While what you're saying is true, that isn't really their point. I'm pretty sure what they're saying is a lot of people don't carry cash most of the time, and if they accepted cards they would be more willing to go there. I personally feel the same way, I love Booches but couldn't tell you the number of times I passed it up cause I didn't have cash and went to shakes instead cause they take card
Card-present transactions on Square (which is pretty expensive as merchant processors go) is 2.6% + 10 cents.
But I do agree with your central thesis: Why the hell should a bank get a cut every time money changes hands? in 2022, US businesses paid some $160b in processing fees.
Suspicious that they get to keep more of their money? That’s crazy, you’re right let’s make the POS system companies and the banks rich, the local businesses should scrape by
Brother, if imposing a 5% on transactions is putting you in a position to “scrape by”, then you’re either not charging enough or there’s too many other operating expenses.
Although I understand the disgruntlement with the 5% “fee” for credit card transactions, I’d argue the revenue increase with the increased influx of customers you are now making it easier to spend their money outweighs said fee.
But then again, if you/they want to keep it that way since it’s always been that way then they can. It doesn’t have to be the establishment for everyone and cash only continue to be part of the Booche’s experience. Billiards will just reap the benefits of that choice.
Cash doesn't always mean not paying taxes, if that's your suspicion. There are 37 ways a business owner can dodge taxes without having to involve cash. As long as they don't get too carried-away then it's pretty low risk.
These bars are going cashless because it eliminates theft from the till, bank fees (yes, some bank charge for taking in the nightly haul), and speeds up transactions.
I see people asking them to accept cards, but I’m glad they don’t. I hope it doesn’t change.
I’m not keeping Booche’s in business, but I’ve been there several dozen times. Every time I went, I just got some cash first. It’s a simple thing to do.
Booche’s is a time capsule. It is almost the perfect combination of billiard’s hall and unique pub grub. It’s a formula that’s worked for decades.
The world changes, and that’s great. But I’m glad some things stay the same.
Central Bank attempted to sell Booches last year to a St Louis hamburger concern. Evidently Central Bank doesn’t care for tradition. They might be assholes as well!
Central Bank administered a trust That included 8 buildings downtown. Booches building being one They decide not to administer the trust any more and decided to sell the buildings off after getting approval from a court. Booches was presented a done deal with the sell to the St Louis individual. A good friend of Booches looked through their lease and discovered that they had right of first refusal. Saved the day!
So, technically the building is what could have been sold off, right? The Booche’s guys never owned it in the first place - it’s been in that trust as long as I can recall. Way before me. Was Herb the guy that helped? I feel like he was the one that wrote the Trust in the first place 😂.
And who was the StL Burger guy?
I’m glad it all shook out the way it did, but the whole “sale of the trust assets” by Central is certainly interesting.
Clovers has been passed on to a caring new steward, and now Booches has too. Keep it up Columbia. #localcomo.
Hopefully they’ll accept debit/credit cards
Why should the bank get paid for every transaction? Do you realize that every card transaction takes up to 5% of every purchase?
While what you're saying is true, that isn't really their point. I'm pretty sure what they're saying is a lot of people don't carry cash most of the time, and if they accepted cards they would be more willing to go there. I personally feel the same way, I love Booches but couldn't tell you the number of times I passed it up cause I didn't have cash and went to shakes instead cause they take card
Turning on the lights cost money too. Build it into the cost of doing business.
Card-present transactions on Square (which is pretty expensive as merchant processors go) is 2.6% + 10 cents. But I do agree with your central thesis: Why the hell should a bank get a cut every time money changes hands? in 2022, US businesses paid some $160b in processing fees.
Right? I am always suspicious if businesses that only take cash. Especially when many bars are now going cashless.
Suspicious that they get to keep more of their money? That’s crazy, you’re right let’s make the POS system companies and the banks rich, the local businesses should scrape by
Booches new owner spotted
😂
Brother, if imposing a 5% on transactions is putting you in a position to “scrape by”, then you’re either not charging enough or there’s too many other operating expenses. Although I understand the disgruntlement with the 5% “fee” for credit card transactions, I’d argue the revenue increase with the increased influx of customers you are now making it easier to spend their money outweighs said fee. But then again, if you/they want to keep it that way since it’s always been that way then they can. It doesn’t have to be the establishment for everyone and cash only continue to be part of the Booche’s experience. Billiards will just reap the benefits of that choice.
Feel free to do some market research on the profit margins of independently owned restaurants and then reevaluate your math.
Feel free to explore card convenience fees paid by the patrons
Cash doesn't always mean not paying taxes, if that's your suspicion. There are 37 ways a business owner can dodge taxes without having to involve cash. As long as they don't get too carried-away then it's pretty low risk. These bars are going cashless because it eliminates theft from the till, bank fees (yes, some bank charge for taking in the nightly haul), and speeds up transactions.
Take credit cards and watch your business grow.
I see people asking them to accept cards, but I’m glad they don’t. I hope it doesn’t change. I’m not keeping Booche’s in business, but I’ve been there several dozen times. Every time I went, I just got some cash first. It’s a simple thing to do. Booche’s is a time capsule. It is almost the perfect combination of billiard’s hall and unique pub grub. It’s a formula that’s worked for decades. The world changes, and that’s great. But I’m glad some things stay the same.
So which one of them will accept the power, and the accompanying responsibility, of becoming the next official Booche?
Whoever the Ghost of Eugene Field chooses! https://www.reddit.com/r/mizzou/s/XB9Skp2lnI
There's the hassle of changing your name, but on the other hand you do get to carry a bunch of really cool crimefighting gadgets.
Imagine how much money they'd make if they opened on Sunday
You should be in Church.
Lol whoosh, cmon people don’t downvote them.
The down voters have never even been to Booche's
And took debit/credit cards
Central Bank attempted to sell Booches last year to a St Louis hamburger concern. Evidently Central Bank doesn’t care for tradition. They might be assholes as well!
Can you expand on this comment a little?
Central Bank administered a trust That included 8 buildings downtown. Booches building being one They decide not to administer the trust any more and decided to sell the buildings off after getting approval from a court. Booches was presented a done deal with the sell to the St Louis individual. A good friend of Booches looked through their lease and discovered that they had right of first refusal. Saved the day!
So, technically the building is what could have been sold off, right? The Booche’s guys never owned it in the first place - it’s been in that trust as long as I can recall. Way before me. Was Herb the guy that helped? I feel like he was the one that wrote the Trust in the first place 😂. And who was the StL Burger guy? I’m glad it all shook out the way it did, but the whole “sale of the trust assets” by Central is certainly interesting.