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| *Loan,banking and credit>>>business credit |
Are business allowed to ask for a minimum to use you credit card? |
Are business allowed to ask for a minimum to use you credit card? Absolutely! It costs them money to accept your card. Also the fees change depending on if the charge is rung up as debit or credit. A local store owner explained to me that for sales below about $20 US, the debit card had a smaller fee. Sales greater than that and the credit charge costs less. I think we should work with businesses to help them keep costs down for processing plastic transactions because ultimately those extra fees are added into the cost of the product. We will pay for it one way or another. It's their store, so it's their rules. I don't agree either, but all you can do is to not shop there. Yes, they are allowed just like they can refuse to take your check. Absolutely. Each transaction costs them. In order to accept credit cards, the merchant is required to pay fees to the credit card companies. Many merchants have a minimum credit card purchase, since it would be cost prohibitive to accept a card for a purchase amount less than they're going to be charged to accept the card! Yes, stores are charged per transaction and then a percentage of the Total sale. The amounts vary by card type with American Express having the highest fees. So in many cases if they don't institute a minimum the charges could exceed their sales margin. Yes that is because a credit card can take more time than a transaction by cash. Aslo credit card companies charges a fee for the store when they accept credit cards. That is why most stores stopped accepting American Express cards, because their fees was much higher than Visa and Mastercard. So they rather make at least some money off of the sale instead of the little bit of profit going towards a service charge. Yeah some do. Never encountered it though. I routinely charge 50 cents on my card, when i don't have the change without a hassle. |
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