I just spoke with a new client who is opening up a booth rental salon. Because she will have a booth rental salon she will not collecting any money for the booth renters. Instead, the salon will have one credit card terminal and each stylist will be assigned a number.
If the renter needs to run a credit card through the machine for services, they will type in their number and the money will be deposited into the renter's account and the fees will come out accordingly. None of the money will run through the owner's account.
This might be good information for booth rental salons who run renter's income through their account, and then have to reimburse the renters less the fee. Maybe there are some other industries this would work great for as well.
This might be good information for booth rental salons who run renter's income through their account, and then have to reimburse the renters less the fee. Maybe there are some other industries this would work great for as well.
Larry Kopsa CPA
