Credit card companies hit back

[Immy]

Yippee, we're all happy President Obama stuck it to the credit card companies about their fees. Well, it didn't take long before they found ways to recoup the money they'll lose with the new restrictions.

I just read my merchant statement, and transaction fees, the amount VISA charges my business each time I swipe your card, are going from 1.9 cents to 3.4 cents per transaction on July 1st. That will almost double my monthly fees and equate to hundreds of $$$ of revenue lost. Now I have to find a way to not raise prices to counteract this. I suppose my terminal could be "out of order" to force people to pay cash, but I don't want to inconvenience customers. Nice try Mr President, but your plan backfired.

 

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[Seamuss]

Credit Cards is a way for the banks and the government to track your moves around the country and world. Cash is what I use.

I don't let the banks grab me where it count.

 

[MD Dog]

If I was still in business, I'm not I retired last year after hearing B.O. was going to win the primary. Anyway I would simply go to all cash or check and tell the customers why. If enough businesses would do this then they'd find it uncomfortable since many people would start to wean themselves off of credit cards. I did many years ago. It never makes good sense to pay some else to use their money.

 

[stoney56]

Immy, a lot of businesses are doing a charge back to their customers for that % for the convenience of the CC, however we just figure it's part of the cost of doing business and eat the cost then deduct it at tax time.

 

[Old Dog]

If I was still in business, I'm not I retired last year after hearing B.O. was going to win the primary. Anyway I would simply go to all cash or check and tell the customers why. If enough businesses would do this then they'd find it uncomfortable since many people would start to wean themselves off of credit cards. I did many years ago. It never makes good sense to pay some else to use their money.

I did more or less the same thing at the end of the year with my business.
I saw the market falling out from under us so we finished out all contracts and shut down for the duration.

Probably open back up when we aren't expected to pay for BO's nonsense.
Just make good economic sense.

 

[Seamuss]

Credit Card; You should have left home without it.

When all else fails, spend cash. It works better then credit.

Ever see a panhandler take credit. No one can trace his spending habits.