This is really upsetting me (Page 7): Credit card processing fees for business have more than doubled in the last 10 years. Small business can’t absorb those increases Anymore.

DennyT Loc: Central Missouri woods

Credit card processing fees for business have more than doubled in the last 10 years.
Small business can’t absorb those increases Anymore.

Longshadow Loc: Audubon, PA, United States

DennyT wrote:

Credit card processing fees for business have more than doubled in the last 10 years.
Small business can’t absorb those increases Anymore.

They are about 1 to 3.5% now, what were they 10 years ago?

Linda From Maine Loc: Yakima, Washington

DennyT wrote:

Credit card processing fees for business have more than doubled in the last 10 years.
Small business can’t absorb those increases Anymore.

In 2013 a class-action suit that businesses and merchants brought against Visa and Mastercard made it possible for merchants to pass on the fees to consumers:

https://fortune.com/recommends/credit-cards/what-are-credit-card-surcharges/#

Interesting reading!

redlegfrog

ImageCreator wrote:

In our area some businesses are adding 4% to your bill if you use a credit card. Just today my dog g***mer has joined that group. I thanked her for screwing her customers. I told her her tip would be 4% less. I’m no longer doing business with those businesses that screw me over. Not sure if this is a nationwide trend or just here in liberal sucking California.
Has anyone else seen this practice?

I once owned a small business and have nothing but bad feelings towards the credit card companies. The fees I was charged ran from 3.5 % to 7.5% The card companies explanations on the fees were laughable. On some sales the card company made more money than our company did.
Seems like every customer is only interested in a low price which means markups have been cut to nothing.
So the question is, after the store pays for the merchandise then the 4 to 7 % to the card companies how much is left to pay employees, rent, utilities, you get the idea.
Lastly, There is a store I use a lot and I know what his markup is, its piss poor so I always go in with cash.
Go back and apologize to your dog g***mer and see if you can work out a cash deal.

jerryc41 Loc: Catskill Mts of NY

ImageCreator wrote:

In our area some businesses are adding 4% to your bill if you use a credit card. Just today my dog g***mer has joined that group. I thanked her for screwing her customers. I told her her tip would be 4% less. I’m no longer doing business with those businesses that screw me over. Not sure if this is a nationwide trend or just here in liberal sucking California.
Has anyone else seen this practice?

jerryc41 Loc: Catskill Mts of NY

When I bought a car a few years ago, the dealer was glad to accept the deposit via credit card.

The credit card fee is a cost of doing business. If they don't like it, they can stop accepting credit cards.

JohnFrim Loc: Somewhere in the Great White North.

jerryc41 wrote:

When I bought a car a few years ago, the dealer was glad to accept the deposit via credit card.

The credit card fee is a cost of doing business. If they don't like it, they can stop accepting credit cards.

I agree. There are surely a lot of people who prefer using credit cards for many reasons (points, convenience, record keeping) and businesses may lose customers and sales by not accepting credit cards. And in the end, for one reason or another, the customer is paying it. It matters not how you slice a pie when you are buying the whole pie.

WNYShooter Loc: WNY

My brother has always had a very simple solution he used at his two businesses, he has always offered a 5% discount for cash, and just because of that, according to him, 3/4th's of his retail customers always pay in cash. He offers similar to his business/commercial customers who are all net 30, immediate payment gets 7% disc., within 15D gets 5%. He says he gets about the same result, with approx 70% paying in under 15.