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re: Restaurants charge a fee for credit card use
Posted on 8/1/19 at 11:10 pm to fightin tigers
Posted on 8/1/19 at 11:10 pm to fightin tigers
Maybe I’m missing your point, but the total fee is based upon the transaction amount. The average merchant services rate to the vendor is about 2% plus other bullshite interchange fees that’s usually recouped once a month in 1 bulk debit from the vendors bank account.
It doesn’t work with a flat fee per transaction, or that’s not how any merchant services company I’ve seen handles business.
For instance, a plastic surgeon has some chick come in and wants a face lift, and she swipes her Visa card, and the rate is 1.5%, and it’s a $10k procedure, $150 is going to the credit card processor.
There are industries that give cash discounts for this reason.
It doesn’t work with a flat fee per transaction, or that’s not how any merchant services company I’ve seen handles business.
For instance, a plastic surgeon has some chick come in and wants a face lift, and she swipes her Visa card, and the rate is 1.5%, and it’s a $10k procedure, $150 is going to the credit card processor.
There are industries that give cash discounts for this reason.
This post was edited on 8/2/19 at 8:06 am
2
Posted on 8/1/19 at 11:22 pm to SmokedBrisket2018
Adding:
Have you ever seen some establishments say “minimum purchase” when using a credit card, that’s because some processing companies also charge a per swipe fee along with a service charge on the whole amount of transaction. That might be $.35, somtheu want the minimum purchase to usually be over $4-5.
Not saying I agree with any of this crap. Just trying to explain.
Have you ever seen some establishments say “minimum purchase” when using a credit card, that’s because some processing companies also charge a per swipe fee along with a service charge on the whole amount of transaction. That might be $.35, somtheu want the minimum purchase to usually be over $4-5.
Not saying I agree with any of this crap. Just trying to explain.
Posted on 8/2/19 at 1:17 am to SmokedBrisket2018
quote:
It doesn’t work with a flat fee per transaction, or that’s not how any merchant services company I’ve seen handles business
I understand that. I was just lamenting that it seems there should be a flat fee instead.
As someone who has an Amex I have become used to carrying cash because of Amex apparent need to charge more per transaction (thus vendors not accepting them)
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