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credit card fees

azlandman
Gentleman
When posting your items for auction please include in your narrative weather or not you charge credit card fees. This will avoid problems. As of today I will no longer bid on those auctions that charge CC fees.
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Comments

18 comments

Date Votes
  • azlandman
    Why do I see so many sellers stating they charge a fee of 3 to 4% for use of a credit card? My credit card fees are 1.6% for my gunshop. I don't charge extra when someone buys something frrom me. I would much rather have that money in my account in a day or two, rather than wait the several days it takes for someone to go get a money order and then wait for the USPS to get around to delivering.
    David Greenberg
    Second Amendment Family GunShop
    Bisbee, AZ
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  • azlandman
    Those that have been taking cc for some time do you prefer a fixed rate contract or a bank rate+.2%?

    I'm concerned that the fees might be higher than I suspect but, that the processor would not offer the fixed rates unless the average works to their favor. If you've gone the bank rate + .2% and fees let me know if you see card rates higher than 4%.
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  • Mercury
    Because they are short-sighted stupid business people, thats why. They just don't understand that people HATE nickle and dime fees. If you can't pay that 2% or so, you aren't doing something right in your business.


    Merc
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  • admin
    Card not Present rates are much higher than when you swipe the card through your reader. Nost mail order / telephone order / internet merchants pay close to 3% for VISA and MasterCard and 4% for American Express.
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  • decee
    After you make the transaction, phone the CC company. They will take away the vendors account
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  • iluvguns
    quote:After you make the transaction, phone the CC company. They will take away the vendors account

    Yeah, I thought it was against the "rules" to state that you were adding on the fees to the purchase price?? You see lots of it on the auction side though.
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  • Spider7115
    I sell everything through either checks, money orders or PayPal and I never add a fee if the buyer opts for PayPal. It's there for the convenience of my customers and it gets my money to me faster. Stores don't charge extra for using credit cards or I wouldn't shop there. It's just a cost of doing business.
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  • MFI
    Wrong Mercury ... We get charged 3.5 % for slide through CC transactions and 5% for ones we have to punch in .. That means 5 % on all auction CC sales.. You think the firearms business is a high profit ? Yeah right ..
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  • SCorvers
    Why let the CC companies make money off of YOUR work. The places where I worked were paying anywhere from 2.5 to 5% for CC sales. I wouldn't be able to sleep at night knowing some shyloks were making money off of my business.
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  • He Dog
    It is simply the cost of doing business. There are good reasons for me to use a credit card whenever I can, and that is not considering the frequent flyer miles. There is nothing more secure for internet transactions than the card, and nothing that gives me recourse in the case of fraud like a card does. My assumption is that every business person is like my pal Mercury and adds the price of credit card use into his overhead and my price. Tell me you are adding on 3% and I have to assume you are now charging 6%.

    Whether or not credit cards are the work of the devil, they are a fact of life, and a helpful one. I would rather not carry $10,000 in cash.
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  • AZEX
    convenience costs money so quit whining.

    D.
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  • Rocky4winds
    If you are paying more than 2% for your VISA/MC processing then you need to shop around. I just finished doing just that. We were paying about 2.5% on average, but up to 5% plus other monthly fees through my bank. I researched and found a company that will do it for a flat 1.7% with no minimums after the first month. Keyed-in is slightly higher, like 1.9%. I don't like Discover because they love to nickel and dime the charges, and is usually around 4%. I don't do AmEx.

    Curiously, there was a clause in the contract that I signed that stated very clearly that I could not charge someone more for processing a CC. Cash discounts are acceptable, but the impression I got was that there was a law?? about specifically charging more for CC. I need to double check that.
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  • non mortuus
    quote:Originally posted by iluvguns
    quote:After you make the transaction, phone the CC company. They will take away the vendors account

    Yeah, I thought it was against the "rules" to state that you were adding on the fees to the purchase price?? You see lots of it on the auction side though.

    At least some of the say something like listed price is for cash discount, CC is X percent more.
    http://www.gunbroker.com/Auction/ViewItem.asp?Item=83768693
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  • azlandman
    I don't mind the fee at all, it is more convenient, and everybody deserves to make a buck. I just didn't know that some people pay 3 or 4 or 5 %. I pay less than 2%, and when I did my research to pick a C company, I found them from 1.3% to around 2.25%. I just chose the one that made the most sense for me.

    David Greenberg
    Second Amendment Family GunShop
    Bisbee, AZ 85603
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  • beneteau
    Found this on a Google search (MSNBC--dated July 2006):

    There is no federal regulation that prohibits a merchant from charging a fee for using a credit or debit card, although some states outlaw these surcharges.

    According to Americans for Consumer Education and Competition (a group partially funded by Visa), states that prohibit all surcharges are: California, Colorado, Connecticut, Florida, Kansas, Maine, New York, Oklahoma, and Texas.

    But even where a surcharge is legal, it's generally a violation of Visa and MasterCard's rules for a store to tack on a surcharge for their credit or debit cards. They define a surcharge as any fee that is charged for using the card that is not charged when another payment method is used. (Note: This rule does not apply when you pay your federal income tax with plastic.)

    Article
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  • spryor
    quote:Originally posted by Spider7115
    I sell everything through either checks, money orders or PayPal and I never add a fee if the buyer opts for PayPal. It's there for the convenience of my customers and it gets my money to me faster. Stores don't charge extra for using credit cards or I wouldn't shop there. It's just a cost of doing business.
    Same here. Besides, paypal has a better interest rate than my banks.[:)]
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  • PanzerSlayer2
    quote:Originally posted by AZEX
    convenience costs money so quit whining.

    D.


    I'm sorry but the convenience is to the vendor as well. The whole point of accepting a CC is that you get your money faster at a price. Personally I never shop at a place that tacks on a surcharge.
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  • MFI
    Here is why there is a charge . Many backyard dealers here have guns listed for $25.00 over cost . Now if they are paid with a credit card and then they deduct their auction fee, well then guess what ? They are MAKING NOTHING. That is the simple reason why some auction have that CC fee tacked on.
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