The Pellucid Perspective - August 2020 - 8
COURSE FINANCES
Credit Card Processing Costs
Why are they rising?
By Stuart Lindsay
J
ust a quick comment about some posts on the NGCOA
Accelerate bulletin board for those wondering why their
credit card processing costs are rising. The pre-paying and
contactless protocols are part of the reason. Those change the
transactions from "card present" to "card not present". This applies
to online payments or taking the information over the phone and
generally adds about 1% to the processing fee. That may not seem
like much but is actually about a 50% increase in interchange rate.
For an average course processing $500,000 annually, that will
mean about $5,000 in additional processing fees. If your software
recognizes debit cards and the PIN input is not used, the difference will be more, as those transaction are processed as credit
cards instead of debit.
For those of you discouraging the use of cash, your credit transaction volume is probably increasing as well. Again, this will add
to your rising costs. Generally, the cost of processing has been going up for several years due to higher use of "mid-qualified" cards
8 The Pellucid Perspective
that come with loyalty points or cash-back offers from the issuing
entity. The interchange rate varies with different offers within the
"mid-qualified" spectrum - sometimes by as much as ½%; so it is
a good idea to find a processor that recognizes those differences in
what is widely promoted as an actual "interchange plus" program.
In the end, the increased use of internet, contactless mobile
and over the phone payments all carry higher processing charges.
As a matter of health and safety, it is hard to argue with these protocols. However, to minimize costs, a customer facing terminal
allowing credit and debit input will save far more than the cost
of a Clorox wipe after each customer uses the screen. This should
also be possible for outside check-ins as well.
If you are able to raise your prices due to the current high
demand; you will still get some consumer questions - when you
talk about single rider carts and increased cleaning expenses; you
can mention increased transaction costs related to their safety as
another reason.
n
August 2020
https://business.golfnow.com/
The Pellucid Perspective - August 2020
Table of Contents for the Digital Edition of The Pellucid Perspective - August 2020
TOC
About those “new faces”: What’s/Who’s Next; Who’s on First?
It bears repeating; effective rental programs still a missing link
It bears repeating; effective rental programs still a missing link
The “Soul of Golf ” is Misplaced by Many
Neutral national July GPH results, holding on to slight up for the year
June Utilization (finally) quantifies the COVID bounce theory
Preview and summary of the ‘19 Top 25 US Golf Markets Health Scorecard
13 Activities; Transacts beat Closeds 7-3, two opens!
The Pellucid Perspective - August 2020 - TOC
The Pellucid Perspective - August 2020 - About those “new faces”: What’s/Who’s Next; Who’s on First?
The Pellucid Perspective - August 2020 - 3
The Pellucid Perspective - August 2020 - 4
The Pellucid Perspective - August 2020 - 5
The Pellucid Perspective - August 2020 - It bears repeating; effective rental programs still a missing link
The Pellucid Perspective - August 2020 - 7
The Pellucid Perspective - August 2020 - It bears repeating; effective rental programs still a missing link
The Pellucid Perspective - August 2020 - The “Soul of Golf ” is Misplaced by Many
The Pellucid Perspective - August 2020 - 10
The Pellucid Perspective - August 2020 - 11
The Pellucid Perspective - August 2020 - Neutral national July GPH results, holding on to slight up for the year
The Pellucid Perspective - August 2020 - 13
The Pellucid Perspective - August 2020 - June Utilization (finally) quantifies the COVID bounce theory
The Pellucid Perspective - August 2020 - 15
The Pellucid Perspective - August 2020 - Preview and summary of the ‘19 Top 25 US Golf Markets Health Scorecard
The Pellucid Perspective - August 2020 - 17
The Pellucid Perspective - August 2020 - 13 Activities; Transacts beat Closeds 7-3, two opens!
The Pellucid Perspective - August 2020 - 19
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