CASH ONLY payments for the business Y / N?

Dan Tran

Dan Tran

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Hi geeks,

My question for today:

Am I limiting myself to keeping my business as a cash only operation?

Yes / no?

Reason --


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I feel there are more chances of fraud out there if I accepted credit cards. Am I just paranoid?

Agree / disagree?


Sent from my iPhone using Autogeekonline mobile app
 
Fraud by who? Customers? Hackers?

I use the Square app. Customers are more likely to go for the upsell if you take cards. How many times have you heard "Well I only have < > in cash."


Sent from my iPhone using Autogeekonline mobile app
 
Going to be accepting cards using square starting first of the year! Had a client who asked the other day about taking credit. Just add the 2.75% on the price of the detail.
 
Dan@TheBuffingMoose said:
My question for today:

Am I limiting myself to keeping my
business as a cash only operation?

------------------

I feel there are more chances of fraud
out there if I accepted credit cards.
Click to expand...
What's that old saying...(I think
that it goes something like this):

"One of the best ways to get to
know someone, is to take note of
the accusations they confer, and/or
otherwise attempt to assign, upon
other people."



Bob
 
Justin@FinalInspection said:
Going to be accepting cards using square starting first of the year! Had a client who asked the other day about taking credit. Just add the 2.75% on the price of the detail.
Click to expand...

Who does that 2.75% go to? You or Square?


Sent from my iPhone
 
Cash or check.Ive literally had 4 people within 8 years ask me if I took credit and I lost those jobs.So to me I don't really think it's worth it for my business.Pizza shops hair salons and others a must have.For me I had A thousand dollar job,the guy gave me 300.00 in cash and ran 700.00 thru my other business on credit.keep it simple cash or check.And if the check bounces go to the sheriffs dept.Here in fla they mail out a good faith letter demanding payment within 14 days.No payment warrant issued and it's a felony.
 
Eldorado2k said:
Who does that 2.75% go to? You or Square?


Sent from my iPhone
Click to expand...

It goes to square. No monthly fees. Just 2.75% per swipe. Money gets deposited into your business account within 2 business days.

You can get a free square or pay 30$ and get one that does both regular strip cards or the new chip cards.
 
Cash & cards are key. I only accept checks from family friends and people I know. Get a greater chance of a bounced check than a card chargeback. I use Square as well. Not worried about a 2.75% deduction, just build a card fee into your prices regardless if you're that concerned. Square has chargeback protection as well. Make the customer sign when you process the card and maybe make them sign an itemized receipt/invoice from you and you should be covered there. Cash is the only REAL 99.99% way to avoid fraud, but I don't see why you should worry about chargebacks. Especially if you go with a good quality processing company such as Square.

Also, are you losing business over it? More than likely no if you make that known as your only accepted payment method. Card fees are just the cost of doing business. Same as insurance, products, gas, etc.
 
Dan@TheBuffingMoose said:
Hi geeks,

My question for today:

Am I limiting myself to keeping my business as a cash only operation?

Yes / no?

Reason --

Yes, you are absolutely limiting yourself. We live in a society spoiled by convenience. Most people nowadays barely carry cash. It is so easy and convenient to have your check deposited at the bank and have a card to use for everything rather than fumbling through cash and coins. I for one have $10 in my wallet right now. You are also limiting yourself on big ticket jobs. Some may see you as flying under the radar as well.


------------------

I feel there are more chances of fraud out there if I accepted credit cards. Am I just paranoid?

Agree / disagree?

Disagree. Never take a card over the phone. At least that`s my big rule. Get a Square card reader. Yes, you lose a small bit, but its all part of doing business. There is a setting to allow the custom tip option. I honestly get more tips than ever using my Square reader. Get rid of the paranoia and get with the program!!


Sent from my iPhone using Autogeekonline mobile app
Click to expand...

See bold.
 
CarolinasFinestDetailing, I like your answer. Your are safe from elimination.

The tribe has spoken.

Looks like I am going to look into a Square reader.

Thanks for playing everyone.

::smiley face::


Sent from my iPad using Autogeekonline mobile app
 
Square here too.

About 80% of my customers pay with a card.

The customer has the option of how to receive their receipt and you can customize it with your info and logo.

Some people prefer the electronic paper trail.
 
Past 13 years I have run a check or cash only business, as of Jan 1st I will be accepting credit cards. It's finally time as I am starting to lose some jobs due to not taking credit. I live in a college town and they make up a decent portion of my business, these kids don't even know what a check is.
 
Square also, I'd say about 75% of my customers pay cash, the other 25% are credit card or check. I figure being convenient might get me a repeat customer.
 
I use square as well. Works great because it will email the receipt. I also have found I get larger tips on cards. They see the option, choose a % and pay. Where as cash they hand what bill they have left over. I don't expect tips so anything is appreciated. I would say for lower end services such as a basic wash, customers are more likely to pay cash but on higher end jobs it's mainly credit cards.
 
Eldorado2k said:
Who does that 2.75% go to? You or Square?


Sent from my iPhone
Click to expand...

I find I get more for a detail when the customer pays with a cc over cash. I don't charge my fee that square charges (that is tax deductible) but when the tip option comes up people tip and I get that back. When I give them a price and they pay cash often times they pay me what I asked.
 
Im not sure asking us will help you really. Why does it matter if anyone else has 89% of their business in plastic?

I would ask myself this if I were you.

Are people asking me if they can pay in plastic?
What % of people are asking?
How many do I lose for not taking plastic?
Can I handle that much more business?
Do I want to pay a % to a company to take plastic and get those other clients?

Pretty much only you can answer that, you know your customers and business model.

All that being said, I have always offered to take plastic but I have not had one person use it. I got a square reader back in 2012 and never used it yet. Not really bummed about that.
 
One other cool thing with Square is that you can send invoices (from mobile or computer). Since I am not a detailer (by trade) I don't know how / when it could be used. (Though it's helpful in my business.) Perhaps on a "pre-pay basis" it could be used. I send you an invoice for services (via e-mail). You enter your CC info. I rec payment & confirmation that you paid me. Square still deducts the usual 2.75%.

Another reason why I love Square - no matter WHAT card (Amex, MC, V, Discover) it's always the same disc rate - even if a rewards card or corp card or debit card. You can also manually enter a card (phone order, forgot your card reader, etc.) and the disc rate is a little higher - 3.25%??, + $.15 (IIRC). Build it intor your pricing! (Plus, I believe it's against T&C's to charge more for cc's - offer a cash discount is THAT work-around.)

HTH!
 
Dan: Go for the or the square app. It's easy and the business professionals that expense their cars love it

KWOLDIE
 
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