[kwlug-disc] Cash becoming illegal?
ldoneill at golden.net
Sat Nov 6 00:53:24 EDT 2010
It costs them money for the service. I prefer to pay the $0.25 rather
than the no Interact for under $5 rule.
If you make a lot of sales under $5 and it costs you 0.25 to .040 per
hit it makes a difference.
Stores who charge the extra but have products that I really love, I try
to bring cash.
Joe Wennechuk wrote:
> I have run into a few vendors recently, who also put an extra $0.25 on
> debit transactions at the counter. The register comes up with one
> price, and they tack on $0.25 prior to punching the value into the
> debit machine. I objected to this, and the proprietor told me sorry,
> but that is the policy of the store... Is this legal? it seemed
> strange to me, and I won't shop at these stores anymore.
> Joseph Wennechuk
> > From: jon at plexnet.com
> > To: kwlug-disc at kwlug.org
> > Date: Fri, 5 Nov 2010 15:22:18 -0400
> > Subject: Re: [kwlug-disc] Cash becoming illegal?
> > On Fri, 2010-11-05 at 15:05 -0400, John Van Ostrand wrote:
> > > ----- Original Message -----
> > > > But before we get some garments in a bunch. How many purchases would
> > > > you pass on if you didn't have the convenience of the credit card?
> > > >
> > > > I don't like carrying cash so there would be several purchases I
> > > > wouldn't make if I had to use cash.
> > > >
> > > > Actually, that is one of the premises in the "'til debt do us
> part" TV
> > > > program. The host forces couples to make all the purchases in
> cash so
> > > > they see what they are spending on and the spending becomes more
> > > >
> > > > That's a good thing except when you are already stingy like me. Many
> > > > vendors wouldn't get my business if I didn't have a CC.
> > >
> > > I admit liking the convenience of electronic payments and there
> was a time the credit part was significant. I don't have a problem
> carrying lots of money. Not to brag, but I found myself carrying
> $1,300 in my wallet for weeks. It was a cash payment for some used
> equipment sold personally. Aside from the extra lump it made, I wasn't
> concerned at all. Eventually it went to scuba gear and I liked that it
> was "off the books."
> > >
> > > Unlike Paul, I'm fine with debit. The vendor pays a 40c per
> transaction fee regardless of the size of transaction. Although the
> fairness of the amount is in question, the flat rate is suitable for
> something like that.
> > >
> > > Does anyone know if if Visa/MC has a flat rate on top of the
> percentage? What is the rate?
> > >
> > Visa and MasterCard have transaction fees along with a discount rate.
> > Visa has a variable discount rate in their Debit Card Product.
> > Depending on Merchant Category Code and Bank sponsor, there may also be
> > monthly statement fees. This is usually negotiable. American Express
> > only charges a discount rate - although this rate tends to be higher
> > that Visa and M/C.
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