credit card rates for businesses?

[sethie]

first of all, hi everyone. I haven't been by here and something like four years.

So, here is my question:

does anyone know what is average for businesses to pay in terms of percentage they give to credit cards?

I was at the dry cleaners yesterday, and was shocked to learn that her credit card company took 30%!

I told her there were certainly better rates out there, but she insisted there weren't. In this case, ignorance was not bliss, but what can you do with stupidity that doesn't want to learn?

Today, I was eating at a restaurant, and asked him the same question. They said it depended on the company, and varied from 5 to 10% sounded a little more reasonable to me.

Anyway, does anyone know kind of what average for businesses to pay? I currently buy almost everything with credit cards, and pay it off at the end of the month, however I am thinking I'd rather have local businesses have my bucs in some faraway mega-corporation.

Peace,

Seth


Any case there are any wacky typos, it's not my fault! I am using voice recognition software and every now and then it does something nutty.

 

[Holdfast]

Packages vary, but it's usually about a couple of percent maximum for Mastercard or Visa and a bit more for AMEX (can be up to about 3-5% for AMEX I think). Depending on the package, you might pay a minimum per transaction. There are various deals around based on volume of transactions, and what percentage of the transactions are with plastic versus cash, so the exact percentage will vary from business to business.

When I dislike a company or resent the payment, I make sure to use AMEX so they pay extra for the processing. If I'm neutral, I use MC/Visa. If I like them, I sometimes use cash.

 

[Tim]

When I dislike a company or resent the payment, I make sure to use AMEX so they pay extra for the processing. If I'm neutral, I use MC/Visa. If I like them, I sometimes use cash.

I like this strategy, though at the moment I only have several MCs and a Discover. I never use cash since the merchant isn't going to give me a 2%-3% discount for the lack of credit card fees and I don't rack up cashback bonus points. I love cashback bonuses.

 

[Holdfast]

When I dislike a company or resent the payment, I make sure to use AMEX so they pay extra for the processing. If I'm neutral, I use MC/Visa. If I like them, I sometimes use cash.

I like this strategy...

It appeals to the petty & vindictive part of my nature. Or, as I like to think of it, my better side.