ChipTuner on Nostr: In some US states we're allow to explicitly pass card processing fees to the ...
In some US states we're allow to explicitly pass card processing fees to the customer. I know some businesses where their card processor allows them to automatically defer the fees. They started doing this when Amex got popular and started charging businesses over 8% in some cases, we got hit with some over 9%. How do you think CC points and reward systems work??? No such thing as a free lunch.
I've found this is much easier for a brick-and-mortar storefront than an online store that has competition, if your competition doesn't charge for the same piece, even if you add value it opens up a support phone call or email that just adds friction, so you just raise prices globally and hope it evens out in the long run.
There are probably better ways of handling it, but when your rocking a 15% margin, add a 7% card feed, a 2-5% platform processing fee, you start losing money in a hurry
I've found this is much easier for a brick-and-mortar storefront than an online store that has competition, if your competition doesn't charge for the same piece, even if you add value it opens up a support phone call or email that just adds friction, so you just raise prices globally and hope it evens out in the long run.
There are probably better ways of handling it, but when your rocking a 15% margin, add a 7% card feed, a 2-5% platform processing fee, you start losing money in a hurry