Merchant Surcharge Fee - Can you charge a convenience (merchant surcharge fee) fee for a credit card purchase at your business? The short answer to this questions comes at 38 seconds.
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We use it for our plumbing business and most folks do not care,, or they simply give us a check.. our business is much cheaper than many other places in town and most dont seem to mind the fee... it has saved us a good chunk of change
I am in the business and I thought that this was a very thought provocative piece on a portion of the business that seems to be going towards the way of the "convenience fee" - 40 states now allow for surcharging so as time progresses and ISOs sell it more consumers will see it more and more. I remember the days when ATMs used to be FREE and now look at what happens when you use a foreign ATM machine ( $2.00 or $3.00 surcharge) so this will not be an issue in the next 4 years. Consumers will be eventually presented with this as the norm
I believe it is the right to charge the connivence fee. Even if it is above the rate of processing fee. There is also the time needed for the payment to come in from the credit card companies. There is a big case here between the taxi companies and visa. The taxis took off visa and used mastercard because they didn’t agree to surcharging the customers. I think it is just hypocritical credit companies charge a processing fee and tell merchants to suck it up to absorb it. A connivence fee is like what it is. It is for ur connivence it is here. It is cost to the merchant. To process. To wait for the payment. If you do not want to pay for the surcharge pay in cash. Merchants do not need to make everyone else using cash pay for ur credit card fees. If the buyer doesn’t wish to shop there anymore it is fine. It is his right. It is also the right of the merchant to charge for his operating cost.
Yea, you could be correct on the movement to the convenience fee. If the agenda is pushed from most processing companies, eventually it could become common practice. Time will tell. I personally believe that business owners should use discretion on implementing the practice regardless of whether it's commonplace or not. Certain industries it's understandable in, others, can afford to pay the fee! Thanks for commenting. Lmk if there's any topics you'd like to see videos on and I'll try to add it to the list. P.S. what company/ISO do you work with?
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The World Has Changed.
Five years ago, when bitcoin was unknown to most people, this might have been a fatal move. Today is a different story. I recently traveled to a remote mountain town in the interior of Mexico. Everyone I met had heard about Bitcoin and eyes lit up with excitement when I ask if I could pay for lunch with bitcoin.
Today are dozens of websites dedicated to cryptocurrencies, either holding them, exchanging them or just writing about them. Probably the most effective advertising remains on Google, it is called Google Search and it is free.
If someone wants to learn about owning bitcoin or any other currency, there is a ton of educational information.
The Flipside Is Being Ignored.
Not All Regulation Is Inherently Bad.
If we examine the full spectrum of regulation to this point on a global scale there is one common target most everywhere. That is the practice of exchanges. So far there has been little or not regulation, threatened or enacted, to protect investors from loss of funds due to security breaches.
Capitulation Is A Good Sign.