Should Food Trucks Take Credit or Cash Only? DATA Review

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BelCibo
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Should Food Trucks Take Credit or Cash Only? DATA Review - Fri, 08/16/13 3:08 PM
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Thought I would share some real world information on taking credit cards on a Food Truck vs. Cash only.
 
Here are our numbers since opening in April:
 
Cash Sales 73%
Credit Sales 27%
 
Average Cash Ticket: $6.44
Average Credit Ticket: $9.14

Credit Tip average 11%
Cash Tip average 6%  ( I count them, this is the real number)
 
Amex       1%
Discover  2%
Visa         75%
MC           22% 
 
** I removed all the $1 and $2 charges from both data sets.  Cash drink sales with no food items were dropping the cash sale ticket average down by $1.
 
**Our sandwich prices range from $4-6, premium sides are $4, Fries $3 or $2 with a sandwich, drinks $1
 
 
 
 
<message edited by BelCibo on Fri, 08/16/13 3:18 PM>

fishscale28
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Re:Should Food Trucks Take Credit or Cash Only? DATA Review - Fri, 08/16/13 6:21 PM
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I'm a fan of taking money how ever they want to give it to me.  Somedays its almost all cash but somedays credit pulls through and is really a nice convenience.  I'd hate to loose potential sales because I didn't take cards.  Great breakdown on the data too!  Nice to actually see it in real time

MurphyR
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Re:Should Food Trucks Take Credit or Cash Only? DATA Review - Sat, 08/17/13 10:28 AM
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Would not even consider not taking credit cards.
We use the SQUARE app and brings in the biz!

daddywoofdawg
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Re:Should Food Trucks Take Credit or Cash Only? DATA Review - Sun, 08/18/13 10:23 PM
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yes in any form is good,but you forget the card fees.

BelCibo
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Re:Should Food Trucks Take Credit or Cash Only? DATA Review - Sun, 08/18/13 11:00 PM
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I'm using square so 2.75%.

fishscale28
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Re:Should Food Trucks Take Credit or Cash Only? DATA Review - Mon, 08/19/13 12:03 AM
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I went with Revel POS and using Mercury for the merchant services side...they do the same as square and it's been great.  Sure the percentage is a bummer but at least we're making the sales!!

Sun Spot
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Re:Should Food Trucks Take Credit or Cash Only? DATA Review - Mon, 08/19/13 2:52 AM
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Yes.  We too use Square.  While I have had an account for a while, didn't actively start using it until the past month.  It is just about 10% of my sales so far.  I think it has made us more accessible as well as an impulse item - which mini donuts often are. 
 
Another reason I like Square is because if I (and my smartphone) aren't in the booth my employee(s) can still process charges on their smartphone without them having access to my bank information.

ElementalUnity
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Re:Should Food Trucks Take Credit or Cash Only? DATA Review - Sat, 08/24/13 10:12 AM
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I love seeing breakdowns, graphs, and income statements.  Thank you for sharing. I love the fact that bringing in credit has actually seen an increase in your average ticket price.
 
Card fees is an necessary evil, but honestly what is everyone's ROI on each item?  Most of the items I plan on having at fairs and festivals have easily a 200% ROI or more.  Can I afford that 2.75%?  Of course!

daddywoofdawg
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Re:Should Food Trucks Take Credit or Cash Only? DATA Review - Sat, 08/24/13 5:57 PM
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the other problem is wi fi or cell connection.