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Do You — or Don’t You: Do You Charge The “Checkout Fee” for Credit Card Transactions in Light of The Settlement Between Visa and MasterCard and Merchants?

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Do You — or Don’t You: Do You Charge The “Checkout Fee” for Credit Card Transactions in Light of The Settlement Between Visa and MasterCard and Merchants?

Do You — or Don’t You:  Do you charge the “checkout fee” for credit card transactions in light of the settlement between Visa and MasterCard and merchants?

BY INSTORE TEAM

Do You — or Don’t You: Do You Charge The “Checkout Fee” for Credit Card Transactions in Light of The Settlement Between Visa and MasterCard and Merchants?

Published in the April 2013 issue

         Checkout Fees

As part of a recent court settlement, Visa and MasterCard were required to allow merchants to charge certain credit card transactions beginning in January. This checkout fee of up to 4 percent can be added to the sale to cover credit card processing fees. Ten U.S. states have surcharging restrictions: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.

3% YES, I DO 

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You can’t discount, discount, discount then take a corporate credit card and another hit. — Shell Miller, Dig Sum Gems, Oak Park, MI

97% NO, I DON’T

 I absorb it into my margin as I have always done. People are sick of fees, and this is just another (negative) fee. — Elizabeth Breon, Coast Jewelers, Florence, OR

My customers have too many places to shop for me to try to charge them more. I’ve always had fees so it will be no different. — Candice Millstein, Wyatt Austin Jewelers, Schaumburg, IL

We have always considered it a part of our business expenses. — Alex Cassulo, Kimberly’s Jewelers, Fort Walton Beach, FL

We offer a discount for wire, cash and certified funds instead. My understanding of the settlement is that if you also take Amex, you cannot charge the fee for Visa. — Jim Tuttle, Green Lake Jewelry Works, Seattle, WA

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I don’t take plastic in any form. — Steve Stempinski, Steve’s Place, Madison, GA

We actually do the opposite! For good sized sales, we will give them the percentage off their sale if they write us a real paper check. It makes them feel special and trusted and we get a quicker cash flow. — Loann Stokes, Stokes Jewelry, Stillwater, MN

We continue to shop the best credit card processors with the lowest fees. — Scott Kelly, Jems Jewels & Gold, North Wales, PA

We have a sign alerting customers of the fees charged to us and most have no idea and are real quick to pay with either cash or bank debit card. Not many people want the banks to get any richer. — Paul L. Le May, Golden Enterprizes, Bracebridge, ON, Canada

I do nothing to offset the cost. It is a safer way to get paid a large amount without the customer having to pay cash. Large checks involve calling the bank to verify the funds which can be awkward. — Mary Harding, mary l harding, G.G., Bellingham, WA

Things are tight right now across the board. We feel that if we make it a point to provide the best customer service, the repeat business will be worth more than the added surcharge. — David Cunningham, David Arlen Jewelers, Riverside, NJ

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SPONSORED VIDEO

It’s Going to Set Us Up Very Nicely for Retirement

You’ve worked hard all your life. And if you’re like most jewelers contemplating retirement, you’re hoping that your going-out-of-business sale will add to your nest egg — with minimal complications. That’s exactly what Doug and Jacki Friedrich, fourth-generation owners of Friedrich Jewelers Inc., of Vernon, Conn., experienced when they selected Wilkerson to run their sale. “Jewelers who are contemplating a sale should go with Wilkerson because of their experience,” says Doug. And with financial goals “exceeding expectations,” the couple can now focus on enjoying the next chapter of their lives. “It’s going to set us up very nicely for retirement,” says Jacki. “The money’s coming in and we have no complaints. It’s been wonderful.”

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Do You Or Don't You?

Do You — or Don’t You: Do You Charge The “Checkout Fee” for Credit Card Transactions in Light of The Settlement Between Visa and MasterCard and Merchants?

Published

on

Do You — or Don’t You: Do You Charge The “Checkout Fee” for Credit Card Transactions in Light of The Settlement Between Visa and MasterCard and Merchants?

Do You — or Don’t You:  Do you charge the “checkout fee” for credit card transactions in light of the settlement between Visa and MasterCard and merchants?

BY INSTORE TEAM

Do You — or Don’t You: Do You Charge The “Checkout Fee” for Credit Card Transactions in Light of The Settlement Between Visa and MasterCard and Merchants?

Published in the April 2013 issue

         Checkout Fees

As part of a recent court settlement, Visa and MasterCard were required to allow merchants to charge certain credit card transactions beginning in January. This checkout fee of up to 4 percent can be added to the sale to cover credit card processing fees. Ten U.S. states have surcharging restrictions: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.

Advertisement

3% YES, I DO 

You can’t discount, discount, discount then take a corporate credit card and another hit. — Shell Miller, Dig Sum Gems, Oak Park, MI

97% NO, I DON’T

 I absorb it into my margin as I have always done. People are sick of fees, and this is just another (negative) fee. — Elizabeth Breon, Coast Jewelers, Florence, OR

My customers have too many places to shop for me to try to charge them more. I’ve always had fees so it will be no different. — Candice Millstein, Wyatt Austin Jewelers, Schaumburg, IL

We have always considered it a part of our business expenses. — Alex Cassulo, Kimberly’s Jewelers, Fort Walton Beach, FL

Advertisement

We offer a discount for wire, cash and certified funds instead. My understanding of the settlement is that if you also take Amex, you cannot charge the fee for Visa. — Jim Tuttle, Green Lake Jewelry Works, Seattle, WA

I don’t take plastic in any form. — Steve Stempinski, Steve’s Place, Madison, GA

We actually do the opposite! For good sized sales, we will give them the percentage off their sale if they write us a real paper check. It makes them feel special and trusted and we get a quicker cash flow. — Loann Stokes, Stokes Jewelry, Stillwater, MN

We continue to shop the best credit card processors with the lowest fees. — Scott Kelly, Jems Jewels & Gold, North Wales, PA

We have a sign alerting customers of the fees charged to us and most have no idea and are real quick to pay with either cash or bank debit card. Not many people want the banks to get any richer. — Paul L. Le May, Golden Enterprizes, Bracebridge, ON, Canada

I do nothing to offset the cost. It is a safer way to get paid a large amount without the customer having to pay cash. Large checks involve calling the bank to verify the funds which can be awkward. — Mary Harding, mary l harding, G.G., Bellingham, WA

Advertisement

Things are tight right now across the board. We feel that if we make it a point to provide the best customer service, the repeat business will be worth more than the added surcharge. — David Cunningham, David Arlen Jewelers, Riverside, NJ

Advertisement

SPONSORED VIDEO

It’s Going to Set Us Up Very Nicely for Retirement

You’ve worked hard all your life. And if you’re like most jewelers contemplating retirement, you’re hoping that your going-out-of-business sale will add to your nest egg — with minimal complications. That’s exactly what Doug and Jacki Friedrich, fourth-generation owners of Friedrich Jewelers Inc., of Vernon, Conn., experienced when they selected Wilkerson to run their sale. “Jewelers who are contemplating a sale should go with Wilkerson because of their experience,” says Doug. And with financial goals “exceeding expectations,” the couple can now focus on enjoying the next chapter of their lives. “It’s going to set us up very nicely for retirement,” says Jacki. “The money’s coming in and we have no complaints. It’s been wonderful.”

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