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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

11 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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SPONSORED VIDEO

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”

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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

11 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

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”

Promoted Headlines

Most Popular