Cash Discounts? - tanTALK

BP · 07-08-2004, 12:32 PM

I can see several advantages to this , but would the discount be worth the customers time. Cards do cost us more money.

Perhaps it would even make them feel ripped off if they used their debit or credit card with that option on the table.

What is the real savings to an owner to offer cash discounts? Skimming?

More cash transactions could mean more theft opportunity from employees.

Is it a win in the end?

Would we need to put a cash machine in the lobby?

Does anyone offer this? Will you post if you do? Hmmmm

gripmarketing · 07-08-2004, 03:24 PM

According to the credit card agreements with all cc companies, you cannot offer a discount to pay cash instead of using credit cards. If the cc companies catch you, you will lose the ability to offer cc acceptance. Just a caveat.

You also cannot post a sign that reads, "Minimum $10 purchase with credit card". This is also not legal, even though I've seen it repeatedly at dry cleaners and chinese restaurants. If they catch 'em...

This sounds to me like testing "tricks" to boost profits instead of testing real ways to profit and reduce expenses. IMHO the cash/credit option has been played out and the battle was won by credit.

_________________
Gary[ This Message was edited by: gripmarketing on 2004-07-08 15:28 ]

BP · 07-08-2004, 04:38 PM

Quote:
On 2004-07-08 15:24, gripmarketing wrote:
According to the credit card agreements with all cc companies, you cannot offer a discount to pay cash instead of using credit cards. If the cc companies catch you, you will lose the ability to offer cc acceptance. Just a caveat.

You also cannot post a sign that reads, "Minimum $10 purchase with credit card". This is also not legal, even though I've seen it repeatedly at dry cleaners and chinese restaurants. If they catch 'em...

This sounds to me like testing "tricks" to boost profits instead of testing real ways to profit and reduce expenses. IMHO the cash/credit option has been played out and the battle was won by credit.

Yep, sad but true!

_________________
Gary

[ This Message was edited by: gripmarketing on 2004-07-08 15:28 ]

West Side Tanner · 07-08-2004, 05:01 PM

Then they can come and get it ! There are four ATM's in this plaza. Getting cash is not a problem.

top250tansyou · 07-08-2004, 05:35 PM

Lets look at it outside the box. What do you do when you go some where and they dont have the payment option you were planning on using? I let them know why i am not doing business there and spend my money else where. To cover the cost of the increase in use of debit and credit cards this year we raised the price on our high end bed s by a $1.00. It has more than made up for the charges.

tanu01 · 07-08-2004, 06:37 PM

The bottom line is very few woman carry much cash anymore.And thats your main trade.It has always been known that the more people handle the cash in a store, the more likly a chance for theft. I would prefer check or card anytime.
Flick

West Side Tanner · 07-09-2004, 09:50 AM

We would perfer CASH.

tanu01 · 07-09-2004, 05:33 PM

There's alot of salons that would prefer cash,I did to for years. Then I realized that it didntmake the books look real good.
Flick

West Side Tanner · 07-09-2004, 05:41 PM

give me the MONEY baby, and it better be CASH !!

_________________
[ This Message was edited by: West Side Tanner on 2004-07-09 17:43 ]

Neon Beach · 07-09-2004, 05:43 PM

When you only pay, for example, 2% for credit card transactions, what would the clients discount be for paying in cash? The only advantage I see is that an owner is trying to pocket some bux and hide it from the Feds.

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07-08-2004, 12:32 PM	#1 (permalink)
BP I love Derf!! Join Date: Apr 13 2004 Location: West Coast Age: 57 Posts: 436 Rep Power: 22	I can see several advantages to this , but would the discount be worth the customers time. Cards do cost us more money. Perhaps it would even make them feel ripped off if they used their debit or credit card with that option on the table. What is the real savings to an owner to offer cash discounts? Skimming? More cash transactions could mean more theft opportunity from employees. Is it a win in the end? Would we need to put a cash machine in the lobby? Does anyone offer this? Will you post if you do? Hmmmm

07-08-2004, 03:24 PM	#2 (permalink)
gripmarketing Join Date: May 25 2002 Posts: 970 Rep Power: 22	According to the credit card agreements with all cc companies, you cannot offer a discount to pay cash instead of using credit cards. If the cc companies catch you, you will lose the ability to offer cc acceptance. Just a caveat. You also cannot post a sign that reads, "Minimum $10 purchase with credit card". This is also not legal, even though I've seen it repeatedly at dry cleaners and chinese restaurants. If they catch 'em... This sounds to me like testing "tricks" to boost profits instead of testing real ways to profit and reduce expenses. IMHO the cash/credit option has been played out and the battle was won by credit. _________________ Gary[ This Message was edited by: gripmarketing on 2004-07-08 15:28 ]

07-08-2004, 04:38 PM	#3 (permalink)
BP I love Derf!! Join Date: Apr 13 2004 Location: West Coast Age: 57 Posts: 436 Rep Power: 22	Quote: On 2004-07-08 15:24, gripmarketing wrote: According to the credit card agreements with all cc companies, you cannot offer a discount to pay cash instead of using credit cards. If the cc companies catch you, you will lose the ability to offer cc acceptance. Just a caveat. You also cannot post a sign that reads, "Minimum $10 purchase with credit card". This is also not legal, even though I've seen it repeatedly at dry cleaners and chinese restaurants. If they catch 'em... This sounds to me like testing "tricks" to boost profits instead of testing real ways to profit and reduce expenses. IMHO the cash/credit option has been played out and the battle was won by credit. Yep, sad but true! _________________ Gary [ This Message was edited by: gripmarketing on 2004-07-08 15:28 ]

07-08-2004, 05:01 PM	#4 (permalink)
West Side Tanner Join Date: Dec 27 2003 Location: Florida Posts: 1,818 Rep Power: 21	Then they can come and get it ! There are four ATM's in this plaza. Getting cash is not a problem.

07-08-2004, 05:35 PM	#5 (permalink)
top250tansyou I love Derf!! Join Date: Jan 1 2004 Location: little rock Posts: 1,488 Rep Power: 22	Lets look at it outside the box. What do you do when you go some where and they dont have the payment option you were planning on using? I let them know why i am not doing business there and spend my money else where. To cover the cost of the increase in use of debit and credit cards this year we raised the price on our high end bed s by a $1.00. It has more than made up for the charges.

07-08-2004, 06:37 PM	#6 (permalink)
tanu01 "The Man" Join Date: Mar 4 2003 Location: ohio Posts: 4,015 Rep Power: 23	The bottom line is very few woman carry much cash anymore.And thats your main trade.It has always been known that the more people handle the cash in a store, the more likly a chance for theft. I would prefer check or card anytime. Flick

07-09-2004, 09:50 AM	#7 (permalink)
West Side Tanner Join Date: Dec 27 2003 Location: Florida Posts: 1,818 Rep Power: 21	We would perfer CASH.

07-09-2004, 05:33 PM	#8 (permalink)
tanu01 "The Man" Join Date: Mar 4 2003 Location: ohio Posts: 4,015 Rep Power: 23	There's alot of salons that would prefer cash,I did to for years. Then I realized that it didntmake the books look real good. Flick

07-09-2004, 05:41 PM	#9 (permalink)
West Side Tanner Join Date: Dec 27 2003 Location: Florida Posts: 1,818 Rep Power: 21	give me the MONEY baby, and it better be CASH !! _________________ [ This Message was edited by: West Side Tanner on 2004-07-09 17:43 ]

07-09-2004, 05:43 PM	#10 (permalink)
Neon Beach Join Date: Nov 30 2000 Location: Ontario Age: 61 Posts: 38,594 Rep Power: 107	When you only pay, for example, 2% for credit card transactions, what would the clients discount be for paying in cash? The only advantage I see is that an owner is trying to pocket some bux and hide it from the Feds.

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