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Mike 03-07-2010 12:46 AM

Quote:

Originally Posted by NastyEllEssWon (Post 687242)
cash talks. thats why. in a day and age when credit cards and credentials can be stolen maybe a place like ''The Number 1 Steakhouse in NYC'' realizes that, decides to cut out the hassle and the middle man cutting into profits or a few jerkoffs with a stolen credit card looking for a big night out on the town going to places they normally couldnt afford without the stolen cc.

or they dont want to pay all their taxes...

BonzoHansen 03-07-2010 06:55 AM

Quote:

Originally Posted by Tsar (Post 687236)
Wasn't trying to be arrogant, from my experience 2 kinds of establishments don't take credit cards. 1. Small places, that don't want to pay fees associated with CC transactions, and 2. Places that do not want to pay taxes.

It's beyond me why "number 1 steakhouse in NY" would not take credit cards. Some people, me included, don't carry 300 to 500 dollars in cash for dinner and few drinks. If I came to any 4 or 5 star restaurant and they told me they wouldn't take my money (CC), I would take my money else where, it's that simple. Steakhouses aren't a rarity these days. And I bet I can find another "number 1 steakhouse in NY" within 5 blocks that would be happy to charge my AMEX.

If you choose to not buy something because having some cash is an inconvenience, that's too bad. But at least we can agree this is wrong:
Quote:

Originally Posted by Tsar (Post 687007)
Why would you use an ATM anyways? You can pay for everything with a CC... 20 days later pay the CC in full. No cash needed.

Another CC use tidbit. One of the top areas for CC and ID theft? Restaurants. Another place I'd avoid using plastic is at a bar/nightclub, like Jenkinsons and such. Both for fraud reasons and to keep things from getting out of hand (how the hell do I have a $300 bill! lol).

The old saying 'cash is king' still holds true.

Tsar 03-07-2010 08:31 AM

Quote:

Originally Posted by BonzoHansen (Post 687251)
Another CC use tidbit. One of the top areas for CC and ID theft? Restaurants. Another place I'd avoid using plastic is at a bar/nightclub, like Jenkinsons and such. Both for fraud reasons and to keep things from getting out of hand (how the hell do I have a $300 bill! lol).

The old saying 'cash is king' still holds true.

1. Cash is not king, I just ordered something worth 1000 dollars. I will receive a percentage of that money back via my credit card, I will be protected if the other side decides to screw with me, and it's way better that to send them "cash".

If you used cash to buy flowers for your wife, you would pay face value, I would pay 80% of it, because that's what CC offers me. Overpaying by 20% is not "king".


2. I find it funny that you bring up an issue of ID theft. Did you know that Peter Lugers accepts debit cards? Debit card usage entails that I give out my password, in a restaurant of all places, how's that for ID theft? Or do they just run it as credit, so you don't have to give out your password? In which case someone needs to call the IRS :lol:

edit* We can review how it's bad to use your debit instead of credit, but I think you know that already..

Tsar 03-07-2010 09:13 AM

Quote:

Originally Posted by NastyEllEssWon (Post 687242)
cash talks. thats why. in a day and age when credit cards and credentials can be stolen maybe a place like ''The Number 1 Steakhouse in NYC'' realizes that, decides to cut out the hassle and the middle man cutting into profits or a few jerkoffs with a stolen credit card looking for a big night out on the town going to places they normally couldnt afford without the stolen cc.

Here you go.

Quote:

These are my actual rates from my own Merchant Statement.

Quailified cards cost 20 cents to swipe, and 1.67% (this is a very good rate, FYI) and overwhelmingly, most my my transactions fell into this category)
Partially Qualified cost 31 cents to swipe, and 2.83%
Non Qualified cost 31 cents to swipe, and 3.35%.

Debit cards cost 61 cents to swipe, but no percentage.

So, say you make a $100 sale- the businesses cost (transaction fee + percentage)would be between $1.87 to $3.66, depending on what type of card it is. That doesn't seem prohibitive, right? The business made at least $96.34 on that $100.
So almighty business man, tell me is it better to make 96 dollars on 100 dollar tab, or is it better to make 0 because a customer doesn't come? For a place like PL that sees higher check balances cost/middle man isn't what's prohibiting them in accepting credit cards.

79CamaroDiva 03-07-2010 09:31 AM

Quote:

Originally Posted by Tsar (Post 687263)
Here you go.



So almighty business man, tell me is it better to make 96 dollars on 100 dollar tab, or is it better to make 0 because a customer doesn't come? For a place like PL that sees higher check balances cost/middle man isn't what's prohibiting them in accepting credit cards.

you're forgetting the monthly cost of owning or leasing a c.c. machine, plus the cost of service. If there's a lot of volume it doesn't matter much. But for a small business, it's definitely something to take into account.

Tsar 03-07-2010 09:46 AM

Quote:

Originally Posted by 79CamaroDiva (Post 687267)
you're forgetting the monthly cost of owning or leasing a c.c. machine, plus the cost of service. If there's a lot of volume it doesn't matter much. But for a small business, it's definitely something to take into account.

Well as I was told Peter Luger isn't a small place. In addition to the fact that one has to make reservations weeks in advance, and typical check is in 200+ dollar range. I don't think they are hurting for business.

Correct me if I'm wrong, but can't one get a free CC terminal such as Hypercom T4100 which might raise your rates by .01% and install minimum monthly transactions, but you gotta see if the "free" one is profitable for you. Don't think PL will have a problem moving 1200 to cover the monthly minimum. Again I can post the numbers but it will be useless.

We aren't talking mom and pop 5 dollar steaks here. This is a place where an ATM trip is required to cover your bill.

BonzoHansen 03-07-2010 12:27 PM

Matters not, now we are in red herring territory. We have moved to semantics and irrelevant information. From your example, we could also add charge back costs into your cost calculations. Charge backs are the #2 reason some places don't take amex (following transaction costs). Amex will side with a card holder in a dispute regardless of how much proof a vendor has. I've seen it first hand many times. There will be a certain about of charge back, even if you run a perfect business - people bitch, CC bow to their card holders.

I'm not sure how you save 20% using a credit card in normal everyday situations - let's not talk about short term special offers and all that. I can clip coupons too, but now we are way off the mark. You can't use situational anecdotes don't support general theories. You are not getting 20% cash back from your cc on every purchase are you? What one?

Bringing it back more in line with the OP questions, the point is there are valid reasons to need access to cash. Is cash needed less these days? Sure. But there is still unequivocally a need for cash access, highlighted in previous posts.
*cash businesses/business does not accept plastic
*personal preference, spending control
*tipping/service payment
*convenience

Tsar 03-07-2010 12:53 PM

Quote:

Originally Posted by BonzoHansen (Post 687288)

I'm not sure how you save 20% using a credit card in normal everyday situations - let's not talk about short term special offers and all that. I can clip coupons too, but now we are way off the mark. You can't use situational anecdotes don't support general theories. You are not getting 20% cash back from your cc on every purchase are you? What one?

I gave you a specific example, flowers. yes my card offers 20% cash back on flowers. It's not a monthly offer, it has been there since I opened the card. The card is called discover..

We can just agree to disagree on the rest.

Mike 03-07-2010 01:00 PM

the guy in charge of beating the dead horse only takes cash...


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