A funny little story.
Yesterday I visited with an owner of a local Mexican restaurant. Very nice guy, but he was running TOAST as his Point of Sale.
Long story short, he insisted that he was only paying 2% for processing. I asked to see his statement so he went to the office and brought it back.
We were BOTH STUNNED.
If a lizard had jumped out of my Mexican Pizza I wouldn’t have been as surprised, and HIS “stunned” turned into an almost full tilt bozo mad.
This little place was paying $530 a month for the equipment, and 3.6% for processing.
Based on his volume, he was paying MORE THAN FOUR THOUSAND DOLLARS A MONTH…in fact, it neared $4,500.00.
Doing the simple math, the guy was paying nearly $54,000.00 a year…to take credit cards!!!!
That’s a new truck, a couple of waiters salaries, or a paycheck for the owner.
Needless to say, we got him a Clover system and reduced put him on cash discount, saving him just shy of $52,000 every year….and MORE as he grows.
This happens a lot in all honesty, but not usually THAT big of a savings for a small restaurant.
We’ve saved companies well over a 100,000.00 a year, but again, they’re typically larger operations.
GET OUT YOUR CREDIT CARD STATEMENTS PLEASE.
Take a look at what you’re paying. If you’re not sure how to calculate your rate, do this:
Take the amount YOU PAID, and divide it by the amount your processed. That will give you a TRUE RATE, not some promise that a traveling salesman told you.
Trust me, well over 75% of the time, you’ll be shocked at what you’re actually paying.
Get rid of those huge payments. Check out our website, give us a call or send us an email.
We write business all over America, and if you want a new truck, I’m your guy LOL.
Hope you have a terrific summer.
Jack