mjwalsh
6 bay SS w/laundromat
Big Leo,
No argument on the convenience for the dog n car washer ... it is just seems like the added vulnerability of potentially not enough competition for your choices of your single processor ... might not be the best fit for a considerable percentage of us. By vulnerability ... these large banks controlling the rates & fees have been known to take advantage of those of us who are smaller. I compare it to governments seeing the most amount can be extracted from small service businesses is by disproportionately going after the GROSS & not the NET. It seems that automatic car washes & detail shops are a bit different because of the oil company franchise competition & the bigger ticket nature of the transactions.
From experience & input from other laundromat operators it tends to be a mistake to not own your own ATM these days instead of the bank. For example in little over 2 years we have netted over 5k before labor & the $2200 machine initial investment factored in. I know that could be way lower than other car & dog wash owners' expectations but it makes sense to us. About 3-4 years ago I checked with 2 separate local banks who I was familiar with & they said they would never consider us as an ATM location because we did not have nearly enough traffic. The Houston ATM distributor via 5 year contract includes all the printing supplies etc. By owning the super reliable ATM ... we keep all of the $2 surcharge (which is less than the going rate in our area) plus most of the interchange fees (cc vs debit). No installation or parts costs to us other than our own in house involvement. Some banks see the more ATMs the better ... possibly because from my observation people who never will get into internet access ... actually are comfortable swiping their bank card for FREE at the ATM & getting a printout of their current balance within seconds without withdrawing etc.
mike walsh youtube USA deficit sleuth
No argument on the convenience for the dog n car washer ... it is just seems like the added vulnerability of potentially not enough competition for your choices of your single processor ... might not be the best fit for a considerable percentage of us. By vulnerability ... these large banks controlling the rates & fees have been known to take advantage of those of us who are smaller. I compare it to governments seeing the most amount can be extracted from small service businesses is by disproportionately going after the GROSS & not the NET. It seems that automatic car washes & detail shops are a bit different because of the oil company franchise competition & the bigger ticket nature of the transactions.
From experience & input from other laundromat operators it tends to be a mistake to not own your own ATM these days instead of the bank. For example in little over 2 years we have netted over 5k before labor & the $2200 machine initial investment factored in. I know that could be way lower than other car & dog wash owners' expectations but it makes sense to us. About 3-4 years ago I checked with 2 separate local banks who I was familiar with & they said they would never consider us as an ATM location because we did not have nearly enough traffic. The Houston ATM distributor via 5 year contract includes all the printing supplies etc. By owning the super reliable ATM ... we keep all of the $2 surcharge (which is less than the going rate in our area) plus most of the interchange fees (cc vs debit). No installation or parts costs to us other than our own in house involvement. Some banks see the more ATMs the better ... possibly because from my observation people who never will get into internet access ... actually are comfortable swiping their bank card for FREE at the ATM & getting a printout of their current balance within seconds without withdrawing etc.
mike walsh youtube USA deficit sleuth
