Does cash only keep you away?

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MiamiDon
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Re:Does cash only keep you away? 2011/07/11 13:40:08 (permalink)
Hi Glenn,
 
Oddly enough, I was just researching fried chicken in Miami, and came up with recommendations for Joe's.
 
Yes, I do follow BurgerBeast, and I think of him as a friend. 
 
Here are some photos and reviews of some food trucks down here:
 
http://www.roadfood.com/Forums/tm.aspx?m=629965
#61
ChrisOC
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Re:Does cash only keep you away? 2011/07/11 16:06:23 (permalink)
The only time cash only bothers me is when I find out when I go to pay my check, and I don't have enough cash with me. 
#62
Foodbme
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Re:Does cash only keep you away? 2011/07/12 05:00:13 (permalink)
To me, a Debit Card IS Cash!
The US Census Bureau in 2006 said there were more Credit Cardholders than Debit Cardholders in the USA.
In 2010, The US Census Bureau projected that there were 185 Million Debit cardholders in the USA  and 181 Milliion Credit cardholders. More debit cardholders than credit cardholders in just 4 years.
 If I were a merchant of anything, I think I would at least accept Debit Cards.
"Spending on Visa debit cards in the U.S. surpassed credit for the first time in the company's history during the last three months of 2008. Today, debit purchases comprise about 70 percent of Visa’s U.S. transactions. (REPEAT!)
Today, debit purchases comprise about 70 percent of Visa’s U.S. transactions.
“Visa merchant programs like No Signature Required, which waives the signature requirement for qualifying Visa transactions less than $25, have also helped to increase debit’s popularity,” says Ted Carr, a Visa spokesman.
According to Visa, customers are particularly fond of using debit cards in restaurants.
“We’re finding that consumers prefer to pay for smaller purchases with their debit cards,” Carr says. “Consumers are increasingly turning to debit cards for nondiscretionary purchases like food.”
Source: http://www2.qsrmagazine.com/articles/exclusives/1109/creditcards-1.phtml
post edited by Foodbme - 2011/07/12 05:13:14
#63
Davydd
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Re:Does cash only keep you away? 2011/07/12 10:37:57 (permalink)
The debit card is nothing more than a more convenient checkbook. The money transfers out of your bank checking account almost immediately same as removing cash from an ATM vs a day or two with a written check or a monthly charge with a credit card. I use all three methods. I used to charge everything I could and pay off at the end of the month with one online banking transfer. That's when I could earn shopping discount points with my Target Visa. Since they went to 5% discount all the time at Target stores with the Target Visa I no longer charge everything - now mostly at Target, big purchases, online and where debit cards are not honored. Now I use a debit card more and I always carry cash for transactions of just about anything under $20. Even though I pay off the credit card every month it is convenient to use it and be able to control when that payout is made. I use an actual checkbook as little as possible.
#64
ces1948
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Re:Does cash only keep you away? 2011/07/12 10:49:21 (permalink)
Please keep in mind that when dealing with some stores using your debit card it may take several days to get your refund posted should you return something whereas the purchase debit will be nearly instantaneous. For example, my wife and do some mystery shopping and a few of the assignments call for a purchase and return. Recently on separate visits we made a purchase at around 10AM and return of the same item an hour or so later. The debit for the purchase was immediately "reserved" on my checking account but the refund took 4 days. This can really cause a problem if you are running close on your checking account as we unfortunately do these days.
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Tony Bad
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Re:Does cash only keep you away? 2011/07/12 14:22:39 (permalink)
Foodbme
 If I were a merchant of anything, I think I would at least accept Debit Cards.

 
Are you aware that currently some merchants pay 40 to 50 cents in fees per transaction? That is set to drop to 21 cents soon due to changed regulations, but for someone selling a high volume of small items with a small profit margin this is quite a burden. Add to this the headache of figuring out month end statements that can be pages if you have a lot of transactions.
 
Unless I had no choice I'd much rather run an all cash business and fully understand those that seek to do so.
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Foodbme
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Re:Does cash only keep you away? 2011/07/12 15:08:18 (permalink)
Tony Bad
Foodbme
If I were a merchant of anything, I think I would at least accept Debit Cards.

Are you aware that currently some merchants pay 40 to 50 cents in fees per transaction? That is set to drop to 21 cents soon due to changed regulations, but for someone selling a high volume of small items with a small profit margin this is quite a burden. Add to this the headache of figuring out month end statements that can be pages if you have a lot of transactions.
Unless I had no choice I'd much rather run an all cash business and fully understand those that seek to do so.

I am Aware. I owned a small business for several years. It's called "The Cost of Doing Business". How many customers walk or never show up if they know you don't take cards? Each owner needs to analyze their business and make a decision. A cart owner probably doesn't need it. People are conditioned to using cash with them. A restaurant owner, on the other hand, needs to make a tough decision, AFTER analyzing the facts.
EXAMPLE:
I go to Waffle House fairly frequently.
Sometimes I use cash, sometimes I use a debit card; depends on how much cash I have on me. I like the ability to go there if I have cash or not. If they didn't take debit cards, I would not go there as often as I do. I'm not going to run to the bank to get cash just to buy a Waffle. Like most people, I don't plan that far ahead! I don't use private ATM's; don't like to pay fees.
post edited by Foodbme - 2011/07/12 15:12:23
#67
Tony Bad
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Re:Does cash only keep you away? 2011/07/12 16:15:46 (permalink)
Okay, but what you wrote was "If I were a merchant of anything". I was just trying to point out it doesn't make sense for all sellers, especially those, who like you, don't like to pay fees!  
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ces1948
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Re:Does cash only keep you away? 2011/07/12 16:23:56 (permalink)
I don't have a problem with any restaurant not taking cards if they think their business can stand it. I do understand a person running a hot dog cart not taking cards more then I do a regular restaurant  with seating for a 100 and $10 up tab for everyone that walks in the door. Kind of makes me feel like there's more to it then a fee.
post edited by ces1948 - 2011/07/12 16:25:08
#69
Foodbme
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Re:Does cash only keep you away? 2011/07/12 17:06:58 (permalink)
Tony Bad

Okay, but what you wrote was "If I were a merchant of anything". I was just trying to point out it doesn't make sense for all sellers, especially those, who like you, don't like to pay fees!  

As I stated in my followup, each merchant has to make a decision. What I originally stated was that if I was a merchant, I'd take them.
#70
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