How a barbershop in New Jersey saves $250 every month in credit card fees
Diego (who goes by G) carefully watches his business’s finances.
He’s been a barber shop owner for 8 years and knows that carefully observing how money comes in, and where it goes, is crucial to growing the businesses (and staying in business!).
He’s seen a lot over those 8 years. When G first started his shop, he noticed things weren’t always adding up, and eventually caught an employee stealing from him. He estimated this cost him hundreds of dollars, but if he wasn’t careful, could have cost thousands.
More recently, G noticed his profit margins were getting hammered by credit card fees.
His fees averaged 2.24% of each transaction and were going up. His business averages $132k /year in revenue, so he was paying around $3k every year in fees.
This may not sound like a lot, but on top of expenses like his lease, employees, and insurance, $3k was eating a meaningful portion of his profits.
“Barbershops aren’t as profitable as people think. Credit card fees were taking food off my families table”
When G partnered with Dash ATM he was looking for a long-term partnership that would preserve his margin.
We quickly installed a free ATM for him and keep it loaded with our own cash.
For the first 3 months, G continued accepting credit cards but encouraged his customers to use cash by offering a discount.
After that three month period, he started letting customers know his business would eventually become cash only.
Approximately 60% of his revenue comes from regular customers, so giving them an advance heads up was important. The last thing he wanted to do was lose their trust and risk their loyalty.
About 6 months from the initial install, G pulled the trigger and went fully cash only.
By staggering the rollout, he’s kept his customers happy and received few (if any) complaints.
“Most owners I’m friends with have no idea they can get a free ATM installed and go cash-only”
Looking back, he’s thrilled with the transition.
G used to pay over $250 per month in credit card fees, but is now making about $87 per month passively off of the ATM placement.
He can sleep peacefully knowing that if the machine breaks down, Dash ATM will promptly restore service.
It’s an out-of-sight, out-of-mind piece of the business that keeps food on his families table, customers happy, and the cash flowing.
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