poohbaby Posted November 10, 2005 Share Posted November 10, 2005 Those of you that do take cc, do you somehow recoup the fee from your customers or is that just another expense to your business? I sometimes have very high fees and wonder if its worth it. TIA Quote Link to comment Share on other sites More sharing options...
Trish Posted November 10, 2005 Share Posted November 10, 2005 You cannot pass the fees on to the consumer. It's against all the credit card company's policies...however, you can offer a cash discount. So you can mark your product up slightly to cover those fees, then give that percentage as a discount if they pay by cash.IMO, credit card fees are a part of doing business. People that can use a credit card tend to spend more! Quote Link to comment Share on other sites More sharing options...
slow-burn Posted November 11, 2005 Share Posted November 11, 2005 Yep, that is against the law. They also said that you cannot state that they have to purchase a minimum before using a card too. So for those freaks that use a cc to buy a darn 2.00 fizzie, legally, you have to accept it, or else the cc company can refuse you a merchant account! Just finding this all out myself since I am checking into accepting them at the mall Quote Link to comment Share on other sites More sharing options...
MichelleOH Posted November 11, 2005 Share Posted November 11, 2005 Yep, that is against the law. They also said that you cannot state that they have to purchase a minimum before using a card too. So for those freaks that use a cc to buy a darn 2.00 fizzie, legally, you have to accept it, or else the cc company can refuse you a merchant account! Just finding this all out myself since I am checking into accepting them at the mall That is so true. At my show this past weekend I had someone charge $3.71. There was another vendor there that was not allowing CC under $20.00:tiptoe: Quote Link to comment Share on other sites More sharing options...
Glowlite Posted November 11, 2005 Share Posted November 11, 2005 I just eat the cost. On a 20 debit trasnaction I only loose .20 for credit transaction I loose .58I have more debits than credit.....People really don't carry cash anymore and I know I would not be able to stay in business without my machine. Quote Link to comment Share on other sites More sharing options...
poohbaby Posted November 11, 2005 Author Share Posted November 11, 2005 Thanks for all of the replys. I have seen some people at craft shows with signs that say no cc trans. under $20.00 I didnt know that was illegal. So glad I havent done that. Good idea about the cash discount though, will have to think about that one. Thanks again for the info!! much appreciated! Quote Link to comment Share on other sites More sharing options...
7Angela7 Posted November 11, 2005 Share Posted November 11, 2005 I wasn't aware of that either. Anyone know why it would be okay to have a fee when paying by ATM vs cc then? Quote Link to comment Share on other sites More sharing options...
slow-burn Posted November 12, 2005 Share Posted November 12, 2005 An ATM would be like a jeanie card thru your bank right? If so, they can apply whatever fees they choose, and stores can get around that. However, Visa and Mastercard sets the stipulations for accepting their cards, and that includes credit and debit. But they can't do anything about other companies or your bank. Quote Link to comment Share on other sites More sharing options...
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