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Q: Stores Can Now Charge Credit Card Transaction Fees -

blackfoot
40

Do you think stores will start charging customers or continue to "eat" these fees in order to encourage more sales and keep their customers happy?

Under the settlement, the surcharge cannot top the amount that the merchant actually pays to accept credit cards, which typically falls within 1.5% and 3% of the transaction amount.

10 states prohibit these fees being imposed on the consumer: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas,


Read the story here: http://www.foxbusiness.com/industries/2013/01/28/credit-card-users-brace-for-possible-checkout-fee/
blackfoot posted Feb 07, 2013
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4 Comments
Acidbaby
This is moreso going to effect the small business. Its a good idea in my opinion. These mom and pop kind of places need to eat these credit card charges and its just not fair to them just to accept a credit card when nobody uses any other form of payment any more. I never have cash on hand, theres no need to. Most of the big retailers (Walmart, Target, etc already stated they wont be charging customers for these fees.)

Also this doesnt effect the use of debit cards at all.
Acidbaby (rep: 6.83k) posted Feb 07, 2013
10
fluffy
Retailers always want the increased sales volume and bigger per-ticket totals that credit cards bring in, but they still complain about that few percent shaved off the top, as if it were being paid for nothing. I wish someone would do a study of all the hidden costs of handling cash and checks. Checks can bounce, cash can get pilfered, embezzled, robbed, lost, counterfeited, etc. Cash is also a magnet for murder. How much deadly crime is tied to carrying, holding, and transporting cash? I've never heard of anyone getting killed for their credit card slips.
fluffy (rep: 2.17k) posted Feb 07, 2013
10
blackfoot
Lol, fluffy your last line made me laugh, no don't think I've ever heard of anyone getting killed over cc slips.

I'm in one of the states that prohibit these fees but at times get charged for it anyway at small stores. I tell the stores that it's against the law but they impose the fee anyway. I've had it happen 2x in about 10 yrs.

I'm glad to hear that major retailers will keep things status quo for now but I think small business will be the ones that start implementing these fees.

Figure if someone shops with cc's almost exclusively within a day or week, those fees can really stack up and fast.
blackfoot (rep: 303k) posted Feb 07, 2013
00
Florida2Texas
I know lot of small stores around me that will only except credit card above a certain amount or will just take cash. Also some only except Visa cards and no other due to the high costs. Some stores also offer 10% discount if you pay in cash! I do feel bad for smaller stores but as a buyer its just so convenient.
Florida2Texas (rep: 10.5k) posted Feb 07, 2013
00