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Started By
Message
Credit card processing fee
Posted on 8/24/18 at 7:24 pm
Posted on 8/24/18 at 7:24 pm
This month my company got hammered with credit card fees from the shitty credit card processing company we use. Almost 10k just so people could use their cc for our services. It’s a shitty expense to have to pay each much just so people can earn their points
I’ve been researching things and would like to ask the customer if they would like to pay by cash, check or card? If they say card then I would like to be able to tell them that there is a 3.5% service fee is they pay by card.
Does any of you boss baws know if this is a legit practice to use or not?
120k for people to use their credit card/year is a huge pinch to our bottom line
I would really appreciate meaningful and not smart arse responses.
Thanks
I’ve been researching things and would like to ask the customer if they would like to pay by cash, check or card? If they say card then I would like to be able to tell them that there is a 3.5% service fee is they pay by card.
Does any of you boss baws know if this is a legit practice to use or not?
120k for people to use their credit card/year is a huge pinch to our bottom line
I would really appreciate meaningful and not smart arse responses.
Thanks
This post was edited on 8/24/18 at 7:25 pm
45
Posted on 8/24/18 at 7:28 pm to FLTech
La Boilers has a sign that states there is a certain fee if you use a credit card. Now whether that is legal, I have no clue.
Posted on 8/24/18 at 7:28 pm to FLTech
The credit card companies will pitch a fit if you try to do a surcharge for using one. However, I believe you can give a 3.5% discount for cash. So just raise the price by 3.5ish% and tell them they get a discount if they pay cash.
Posted on 8/24/18 at 7:30 pm to FLTech
quote:
120k for people to use their credit card/year is a huge pinch to our bottom line
$4MM+ in less revenue would be even worse.
Posted on 8/24/18 at 7:31 pm to FLTech
What do your competitors do? Do you not have credit card fees worked into your price point? If not, why wouldn't you?
Posted on 8/24/18 at 7:32 pm to FLTech
quote:
Does any of you boss baws know if this is a legit practice to use or not?
quote:
I would really appreciate meaningful and not smart arse responses.
Oh I'm sorry.
Posted on 8/24/18 at 7:32 pm to FLTech
quote:
120k for people to use their credit card/year is a huge pinch to our bottom line
Not sure what line of business, but you could also miss out on lots of sales in certain lines of business if you didnt take cards. Lots of people barely carry cash anymore.
You can legally tack on a fee for paying with a card though if you want
Posted on 8/24/18 at 7:34 pm to slackster
quote:
$4MM+ in less revenue would be even worse.
This.
I tend to not do business with a place that doesn't take credit cards.
Posted on 8/24/18 at 7:34 pm to FLTech
I do mobile work so I only take check or cash, or insurance pays for it. I’m behind the times I know but haven’t had an issue with it yet.
Posted on 8/24/18 at 7:34 pm to slackster
Because there are 30 other service companies in our very small market who are whoring the shite out it with selling extremely cheap products and services
Posted on 8/24/18 at 7:34 pm to FLTech
quote:
120k for people to use their credit card/year is a huge pinch to our bottom line
And not allowing people to use their card as a convenience may cost you even more.
Nobody carries cash anymore.
Posted on 8/24/18 at 7:38 pm to FLTech
I am seeing more and more businesses charge convenience fees for cc use
Posted on 8/24/18 at 7:38 pm to FLTech
What sort of business is it?
If high demand, cash can work, or asking for the fee. But if there are substitute products/places to buy your product, you will drive away customers.
Sounds like you got about $3.5m in credit customers. What are cash sales like?
If high demand, cash can work, or asking for the fee. But if there are substitute products/places to buy your product, you will drive away customers.
Sounds like you got about $3.5m in credit customers. What are cash sales like?
Posted on 8/24/18 at 7:39 pm to FLTech
Credit Card fees vary based upon risk among other things.. So.. Restaurants usually play a lower rate because the credit card is normally present.. when the cc is not present the rate his higher.
I would suggest shopping your processor...
I would suggest shopping your processor...
Posted on 8/24/18 at 7:40 pm to FLTech
Paying credit card fees is the price of doing business in 2018. Deal with it.
Hint: you can "deal with it" by raising prices, which may or may not backfire. Suggest you do your homework.
Hint: you can "deal with it" by raising prices, which may or may not backfire. Suggest you do your homework.
This post was edited on 8/24/18 at 7:41 pm
Posted on 8/24/18 at 7:52 pm to FLTech
3% on all cc trans.
Posted on 8/24/18 at 7:57 pm to FLTech
Most people will bitch and moan about any CC fee but then realize, they're there and pay.
Most people think their time is too valuable to be wasted nowadays.
I'm on the fence with transaction fees. I don't have a problem going to get a MO. Just to prove a point.
At the end of the day, I'm the customer, giving you $$, your BS charges don't matter to me..and if you're losing $$$, that's on your shite practices. I'm not making up for it.
Most people think their time is too valuable to be wasted nowadays.
I'm on the fence with transaction fees. I don't have a problem going to get a MO. Just to prove a point.
At the end of the day, I'm the customer, giving you $$, your BS charges don't matter to me..and if you're losing $$$, that's on your shite practices. I'm not making up for it.
This post was edited on 8/24/18 at 7:58 pm
Posted on 8/24/18 at 8:02 pm to klrstix
My restaurant pays about 4250 every four weeks for cc transactions. I hate that part of the p&l but i get why OT is there. You use their equipment and network to collect funds. Can't expect a service for free
Posted on 8/24/18 at 8:06 pm to FLTech
How much business will your company lose if it raises its prices 3.5% for credit card sales? Are you willing to learn the answer to that question?
Posted on 8/24/18 at 8:06 pm to FLTech
quote:
I would really appreciate meaningful and not smart arse responses.
It is legal to add a CC fee. The town I live in does it for the utilities if you pay with a CC. The school district does as well for certain items.
I got my AC replaced this past spring and the company had a cash/check price and CC price.
Tom Thumb gas stations had a cash price and CC price. They got in trouble though, because they did not advertise it that way. Make sure it is upfront and known before transactions.
It is becoming common to pass that fee on
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