Cash, Credit Cards & Tipping in Your Business

The conversation explores the topics of tipping and cashless businesses. Jennifer shares her experience with a no-tipping policy in her salon and the challenges and reactions she faced. The history and reasons behind tipping are discussed, as well as the categorization of hairstylists and the need for a change in perspective. The trend towards cashless businesses is examined, along with the convenience and challenges associated with it. The benefits and drawbacks of cash-only businesses are explored, and the importance of making it easy for customers to do business is emphasized. The chapter concludes with a discussion on the motivation for businesses to accept cash and the success of cash-only businesses.

Takeaways

• Consider implementing a no-tipping policy in certain industries to promote fair wages and professionalism.
• Explore alternative ways to show appreciation for services, such as referrals, positive reviews, or donations to charity.
• Evaluate the feasibility of going cashless in your business, considering the convenience for customers and the impact on operations.
• Understand the regulations and legal requirements regarding cashless transactions in your state or region.
• Recognize the benefits and challenges of cash-only businesses, including the need for ATMs and potential limitations for certain demographics.

Dempsey, Weiss & Associates
Meeting the insurance and financial needs of business owners & individuals in NJ & PA since 1989.

J. Faith Hair Studio
Located in south NJ, J Faith Hair Studio is the place to go to become the best version of yourself.

Flying High Agility & Dog Training
Helping people & their pets since 2003. We come to you!

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Jennifer Faith Dempsey has been in the beauty industry for over 10 years. For the last 5m years, she has owned J. Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood. Check out Jen’s blog.

Staci Joy Dempsey is an insurance agent, a mom, and a busy non-profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.

Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ-based insurance and investment firm that began more than 30 years ago.