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Started By
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States where credit card surcharges are illegal.
Posted on 2/28/24 at 10:55 am
Posted on 2/28/24 at 10:55 am
quote:
Currently, credit card surcharging is illegal in the following states and territories:
Connecticut
Maine
Massachusetts
Puerto Rico
LINK
Apparently the credit card lobby has gotten to these states (and US territory) and have banned retailers from charging credit card convenience fees.
The way around it for retailers it to provide a discount fee for cash payments.
This post was edited on 2/28/24 at 10:58 am
8
Posted on 2/28/24 at 10:57 am to GumboPot
quote:
were
Posted on 2/28/24 at 10:58 am to GumboPot
quote:
The way around it for retailers it to provide a discount fee for cash payments.
Or, cook the cost into every product they sell and pass it along to all consumers, regardless of payment method.
That's how most restaurants have done it for years.
This post was edited on 2/28/24 at 10:59 am
Posted on 2/28/24 at 11:01 am to GumboPot
quote:
The way around it for retailers it to provide a discount fee for cash payments.
Or...hear me out here, just be transparent and set your prices to cover the fees associated with doing business to make the profit you want from the revenue you generate
Posted on 2/28/24 at 2:45 pm to GumboPot
quote:
The way around it for retailers it to provide a discount fee for cash payments.
Yesterday I had to pay the bill for the wife’s car repair. It was $495 cc or $440 cash. Easy choice.
Posted on 2/28/24 at 3:01 pm to GumboPot
If a restaurant does it I take it out of the tip
Posted on 2/28/24 at 3:45 pm to GumboPot
Companies know what fraction of their receipts are on plastic and what their merchant account fees are.
This is 5th grade math. Just treat it like a variable cost for your business, adjust prices accordingly and stop the “cards cost more” nonsense.
This is 5th grade math. Just treat it like a variable cost for your business, adjust prices accordingly and stop the “cards cost more” nonsense.
Posted on 2/28/24 at 5:24 pm to GumboPot
Jesus Christ. Do you understand why this happened to begin with? Obama. Transaction fees were restricted in ways most people don't know. When you restrict fees, there are follow on impacts.
There is a larger point, in that who pays for MC/Visa/AMEX/DC to clear transactions? Do they not deserve to be paid for that? It's usually about 3.5%, and you need to think about that when you're buying stuff. The payment network is not free, even if you don't like it.
There is a larger point, in that who pays for MC/Visa/AMEX/DC to clear transactions? Do they not deserve to be paid for that? It's usually about 3.5%, and you need to think about that when you're buying stuff. The payment network is not free, even if you don't like it.
Posted on 2/28/24 at 5:42 pm to GumboPot
quote:
Massachusetts
The spirit of Massachusetts is the spirit of America!
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