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Old 07-24-2013, 01:12 PM
 
Location: Plandome, NY
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^I believe they are at near capacity....so accepting cc wouldn't change a whole lot. Try the great neck location, its not as crammed
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Old 07-25-2013, 06:34 AM
 
Location: Manhattan
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I cannot believe a place like Peter Luger would decline credit cards?
Bizarre!

Well, that's another reason to go to THE PALM.
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Old 07-25-2013, 09:27 AM
 
Location: Plandome, NY
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Quote:
Originally Posted by deeken View Post
If you do the math, that place must rake in close to or more than $200k a weekend.
I'm surprised that place hasn't been hit yet with all that money in their possession.
Quote:
Originally Posted by Kefir King View Post
I cannot believe a place like Peter Luger would decline credit cards?
Bizarre!

Well, that's another reason to go to THE PALM.

I really GET how it is unusual for Luger not to accept cc.

let's say for argument sake, they make 200k a weekend. Interchange cc fees are about 2%. so that is 4 grand of cc fees per weekend. That is over $208,000 a year of cc interchange fees....not counting weekday service. That is not chump change. Also, Luger also has two location which is packed at both places.

fyi, I've eaten at the palm a few times...sorry, its not even in the same league as Luger. just my opinion of course.
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Old 07-25-2013, 09:56 AM
 
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Quote:
Originally Posted by sirtiger View Post
^I believe they are at near capacity....so accepting cc wouldn't change a whole lot. Try the great neck location, its not as crammed
I don't know. I've heard mixed reviews of the one in great neck. Some people told me the steaks are similar but then there are some that are adamant that the Williamsburg location cannot be beat. Personally I love the Brooklyn location. It has a special vibe. You truly feel like you are at a great steakhouse. It's old, gritty, somewhat grimy (with all the sawdust on the floor) but its uniquely charming. I wouldn't want that experience to change. Even thought the Great Neck location is a lot closer and easier to get a reservation.

Quote:
Originally Posted by sirtiger View Post
I really GET how it is unusual for Luger not to accept cc.

let's say for argument sake, they make 200k a weekend. Interchange cc fees are about 2%. so that is 4 grand of cc fees per weekend. That is over $208,000 a year of cc interchange fees....not counting weekday service. That is not chump change. Also, Luger also has two location which is packed at both places.

fyi, I've eaten at the palm a few times...sorry, its not even in the same league as Luger. just my opinion of course.
I agree about the Palm. The Palm is a very good steak house and I've really enjoyed my meals there, but there is nothing compared to a Lugers porterhouse for 2. Not the one for 3 though. 2 is the magic number.

Another reason why Lugers might not accept CC is because they could *hide some of their profits from Uncle Sam.
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Old 07-25-2013, 10:02 AM
 
2,853 posts, read 6,268,650 times
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When restaurants accept CC, there is a line prepopulated on their taxes for CC income because Mastercard/Visa are now required to report it. Similarly the liquor authorities...

Anyway, never heard great things about Luger. Haven't eaten there myself despite loving steak but everyone I know who has been reported disappointment... Part of the reason I haven't been. Used to like the restaurant across the street (Dumont?) but saw recently they had shut down.
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Old 07-25-2013, 12:19 PM
 
Location: Manhattan
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Quote:

Another reason why Lugers might not accept CC is because they could *hide
some of their profits from Uncle Sam.
And there you have the REAL reason why ANYONE wants to operate on a cash-only basis. Heroin wholesalers do the same.
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Old 07-25-2013, 12:22 PM
 
Location: Riverdale, New York
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Quote:
Originally Posted by Kefir King View Post
And there you have the REAL reason why ANYONE wants to operate on a cash-only basis. Heroin wholesalers do the same.
That's a great analogy.
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Old 07-25-2013, 01:12 PM
 
Location: Plandome, NY
7,048 posts, read 7,652,484 times
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Quote:
Originally Posted by deeken View Post



I agree about the Palm. The Palm is a very good steak house and I've really enjoyed my meals there, but there is nothing compared to a Lugers porterhouse for 2. Not the one for 3 though. 2 is the magic number.
I agree 2 is a magic # but 3 is pretty good too. I generally avoid 1 or 4

I remember reading (maybe a marketing propaganda), how the owner of Luger personally picks out the meat for the business. They pride themselves being a great picker. Anyway, I would assume paying their vendor in cash puts them on their good side. Too many business are commonly have far too much receivable on their balance sheets which puts them on a bind. I know for a fact in certain businesses there is a slight discount (1-2%) to pay their bills within 7 days.

I realize today is going into a cashless society. One old adage is true which is "Cash is King". I personally gotten great leverage by paying many high prices services or items in cash.
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Old 07-25-2013, 03:34 PM
 
1,505 posts, read 1,926,870 times
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Quote:
Originally Posted by Kefir King View Post
And there you have the REAL reason why ANYONE wants to operate on a cash-only basis. Heroin wholesalers do the same.
I worked in a small family run restaurant several years ago that did this and the reason was so that the owner could hide his earnings from the IRS. No other reason.

Quote:
Originally Posted by sirtiger View Post

I realize today is going into a cashless society. One old adage is true which is "Cash is King". I personally gotten great leverage by paying many high prices services or items in cash.

True to both of these posts. So if that is the case why don't more restaurants accepts a cash only policy? I mean, think of the amount of money you could potential save and hide from the IRS. You could get into trouble if you are careless but if you have no receipts then how would the IRS catch you?
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Old 07-25-2013, 03:39 PM
 
Location: Manhattan
20,186 posts, read 26,519,827 times
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A friend of mine is a psychologist. She is paid by cash, by check, and by insurance.
Guess which two she claims as income.

Pysses me off sometimes because I have never underpaid my taxes by a single nickel.
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