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I found this quote very convincing.
"According to the studies, what it comes down to is that, with a $10 transaction, 65 percent of the time it’s going to be cash – and, as you go up in price to just under $25, that figure drops down to 45 percent."
As we continue to increase our vend price and gross sales, consumers will prefer the use of credit/debit cards over the use of coin. Even if you only have a few washers that accept credit/debit, this will be a necessary part of our operations.
Successful operators learn from their mistakes, adapt to demographic changes, strive for good customer service and thoughtfully appraise each technological advancement. It appears these people have become successful operators.
Under the current system of debit card swipe fees, credit card companies charge retailers 1 to 2 percent of the transaction, regardless of the dollar value. The Fed debit card swipe fee proposal also includes giving merchants a choice from at least two independent debit card networks, a move that would create more competition for Visa and Mastercard. The Fed swipe limit proposal was made to comply with a provision of the financial reform bill requiring debit card swipe fees to be “reasonable and proportional” to how much it costs a bank to process electronic transactions.