Sgolembiewski0903 Posted June 29, 2017 Share Posted June 29, 2017 I am considering buying readers. (Leasing actually) for every one of my machines... I have some bad accounts but the machines are HQ. I LOVE.what cc readers provide, and if you lease them it only costs $6.75/mo!!! Though end-game math breaks out to $150 in interest... Np though.... $6.75 month preserves capital. I am so into CC readers... For so many reasons.... Does anyone else agree? Sent from my XT1254 using Tapatalk Link to comment Share on other sites More sharing options...
BlindVending Posted June 29, 2017 Share Posted June 29, 2017 Define bad accounts? $6.75 a month plus service fees and transaction fees can add up. If the machine isn't doing $100 a week I don't find it worth adding. That's me personally. Link to comment Share on other sites More sharing options...
AZVendor Posted June 29, 2017 Share Posted June 29, 2017 Don't use them on slow accounts, especially where your prices aren't over $1. The fees on any transaction under $1 will cost you dearly and the monthly fee on a slow machine erodes the barely perceptible bottom line too much. Don't be so quick to roll out card readers in all accounts. They don't all warrant one. Link to comment Share on other sites More sharing options...
CapitalCityVendingLLC Posted June 29, 2017 Share Posted June 29, 2017 Yea, What's "bad"? I have just shy of 100 (94) machines. We just set up the last 3 this past month. We put credit card readers on the 3 new machines. Those are our 7th, 8th, and 9th CCreaders. Our slowest machine with credit card does just shy of 4K a year. That could be considered too low, and we have considered pulling the CCreader, but the average age at this office is pretty young so it gets used a decent bit. We also do .10 per item on all of our readers to help cover the cost. While I see why you think a reader on the slower machines will help efficiency, you have to think of the bottom line. If you have a "slow" account, the bottom line is already small. These tiny charges only diminish the already small bottom line. People have said it to you on the other threads, so I'll say it. Really focus your time/resources on just getting better accounts. In the last month we landed 3 new accounts that we had been working on for a while. They are going to be roughly our 5th-7th best machines out on route (out of 94 machines). The revenue that we will get in one year from those 3 new machines roughly equals our bottom 25 machines. Three new good machines in good accounts equals our bottom 25 machines. Just think how crazy that is. I could just get rid of those 25 slow machines and never see them again and I haven't lost anything. Now we won't get rid of all 25 bottom machines, but in the next couple of months we are going to drop a handful of them (3-8 of them). It's not worth our time going to those machines anymore. Five years ago, we were happy to have them and needed them. Now that we are getting bigger and better, they are barely worth our time. You need to do this. Go get motivated and land a "big" account. "Big" might mean something completely different to you. It doesn't matter. Go after an account that you think you have no chance at landing. You either get it, or get laughed at and learn from it. Then in 6 months to a year, you'll land a couple "big" accounts and instead of worry about putting credit card readers on these little small nothing accounts, you'll be counting out all your money you collect from your new good accounts. Just my .02 Link to comment Share on other sites More sharing options...
Southeast Treats Posted June 30, 2017 Share Posted June 30, 2017 Yes the telemetry data makes you more efficient, but there is a point on the cost/benefit line that makes the investment too expensive. I know with leasing you have to order readers in minimums of 10 units, so it may be tempting to just put them out there, but I would keep a couple back for new accounts rather than have to put them in somewhere slow and take them out again when I needed them elsewhere. Don't go all big time on accounts you know you will eventually drop.... Link to comment Share on other sites More sharing options...
TKK Posted July 1, 2017 Share Posted July 1, 2017 Ive added readers to 80% of my acts. I have maybe 3 that only do like $30 a month in cc. However the busy places i have some doing 1k in just cc sales. And those places get serviced 2 to 3 times a week, and knowing what needs to be stocked saves half the time. Say that act takes 1 hr to service regularly where driver checks first then goes and picks product then stocks and returns, all they do is check the items missing, and stock machine. 3 times a week is 1.5hrs less that week in wages for ONE account. Say they do 30 accounts a week, thats alot of savings in labor, and you get to service more accounts! Its easy to take acts from vendors that dont have them, just like ivend, leds, selections. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.