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Old 05-05-2008, 08:36 AM   #31
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OK, point taken. Let me rephrase; The only real advantage of merchants in specialized businesses such as mine.......

People don't walk into my place not expecting to spend money, so they come prepared. Fortunately for me a great deal of them pay with cash or check still.

I still feel that paying with plastic is more beneficial for the consumer, not the smalltime merchant.

Your mileage may vary

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Old 05-05-2008, 08:41 AM   #32
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Master Card and VISA replaced store charges and charge accounts at little stores. It releived the store owners of the burden of billing and collecting charges and the losses of writing off bad debts.

As GB said, it also made credit purchases available to a wider range of businesses so they could compete on a level playing field with the big guys.

The miles or points you earn on a CC are the CC company's incentive for you to use their product rather than the other guy's.

The point of all this is that none of these things are one way streets. There is something for everyone to benefit from.

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Old 05-05-2008, 08:45 AM   #33
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Originally Posted by pacanis View Post
OK, point taken. Let me rephrase; The only real advantage of merchants in specialized businesses such as mine.......
I do not know what kind of business you are in. I am sure you are right for your particular business whatever it may be.

I would think though that another advantage of accepting credit cards is that you get people who might not have the money right now, but buy on credit anyway. If you do not accept plastic then your customers must have the money right then and there. That limits your sales potential.
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Old 05-05-2008, 12:33 PM   #34
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"Digital" = your debit card rather than a check

Many retail places around here won't take paper checks anymore.
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Old 05-05-2008, 02:31 PM   #35
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In the UK, it is legal for companies to add an extra charge for card transactions. When we pay for ice skating lessons, we have to take along 140 in cash or pay an extra p1 for a card transaction.

I do like using paypal for online transactions.
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Old 05-05-2008, 08:01 PM   #36
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Originally Posted by pacanis View Post
I didn't realize banks charged their customers .50/transaction to use a debit card. It's been so long since I've used one. It used to be they only charged a fee if you took cash out at a machine that wasn't theirs. Is this all banks, or does it depend on the type account you have?

I gotta play devil's advocate here though..... why should the merchant absorb the cost for the customer's convenience of not paying with cash? Especially if it is one of these small sales like the TV ads are pushing; like paying for fast food.
It is not uncommon among small businesses to discuss an extra "markup" to cover CC processing fees, then turn around and give the markup as a discount to someone paying with cash. It is illegal to do it the other way, charge an extra 3% (or so) to anyone using a CC for a purchase.

Sometimes there is very little markup and all those CC fees add up at the end of the month.
Unless your Wally World who happens to be their own processing co, too, so the money just goes in a circle.
As Andy pointed out, not all banks charge the $.050, although we are having a tough time finding one out here that doesn't. We were thinking of going to WaMu or BankOne but they have been closing stores in our area and so would not be convenient.
We also have TCF just because they have our mortgage, but we don't use them for anything else because every time we used our debit card at an ATM in a Jewel store we got ripped off by someone traveling to Mexico.
I really wanted to tell that person next time do it twice so I can go to!

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