Convenience Fee

[Cross-7]

Based on my travel and customer base.
If there isn't any competition the prices tend to be inflated.
Get 2 or 3 dealers in the same area and profits get slim and the consumer benefits

 

[callmefence]

Based on my travel and customer base.
If there isn't any competition the prices tend to be inflated.
Get 2 or 3 dealers in the same area and profits get slim and the consumer benefits

That's the nature of business. If your the only game around you can make good profits. Someone else looks over and sees you making money and the next thing you know you've got competition and prices go down. Eventually hard times come round and the strong survives. And gets to make good profits ....until Someone sees you making money And......

And 1 percent over a lifetime will buy a lotta loose mineral. ..

 

[cbcr]

We had issues with a couple of credit card processors. While the fee was supposed to be around 2.5%, if someone paid with a reward type credit card, we ended up taking the hit on that as well. We had one transaction that was around $100 and should have only had a credit card company fee of $3 or $4, but ended up costing us $24. As a business we can't afford a hit like that for providing a convenience to our customers.

Large companies have a different rate they are charged for credit cards and a much lower fee if a debit card is used.

We process the registrations for another organization and they do not accept credit cards and more and more of their members are wanting to pay with a credit card. We have to charge a 4% courtesy fee for these transactions and sometimes it still costs us a few cents.

We now use Intuit for our credit card processing, and one thing we like about them is that they can also process foreign credit cards. This is important when some of our members are in Canada, UK, France, Finland and other countries. We charge them a US dollar amount and then they are charged at a rate the equals the US currency. We can also accept checks. Been with them for over 2 years and we have had no issues and have been very pleased.

Credit card companies get money from both ends, which does not seem right, the user is charged fees and interest on the amount they owe and the companies that accept credit cards are charged a fee for being able to accept credit cards.

 

[Ol' 243]

Is it just me that gets instantly pizzed off when a company decides to start charging a " Convenience Fee " when you pay with a debit card or credit card. I will switch vendors if they do that because seems to me you don't want to deal with my money or business.

If you owned a business and the 1st of the month your account got hit for 2500 to 3000 dollars in credit card fees, you'd change your tune. You should try it sometime.

 

[TexasBred]

Is it just me that gets instantly pizzed off when a company decides to start charging a " Convenience Fee " when you pay with a debit card or credit card. I will switch vendors if they do that because seems to me you don't want to deal with my money or business.

so the company should be responsible for the 2.5% that the CC company charges them to process your card????

They know the costs when they sign on. Live with it or take the sign down.

 

[skyhightree1]

Is it just me that gets instantly pizzed off when a company decides to start charging a " Convenience Fee " when you pay with a debit card or credit card. I will switch vendors if they do that because seems to me you don't want to deal with my money or business.

If you owned a business and the 1st of the month your account got hit for 2500 to 3000 dollars in credit card fees, you'd change your tune. You should try it sometime.

Guess you should try reading sometime.. I own businesses...

 

[Ol' 243]

Do you take credit cards?

 

[skyhightree1]

Do you take credit cards?

One does yes...

 

[Ol' 243]

How much a month do you lose on cc fees?

 

[skyhightree1]

How much a month do you lose on cc fees?

0 - point I am saying is do not put a convenience fee where a customer can see it.. Out of sight out of mind

 

[callmefence]

We had issues with a couple of credit card processors. While the fee was supposed to be around 2.5%, if someone paid with a reward type credit card, we ended up taking the hit on that as well. We had one transaction that was around $100 and should have only had a credit card company fee of $3 or $4, but ended up costing us $24. As a business we can't afford a hit like that for providing a convenience to our customers.

Large companies have a different rate they are charged for credit cards and a much lower fee if a debit card is used.

We process the registrations for another organization and they do not accept credit cards and more and more of their members are wanting to pay with a credit card. We have to charge a 4% courtesy fee for these transactions and sometimes it still costs us a few cents.

We now use Intuit for our credit card processing, and one thing we like about them is that they can also process foreign credit cards. This is important when some of our members are in Canada, UK, France, Finland and other countries. We charge them a US dollar amount and then they are charged at a rate the equals the US currency. We can also accept checks. Been with them for over 2 years and we have had no issues and have been very pleased.

Credit card companies get money from both ends, which does not seem right, the user is charged fees and interest on the amount they owe and the companies that accept credit cards are charged a fee for being able to accept credit cards.

That's right certain rewards cards will really clean your clock. And you don't know it when you swipe the card.
Happened here . It cost me about 300.00 extra.

How much a month do you lose on cc fees?

0 - point I am saying is do not put a convenience fee where a customer can see it.. Out of sight out of mind

Which provider are you using that cost you nothing. I'd like to get in on that.

And you would rather some one charge you but not tell you why. I personally would rather know and have the option of paying a different way.

 

[greybeard]

There's been a little mom/pop feed store about 5 miles from me that has been here forever. I don't know how they stay in business. Most of their business is from horse people and goat people--hobbyists. They don't take checks, credit or debit cards, but will 'run a tab' if they know the customer.
They lose lots of business to TSC and the feed store in town, because people have to go to a bank in town to get cash, so, if they have to go to town anyway, they just buy their feed and stuff while they are in town.
(They also lose business because ya have to load all your own feed and minerals while the fat daughter-in-law watches you load it on a dolly to take it to the dock)

 

[callmefence]

There's been a little mom/pop feed store about 5 miles from me that has been here forever. I don't know how they stay in business. Most of their business is from horse people and goat people--hobbyists. They don't take checks, credit or debit cards, but will 'run a tab' if they know the customer.
They lose lots of business to TSC and the feed store in town, because people have to go to a bank in town to get cash, so, if they have to go to town anyway, they just buy their feed and stuff while they are in town.
(They also lose business because ya have to load all your own feed and minerals while the fat daughter-in-law watches you load it on a dolly to take it to the dock)

Of course our type of business is different, but we have lost very little. Since we stopped messing with cc company's. I have financed several jobs myself And knock on wood it's went ok so far. If I don't know the person well I just get a years worth of postdated checks. A check gives you considerable leverage.

Browns feed in lampasas has never accepted cc. They just run a tab. Theve been there longer than I've been alive and I'm pretty sure will be there after I'm gone.

 

[skyhightree1]

How much a month do you lose on cc fees?

0 - point I am saying is do not put a convenience fee where a customer can see it.. Out of sight out of mind

Which provider are you using that cost you nothing. I'd like to get in on that.

And you would rather some one charge you but not tell you why. I personally would rather know and have the option of paying a different way.

Question was how much are you losing? I said 0. The price is already adjusted to cover all fees so paying cash or card is still the same cost. It's easier that way and does not lead to people getting pizzzed off by seeing the " convenience fee ".

 

[greybeard]

I've been to Browns. Big tin building off 183 with a mill behind it. Stopped on the way back from Brownwood one time and bought some grass seed from them one year.

We have an equivalent to Browns here in Cleveland--been here since I was a kid. If I were to shop at the little mom/pop place, I'd have to drive right by them, go to the bank, cash a check, then drive by the big feed store that has kids at the loading dock on the way back to the mom/pop place, and the old big place will load my stuff, take my card or check and has more variety anyway. Mom/pop place seems always to be out of cubes--how does a feed store in Texas run out of range cubes??? :bang: :bang:

Yep, a good feed store can do a lot of business, but this one never has, and as you said, you are in construction and not consumer retail type stuff.

 

[callmefence]

0 - point I am saying is do not put a convenience fee where a customer can see it.. Out of sight out of mind

Which provider are you using that cost you nothing. I'd like to get in on that.

And you would rather some one charge you but not tell you why. I personally would rather know and have the option of paying a different way.

Question was how much are you losing? I said 0. The price is already adjusted to cover all fees so paying cash or card is still the same cost. It's easier that way and does not lead to people getting pizzzed off by seeing the " convenience fee ".

What your doing may keep a few stupid people from getting mad. But it's not fair. Be like making you pay for a fishing license if you don't fish.
I'll do what's fair and let the people who get mad go to my competition. You can bet your azz people like that are more trouble than their money's worth.

 

[greybeard]

What does it say about a man that says he 'don't fish'?
gay--commie--atheist--drug addict?

 

[Cross-7]

#1 complaint from my customers is collections.
Most all would prefer to be paid with a CC and let them carry the dept instead of them carrying the account till they sell their crops.
It doesn't take but a couple bankruptcy and it can cripple a business

 

[skyhightree1]

What your doing may keep a few stupid people from getting mad. But it's not fair. Be like making you pay for a fishing license if you don't fish.
I'll do what's fair and let the people who get mad go to my competition. You can bet your azz people like that are more trouble than their money's worth.

It's completely fair. They know the posted prices and choose to do business. How I come up with the prices and profit margin are none of their business. 90% of the transactions are with a card. We have to handle cash there's trips made to go to the bank as well as touches to the cash counting sorting etc so I'm paying for additional handling of it so what is the need to say anything since it's a business expense figured in my pricing.

 

[True Grit Farms]

0 - point I am saying is do not put a convenience fee where a customer can see it.. Out of sight out of mind

Which provider are you using that cost you nothing. I'd like to get in on that.

And you would rather some one charge you but not tell you why. I personally would rather know and have the option of paying a different way.

Question was how much are you losing? I said 0. The price is already adjusted to cover all fees so paying cash or card is still the same cost. It's easier that way and does not lead to people getting pizzzed off by seeing the " convenience fee ".

That's the American way punish those that pay pay their bills on time with folding money. Credit cards and debit cards have ruined the "cash cow" part of the restaurant business.