Focusing on Amusement Locations
Scott Heit’s FEC Financial Group Offers Cash Discount Credit Card Processing & More
Scott Heit, founder and CEO of FEC Financial Group, has been involved in the amusements industry for years and it’s been a part of his life for even longer.
“I was one of those guys who got his allowance in quarters in 1982 and spent it hanging out at the arcade,” he said.
“In the early ’90s, some friends and I realized the machines we loved in the ’80s were now very cheap so we started filling our basements with them. It quickly grew into a side gig – a self-perpetuating hobby – of buying up games from an operator or warehouse, keeping a couple for ourselves and flipping the rest to pay for the ones we kept.”
Eventually his love and knowledge of the industry turned into a sales position at The Elaut Group and Coast to Coast Entertainment. Shortly after his stint there, he founded Heit Group, which distributed MotionMagix for TouchMagix, provided text messaging services for bars and restaurants, as well as credit card processing.
“It was the credit card processing that really started to take off,” he said. “Being new to processing, we quietly grew it outside the FEC industry until we really had a footing and understood the business.
“When Covid hit, the timing was right to go full bore into FECs as everybody was tightening their belts and looking to save money,” he said. Heit reached out to sales reps that were laid off from various manufacturing jobs, asking them to join his efforts and got to work.
Heit Group became a holding company and FEC Financial Group was created specifically for FECs and related industries.
“We found so many FECs with two, three or even four processors in place yet none are dedicated to the FEC industry. Saving everyone money is great but it’s just as important to make their lives easier,” he explained. “Getting all the players from online to pos to arcade card to vending to food and beverage to work together so customers have one processor is as important as anything we do and what we work hardest on.”
On providing the personal touch, Heit asks potential customers, “‘Who is your lawyer? Who is your accountant? Who is your credit card processor?’ They always know their lawyer and accountant on a first name basis but 99 out of 100 times they do not know their processor personally. That’s who handles all the money of your business. Shouldn’t you be partnered with people you know, have met in person and who understand the nature of your business?”
FEC Financial Group does traditional credit card processing where the business pays the fees and cash discount credit card processing, which passes the fees along to the customer and unsecured loans based on monthly sales volume. It is the cash discount type which FEC/FIN refers to as “cashD” that has really exploded over the last several months.
Cash discount, which is legal in all 50 states, can be presented two ways: First, as a service/technology fee applied to all sales but removed for anyone paying cash; second, with posted prices raised to include the processing fees then discounting anyone paying by cash.
According to Heit, “Consumers are seeing this across the country and in every industry. It is exactly like cash/credit at the gas pump. It has been well received overall and most patrons understand it. Many even view it favorably when a business doesn’t just increase prices but instead gives patrons the ability to avoid an increase by paying cash.
“We are growing exponentially,” he added. “We’re writing millions in processing volume on a monthly basis and partnering with great companies like BMI Leisure POS, Central Distributing and several others we will announce in the future.”
Heit cited examples of customers taking advantage of both traditional processing and the cash discount processing: A few notable clients using cash discount are Cointaker (saved $250k), Fun Station USA (saved $26k), Country Bowl (saved $18k), SacTown Family Fun (saved $14k), Jump to It (saved $12k), Yummy Ice Cream (saved $16k). Some also saving money but sticking with traditional processing Dart Em Up, Elaut Group, Benchmark Games and Coast to Coast, he claimed.
“Our success depends 100% on our customers’ success. You will know you made the right decision when you choose to partner with us.” Heit touted.
can learn more (and perhaps add your own company to that list of happy customers) by visiting FEC/FEN at SK8 Expo (the Roller Skating Assn. event) and IATP (Indoor Adventure & Trampoline Park) Expo in September or at IAAPA this fall. In the meantime, you can contact the FEC Financial team at email@example.com (www.FECFIN.com).