theclemsonkid
Member
Technically under 99% of agreements with processing companies, you are not allowed to set a minimum price that you can charge, and if you start a "no credit card purchases under $5.00 rule", you theoretically can have your account suspended. However, it's very unlikely that some big corporate processing company gives two hoots about whether you do it or not. Especially since if they do suspend your account, you just up and leave and go to someone else, thus they lose their fees.
It just puts a lot of small businesses between a rock and a hard place. Most of my older customer (say 60+) always carry cash, or at least a personal check. The 30-50 crowd usually carry cash and a credit/debit, so you never know what you are going to get with them. It's the 18-30 crowd, which makes up about 30% of my business, that never have cash. So, if I took away that option from them, I may very well lose tens of thousands of dollars in sales a year.
I just wish it was more evenly tiered for smaller purchases. I often wonder how McDonalds and Wendy's do it when they have 200 people a day rolling through getting a $1 sweet tea or a McDouble for a buck, and putting it on their card. That has to get expensive on fees I would think...
It just puts a lot of small businesses between a rock and a hard place. Most of my older customer (say 60+) always carry cash, or at least a personal check. The 30-50 crowd usually carry cash and a credit/debit, so you never know what you are going to get with them. It's the 18-30 crowd, which makes up about 30% of my business, that never have cash. So, if I took away that option from them, I may very well lose tens of thousands of dollars in sales a year.
I just wish it was more evenly tiered for smaller purchases. I often wonder how McDonalds and Wendy's do it when they have 200 people a day rolling through getting a $1 sweet tea or a McDouble for a buck, and putting it on their card. That has to get expensive on fees I would think...
