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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?

Published

12 years ago

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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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You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”

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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

12 years ago

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

Related Topics:

click to Comment(Comment)
Advertisement

SPONSORED VIDEO

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”

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