Dinolock_small
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Small business owners, tell me about your card related fees

I purposefully try to use cash as often as possible when shopping at a small business but sometimes I just don't have enough and I have to use a card.

I prefer to use my Visa credit card because it has a cash-back rewards program and I don't carry a balance. My second choice would be my Visa debit card, and I keep an Amex credit card around too but very rarely use it.

I happily follow the posted minimum transaction rules and almost always tip $1 when using my card (if there is a line for it) for a small transaction at a small business under the assumption it will cover the transaction fee and then some -- the credit card equivalent of tipping your change.

Can you tell me about the fees small businesses have to pay when I use these cards for transactions at, say, $5, $10, and $20+?

Is there anything you, as a small business worker/owner, would like me to know about using my card?

protosaurus asked in Other - Finance & Legal 6 months ago | Report

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  • Cats_small
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    Not really the same as point of sale debit card swipe fees but if any local merchants sell online then maybe they feel this pinch too:

    "Dwolla started out of my old company. I owned a speaker manufacturing company and we sold everything directly through a website. I got really obsessed with interchange fees and how not to pay them. Every time a merchant gets paid with a credit card they have to give up a percentage. In my case, I was losing $55,000 a year to credit card companies. I felt like they were stealing from me -- I was getting paid and somebody was taking money out of my pocket."

    Read more: http://www.businessinsider.com/this-28-year-old-is-making-sure-credit-cards-wont-exist-in-the-next-few-years-2011-11#ixzz1eCE80Xhm

    internet_jen answered in Other - Finance & Legal 6 months ago | Report
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