bank. They often have coin counting machines and no fees for the service.

I called every bank within 30 miles of me. The only ones that have a coin counter are the federal credit unions, with a maximum of $99 at a time, and a local bank that's right around the corner from my house. Of course this bank isn't open on Saturday, and at the time I had a full-time Monday to Friday job. I know everyone hates Wells Fargo, but I was already banking with them so I opened a business account there, and I can bring in bagged quarters in $500 quantities and just deposit them bagged for them to get sent off and verified. Costs $4/bag, but well worth it. I weigh them with a parts counting scale and I'm rarely off at all.

If I only had a small surplus I'd take them to a CoinStar and get Amazon vouchers.

 

[sjb]

I wish, we have a 3 to 10% vig to dump quarters… I was not aware of the coinstar/Amazon alliance…. Thanks!

 

[Randy]

Coinstar eGift cards are a pretty good deal with no fee’s. https://www.coinstar.com/giftcards About every 90 days or so I take the loose change I acquire to my local Coinstar machine and cash the coins in for a eGift card

 

[Wash4Life]

I called every bank within 30 miles of me. The only ones that have a coin counter are the federal credit unions, with a maximum of $99 at a time, and a local bank that's right around the corner from my house. Of course this bank isn't open on Saturday, and at the time I had a full-time Monday to Friday job. I know everyone hates Wells Fargo, but I was already banking with them so I opened a business account there, and I can bring in bagged quarters in $500 quantities and just deposit them bagged for them to get sent off and verified. Costs $4/bag, but well worth it. I weigh them with a parts counting scale and I'm rarely off at all.

If I only had a small surplus I'd take them to a CoinStar and get Amazon vouchers.

How many additional accounts did they open for you?

 

[MEP001]

None that I'm aware of, but I heard the stories.

 

[MudMoney]

I consider coin counters cash counters,etc vital to running my business.The less I can out source to businesses that can hold me hostage to their fees the better off I am. My bank takes all my quarters with no charge ,orders as much dollar coin as I need with no fee attached.Been a client for 23 years

 

[Wash4Life]

I look at a cashless society as being part of something bigger: automation. Automation means brick and mortar businesses and less workers out on the roadways. That's not good for our industry.