By Rich Osborne
My name is Rich Osborne. My company is All Things Rich. I sell olive oil, vinegars, sauces, spices, salts, rubs, and local raw honeys. Also dragons. I was a vendor at the Vashon Farmers Market on Saturdays for five years. When COVID-19 hit in 2020, my retail sales opportunities were closed down. My friend Daniel Sullivan, of Shipwreck Honey, invited me to visit him at his booth at a new market at Point Ruston. I walked in, and there was my friend, Stacy Carkonen.
Stacy knew me and my business from when I was a vendor at the Broadway Market in Tacoma, which she managed. She was the new Market Manager at Point Ruston. “Rich! What are you doing here?”
I replied “Just looking around. The place looks great!”
Stacy asked, “Do you want to sell here?”
I sniffed and said, “Well, it smells like money here. Sure. I would be happy to sell here.”
“When can you start?”
“Next Thursday?”
“Great, we’ll see you then.”
And so it began. It has been over 5 years. Things are getting better. We finally have FREE parking. However, a few months ago, my credit card processing company added new charges to my bill. I am now being charged $0.15 per transaction in addition to the 3.15% I was already paying. I spoke to the credit card processor about this. It was explained that I should add the 15-cent transaction charge to the customer’s charge, and it won’t cost my business anything. It was then stated that it’s only 15 cents, and that customers don’t care about 15 cents.
I thanked them for their counsel and called the four other big credit card processors. They are all on the same page. So I thought about it.
Last year, I was doing about 20% cash sales. I decided to invite my customers to pay cash if they had it. If they don’t have cash, no problem, cards are fine. I call it my “Cash is Queen” project. My customers have been very receptive.
The math works like this: I pay 3.15% on credit card sales. That’s $3.15 per $100. Transaction (swipe) charges are 15 cents, so every $100 in cash sales pays 21 transaction charges. I average about 21 credit card transactions a day, which is $3.15. Receiving $100 daily in cash sales pays the 21 charges, so my customers are not paying that damn swipe charge. They appreciate this, as it demonstrates that I am looking out for their best interests.
Bottom line, I am now taking in close to 40% cash these days, which pays my swipe charges and then some. Fifteen cents may not be a lot, but it adds up over time. And my sales are growing.
Rich Osborne, owner of All Things Rich at the Waterfront Market in Ruston. Come see me!
