19 Feb Credit Card SalesA local fast-food store is consid
Credit Card SalesA local fast-food store is considering accepting major credit cards in its outlets. Current annualsales are $800,000 per outlet. The company can purchase the equipment needed to handle creditcards and have an additional phone line installed in each outlet for approximately $800 peroutlet. The equipment will be an expense in the year it is installed. The employee training time isminimal. The credit card company will charge a fee equal to 1.5% of sales for the use of creditcards. The company is unable to determine by how much, if any, sales will increase and whethercash customers will use a credit card rather than cash. No other fast-food stores in the local areaaccept credit cards for sales payment.Required1. Assuming only 5% of existing cash customers will use a credit card, what increase in sales isnecessary to pay for the credit card equipment in the first year?2. What other factors might the company consider in addition to an increase in sales dollars?
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