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Old 08-18-2019, 07:17 AM   #1
joey2665
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Default Best Breakfast 2019 and.....Go

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Sunshine and Pas has always been good.

Hit up Center Harbor diner last week which was also good but not a fan at all of ANY restaurant that doesn’t take plastic! I usually never carry cash, so my visits there will be few and far between. I just don’t understand why restaurants in this century don’t take plastic?

Stopped at the Village kitchen everyone raves about last year only to find a sign on the door “cash only” did an immediate about face and split while I hear voice saying “we have an ATM”
Sure! I said and let me just add another $8.00 to my bill for your ATM fee and my banks cut.....no thanks!
Actually Amex is 3% but Visa MasterCard and Discover usually only 1.2 to 1.5%. If they raised their price by about 25 cents a meal it would cover the fees and make customers happy. But then again there is the “under the table” issue.


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Old 08-18-2019, 08:21 AM   #2
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Citizens charges $3 for an atm advance plus whatever the fee on the machine is. So it usually costs $6 total. My CU doesn’t charge a fee as long as the machine is owned by another CU. Cash or check is old school and just about all restaurants just pass on the fee through their prices and that’s what people have come to expect. Pops and VC can do it because they have a large following but a mediocre place would probably fail. And I would think the cost of theft would far exceed the bank fees.
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Old 08-18-2019, 08:26 AM   #3
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Smile Great Sunday Brunch

Sundays in July and August, Moulton Farm has a delicious farm-to-table brunch! I know that's a very limited time, but had to mention it because it is so good!
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Old 08-18-2019, 09:09 AM   #4
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center harbor diner the best by far
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Old 08-18-2019, 09:19 AM   #5
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Originally Posted by joey2665 View Post
Actually Amex is 3% but Visa MasterCard and Discover usually only 1.2 to 1.5%. If they raised their price by about 25 cents a meal it would cover the fees and make customers happy. But then again there is the “under the table” issue.


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Good point. Even better than that--market research has shown that people are less price sensitive when using plastic, so presumably many are getting more than 25 cents extra and customers are still more satisfied
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Old 08-18-2019, 09:32 AM   #6
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Originally Posted by joey2665 View Post
Actually Amex is 3% but Visa MasterCard and Discover usually only 1.2 to 1.5%. If they raised their price by about 25 cents a meal it would cover the fees and make customers happy. But then again there is the “under the table” issue.


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Credit card fees vary from, Industry to industry and business to business, depending on who the processor is. The restaurant industry happens to have the highest processing fees. There is an additional factor that actually increases the cost to the restaurant. Let’s say a diner enjoys a $100 dinner, plus 9% tax equals $109 plus 20% tip is $21.80 tip. Total $130.80 3% is $4.00 or 4% of the original $100. A small restaurant that runs $500,000 in credit cards yearly can easily pay $15,000 a year in credit card fees. The owner of a restaurant that does that level of volume is looking at $15,000 as 20 to 30% of his or her take at the end of the year.

It’s not uncommon for loyal customers to a restaurant to bring cash to help protect the longevity of there favorite restaurant.

“Under the table” is really more a thing of the past in the restaurant business. Today, state and federal revenue collectors have sophisticated software that compares restaurant consumption against revenue reported. Anyone attempting to under report sales will get caught.
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Old 08-18-2019, 10:25 AM   #7
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Credit card fees vary from, Industry to industry and business to business, depending on who the processor is. The restaurant industry happens to have the highest processing fees. There is an additional factor that actually increases the cost to the restaurant. Let’s say a diner enjoys a $100 dinner, plus 9% tax equals $109 plus 20% tip is $21.80 tip. Total $130.80 3% is $4.00 or 4% of the original $100. A small restaurant that runs $500,000 in credit cards yearly can easily pay $15,000 a year in credit card fees. The owner of a restaurant that does that level of volume is looking at $15,000 as 20 to 30% of his or her take at the end of the year.

It’s not uncommon for loyal customers to a restaurant to bring cash to help protect the longevity of there favorite restaurant.

“Under the table” is really more a thing of the past in the restaurant business. Today, state and federal revenue collectors have sophisticated software that compares restaurant consumption against revenue reported. Anyone attempting to under report sales will get caught.
But my point was to raise your prices by the minimal 1.5% to offset the processing fees also increase in business could also help offset the costs. The other costs you always have to deal with.

As a CPA I certainly understand the audit risks but in my experience many smaller restaurants always tried to guild the Lilly and many know how to do it and not raise red flags.


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Old 08-19-2019, 07:16 AM   #8
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But my point was to raise your prices by the minimal 1.5% to offset the processing fees also increase in business could also help offset the costs. The other costs you always have to deal with.

As a CPA I certainly understand the audit risks but in my experience many smaller restaurants always tried to guild the Lilly and many know how to do it and not raise red flags.
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As a financial analyst, I agree with you here. I spent a lot of research on how credit cards work and its a huge profit industry! Consumers can switch cards to help the vendors and vendors can switch bank card systems for savings. It's a game CC folks love to play! They even make money on debit cards! Convenience cost money!

There are consumer banks that actually pays your CC fees. Mostly CUs. I opt for a CU that pays for all of my CC fees including fees occurred outside of the CU network! It pays to shop around!
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Old 08-18-2019, 10:11 AM   #9
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Actually Amex is 3% but Visa MasterCard and Discover usually only 1.2 to 1.5%. If they raised their price by about 25 cents a meal it would cover the fees and make customers happy. But then again there is the “under the table” issue.


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Many places won't take Amex for that reason. I've threatened to cancel Amex every time I get my monthly CC fee statement at my shop.
I have a Costco C-card that I use strictly for business and I was so glad when they switched from Amex to Visa.
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