Cash Game Payment Processing Help (1 Viewer)

[TriSki5280]

Does anyone have a good suggestion on how to process payments for cash games? I am running into the limitations of Venmo, Zelle, Cash App and similar cash payment apps. I looked into using a payment processor like Square however once you process more than $600 it gets reported to the IRS. I am trying to limit the amount of cash on the premises and I don't want to extend credit to players. Has anyone else run into this issue? What solutions have people come up with? Appreciate any help!

 

[Machine]

To solve all your problems, use Bitcoin.

I'm not sure I would want to play at a location that discouraged cash.

 

[Frogzilla]

Don’t think anyone going to have an option you really like. Probably see which of the meh options work best for you, maybe a combo. And at some point probably expect that IRS knows

-Limit online transactions by having losers pay winners after (not exactly like credit but it’s in that realm)
-mix of cash buy ins and electronic rebuys
-multiple players banking
-bank wires (fees)
-crypto (fees, not everyone has)

 

[NotRealNameNoSir]

Front money? Everyone gives you XX number of buyins in cash. You keep all of it offsite and settle later. Not really credit and it sucks you cant payout immediately, but its the off-books option I can picture.

 

[Gunnar]

This is the reason many big games have gone to either crypto or you pay the winner after the game.

 

[thePokerClub]

I run a tournament club and all seats are locked 48 hours before the event by Venmo.

You mention you use Venmo in some way and I like that for limiting cash onsite. We also stick to Venmo in real time for rebuys/addons.

There really is no perfect situation I guess regarding balancing out the IRS awareness. Don't trade away the safety of less cash onsite would be where I would lean.

 

[emunster18]

What limitations have you run into with Venmo? Is there a max $ to run through it before your account gets flagged?

My games aren't all that big, and buy-ins are a mix of cash and venmo. Never had any problems running $500-$1000 through it in a night. Wondering if I will eventually have a problem.

 

[Josh Kifer]

Cash baby! Cash cash cash!

 

[Highli99]

I suggest USDC stable coins on solana network. Basically free to send and you can create club account visible to all that is controlled by the banker. Individual players can set up their own Solana wallets to receive or send USDC. Or they can just live in coinbase. Putting the club account in a cold wallet will ensure no payment moderation. This is such a perfect use case for crypto.

 

[Rodog123]

Always invite a few realtors or lawyers to your games as they are always cash heavy.

 

[thePokerClub]

I suggest USDC stable coins on solana network. Basically free to send and you can create club account visible to all that is controlled by the banker. Individual players can set up their own Solana wallets to receive or send USDC. Or they can just live in coinbase. Putting the club account in a cold wallet will ensure no payment moderation. This is such a perfect use case for crypto.

I like this idea. I am a smart contract dev. Challenge is always the additional steps for the users. I can see a lot of players saying it is too much of a hassle for THEM to take the necessary steps.

Also, I can see a lot of send/receive address mistakes being made.