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J Walker

Oakton, Va

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Posted: 01/26/13 07:19am Link  |  Print  |  Notify Moderator

Chances are the merchants will add more than the fee that they pay to the credit card companies. I hope their fee will at least be shown as a separate item so we will know what we are paying. The convenience of a credit card is enormous. What comes to mind is paying at the pump for gasoline. I would hate to have to have to go inside to pay. It could mean we have to get gasoline credit cards and it could mean that we have to get several different kinds. Remember when each department store had its credit card. We may have that again.


Jim Walker
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REWahoo

Texas Hill Country

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Posted: 01/26/13 07:28am Link  |  Print  |  Notify Moderator

I think (hope) this article may be accurate:


A 4% Surcharge for Using a Credit Card?! Now Legal — but Not Likely


Bottom line: Too much competition between retailers will likely prevent this surcharge from taking root.

* This post was edited 01/26/13 07:37am by REWahoo *


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rockhillmanor

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Posted: 01/26/13 07:53am Link  |  Print  |  Notify Moderator

As a merchant I can tell you that we have been eating 3% of every sale when a credit card is used for years. Many of us have never passed it on to the customer. Now with the economy the way it is that 3% eaten out of profits 'does' make a difference.

Some adjust the cost of the item to accommodate the charge but higher priced items isn't going to increase your business either.

With plastic being king I hardly ever get paid in cash or check anymore. The later not even being a desirable form of payment to take due to bounce check charges of over 25.00 to the merchant.

So where does the merchant go to keep his profit margin? The answer was to pass on the credit card fee.

IMHO, JMHO from a buyers standpoint the merchant should include that fee in the 'cost' of their product and then price the product accordingly.

The answer to this is going to be a debit/credit card. They don't charge a fee if you use it as a debit with pin.
OR
I think buying with real money is going to make a BIG comeback!


"Live life like it's your last day.
One day you will be right."


supermod38

Central NY

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Posted: 01/26/13 07:53am Link  |  Print  |  Notify Moderator

J Walker wrote:

Chances are the merchants will add more than the fee that they pay to the credit card companies. I hope their fee will at least be shown as a separate item so we will know what we are paying. The convenience of a credit card is enormous. What comes to mind is paying at the pump for gasoline. I would hate to have to have to go inside to pay. It could mean we have to get gasoline credit cards and it could mean that we have to get several different kinds. Remember when each department store had its credit card. We may have that again.


having a Mobil or Texaco or any other gas card will not help you...............as they have the SAME charge as MC or Visa.
i am retired from the Gasoline business and i can tell that i PAID the oil company's the same fee that the banks charge! Did this for 35 years with four different oil company's!!!


95 Southwind

ROYBUCK

Newport NC

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Posted: 01/26/13 08:05am Link  |  Print  |  Notify Moderator

It is up to the stores, Home depot, walmart are not going to charge, they also can not charge for debit card.
Roy


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jassrnj

Bath, PA

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Posted: 01/26/13 08:06am Link  |  Print  |  Notify Moderator

All of the gas stations in my area now list cash and credit card prices for each blend of fuel. In some stations the difference is 10 cents per gal. The local Exxon will charge the cash fee if you have a Mobil or Exxon credit card.
For most banks, if you bring a large amount of cash for deposit, they charge a fee to handle cash. A small business gets charged either a credit card fee or a cash fee ... you can't get a break. Yes, these charges will be passed along to customers.

Daveinet

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Posted: 01/26/13 08:19am Link  |  Print  |  Notify Moderator

I think where you will see this first is online. Online prices are so competitive that you can bet it will be set up like bait and switch, so you don't realize it until you read the total. Online business practices are much more common to be shady. I would also speculate that companies which have a strong monopoly like Paypal will see huge dollar signs.


Dave

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wny_pat

Western NYS

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Posted: 01/26/13 08:41am Link  |  Print  |  Notify Moderator

rockhillmanor wrote:

As a merchant I can tell you that we have been eating 3% of every sale when a credit card is used for years. Many of us have never passed it on to the customer. Now with the economy the way it is that 3% eaten out of profits 'does' make a difference.

Some adjust the cost of the item to accommodate the charge but higher priced items isn't going to increase your business either.

With plastic being king I hardly ever get paid in cash or check anymore. The later not even being a desirable form of payment to take due to bounce check charges of over 25.00 to the merchant.

So where does the merchant go to keep his profit margin? The answer was to pass on the credit card fee.

IMHO, JMHO from a buyers standpoint the merchant should include that fee in the 'cost' of their product and then price the product accordingly.

The answer to this is going to be a debit/credit card. They don't charge a fee if you use it as a debit with pin.
OR
I think buying with real money is going to make a BIG comeback!

I still use a lot of real money. And every time I do, I subsidize the credit card user because the merchant has to "eat" that 3% credit card fee as part of the cost of doing business. So we all end up paying. And I don't think real money will make a comeback anytime soon, just because of the stupid things I see happening in convenience stores. People charging coffee and a snack on their credit or debit cards, come on now!!! Be better to give the cash paying customers a 3% discount.


“All journeys have secret destinations of which the traveler is unaware.”

randallb

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Posted: 01/26/13 09:04am Link  |  Print  |  Notify Moderator

It won't be long until this fee is limited like the "shop supplies" fee is in the auto repair world. Once the "shop supplies" fee was limited we all just went to charging for each supply individually. The $5.00 to $6.00 dollar fee per repair most shops charged was challenged in court so the profits increased due to individual charge out. A $2.00 (cost) can of brake spray was now charged at $3.50 and each nut and bolt at a cost of $.10/unit was is now charged out at $.35 to $.50 / unit. An individual charge to cover these minor parts to complete a repair turned in to a profit maker with only a minor increase in labor costs. Thank you people of the world. We will see the same thing occur with the credit card fee. A minor increase in labor cost and a substantial increase in profit.
Randy

CloudDriver

New Jersey Shore

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Posted: 01/26/13 09:05am Link  |  Print  |  Notify Moderator

Most if not all of the gas stations in our area of NJ have been charging an extra 10 cents/gallon for credit card purchases for many years. That can add up when filling up the MH, so I plan ahead and bring cash. Obviously that would be a PITA when traveling cross country.


2003 Winnebago Minnie 24F - Ford E-450


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