So...what percentage of profits is the cost of taking the credit cards? I'm asking the question this way because, in my eyes, that's the fair way to increase prices. If your costs per credit card transaction pencil out to 4% of those transactions, what percent of sales are credit card vs. cash?
Just like the electric bill or the gas bill going up, the costs associated with accepting credit cards is simply a cost of doing business. It goes against your bottom line. The guy buying a $1 item pays toward your light bill the same way a guy with a $300 order pays toward your light bill...cash OR credit. The guy with the $1 item may not "use" much of your time and electricity, but he still pays.
Offering a discount for cash may also create a "perception" problem with customers. They may think you're having trouble paying your bills, and need cash to get out of a jam. That can be a negative perception, in these days of folks gambling away entire businesses at casinos and wasting their lives using illegal drugs. Just had a local garbage collection company go belly-up when the owner was arrested on drug charges, AND had been seen losing large sums at the local casino. And of course, right before the end he was offering a discount to customers who paid in cash.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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