“Sure, we can do that!” is what every business should do or at least aspire to do…
What is a customer worth? It’s a loaded question, of course and can’t be answered without a lot more data.
So, let’s turn it around. What’s a transaction cost? Give or take, ten cents plus your credit card percentage – somewhere between 2 and 3 percent of the total.
One swipe or ten, the difference is about a dollar.
So, when a group of 18 asks if they can split the check, it’s a no brainer.
Absolutely, we can do that! Have appetizers, a glass (or share a bottle) of wine. Oh, and don’t forget dessert…Pay by credit card and don’t worry if there’s enough cash; no need to pay back friends who might have enough to cover. Just let them relax and enjoy dinner. Then, maybe they’ll come back again on date night this weekend because of a great experience, and being able to pay the way they want to pay. Who knows…you might – just might – get more customers this way.
~ Dawn aka Hat Girl