What does it mean to share credit card fees with customers? We have had several inquiries lately, so thought we would pass along a little bit of information.
If you are a business that accepts credit cards, you know that there are fees involved. And historically, a customer that pays in cash pays the same price as a customer that pays with a credit card. Many just accept this as the cost of doing business. However, with card acceptance at 80% or higher, businesses are starting to take a second look at the fees and ways they can share these fees with customers that want the convenience of using their card.
Start saving some of those fees to put back into your business.
Some businesses are sharing the full cost of the card fees by adding a surcharge or "non-cash" adjustment fee. Some split the difference and charge a smaller fee.
Either way, especially when businesses are looking for ways to cut costs, sharing a portion of the fees may be a viable option, but it must be done correctly to work with the card brands policies.
For more information or specifics on how these programs work, give us a call:
Or click here to make an appointment: