Recent content by Tom Waits

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    Dispute with credit card processor

    Many thanks for your help. You are right, I just need to suck it up and move on. (Stripe, like SumUp and iZettle while attractive for their much more transparent pricing are still way more expensive unfortunately.)
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    Dispute with credit card processor

    Many many thanks for the cold, hard truth. I guess you are 100% correct. It is indeed a joke that I 'negotiate' fees at the beginning of the 'contract' but they do so in the full knowledge that they can raise rates, and significantly so, whenever they like. And when I question it, everyone I...
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    Dispute with credit card processor

    They changed the 'service charge' from 0.42% to 0.43% AND they introduced an extra 1.65p per transaction flat rate 'Transaction Fee'. Since my average transaction is about £25, this 1.65p is another 7bps! So in effect the charge went from 0.42% to 0.5%.... which is a 20% increase!
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    Dispute with credit card processor

    Small business (micro business) vs giant multi-national financial conglomerate. Really don't want to do it unless I'm certain; hence me asking here. Most seem to be saying, as I suspected, there will be a clause in the fine print that allows them to do whatever they like.
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    Dispute with credit card processor

    Feb 17: I signed a 2yr contract being quoted 0.42% debit, 1.51% credit, 1p auth, £5 PCI. The contracts mentions Cross Border fees for MasterCard but none for VISA. Apr 18: Debit card goes up to 0.43%, credit card up to 1.52% AND a NEW 1.65p transaction fee (per transaction) is introduced (not...
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    Dispute with credit card processor

    Hello, 3yrs ago I signed up for a 24 month credit card processing contract via a re-selling agent (a well known small business telecom company that also sells energy, card processing etc). I recently realised the rates I was being charged were raised half way through the term of the contract...
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    Restaurant Start up costs - Realistic?

    Indeed, If the market allows, add 20% (or much more!) to your pricing. I already assumed they would charge the max price the market allows for the product.
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    Water suppliers for business

    Hello, Like many I was moved over to Castle Water when Thames stopped servicing business accounts. Like many, I have found Castle Water to be truly awful. Prices up hard. Customer service non-existent. Can anyone recommend a supplier they have had a good experience with in London?
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    Restaurant Start up costs - Realistic?

    Yes, you'll need to pay employers national insurance at 13.8% and holiday pay at 12.07% and compulsory pension contributions (which go up annually). Don't forget to take 20% off your sales for VAT. Bare in mind business rates are going up aggressively over the next few years. Welcome to the...
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    Average TOTAL card payment charges...

    Hi Simon thanks for coming back. Yes, this total includes all charges (PCI, compliance, auth, terminal rental etc etc). I'm afraid I don't know the credit/debit card split and neither does the provider who I just spoke to on the phone. Of course they probably SHOULD know (or be able to find...
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    Average TOTAL card payment charges...

    Hello, I did a quick search but couldn't find this question answered. I wonder if people could share what their average TOTAL card payment charges as a percentage of TOTAL GROSS SALES is? There are so many different charges and different charging models. There are also about 50-100 different...
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    Benchmark Valuation for a start up

    Appreciate your help Clinton. I understand your point and partly agree with you. I wasn't so much interested in the discount to initial forecast valuation, simply the amounts raised for non trading or very early stage restaurants. These days quite a few people do crowdfund in this area and I...
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    Benchmark Valuation for a start up

    Hi Aiteo, thanks for your help.. I hadn't seen that link. Although from what I can see that page is listing restaurant service companies: tons of tripadvisor/deliveroo etc style apps and services... no actual restaurants.
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    Benchmark Valuation for a start up

    Hello. I've searched for hours on the internet but with no help yet. Can anyone offer anything on the following? I would like to see some benchmark data on valuations achieved for FIRST ROUND financing deals on restaurants (mainly in the UK but data from anywhere would be helpful). I know how...
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