Bro if you paid for a $140 dinner you can afford a $9 surcharge. These places offer what’s called “cash discount” to where that additional fee can be avoided by paying cash. The fees monthly to business owners pile up, especially with inflation. So it gives the option of paying with card at an upcharge, or cash for no fees. Restaurants have a lot of cash flow so it makes sense to use the “cash discount”, because again it helps the owner utilize the cash flow for the card fees that can be exuberant. If you pay 3,000 a month in fees, that’s 36k out of pocket a year literally just to have your customers spend money. If they are on cash discount, the owner avoids these fees, and merchant can still also do that as well with cash
@@jamesoshea494 what should be illegal is Amex visa and Mastercard charging small businesses 3.5% PER SWIPE. the cash discount let’s the owner save money on fees, and also gives the consumer the option to pay with cash to avoid fees. Simply put, pay with card, pay a fee. Pay with cash, no fee. It incentivizes cash flow for customers. Also again, you’d prolly be mad if your favorite restaurant jacked up the entire menu pricing by 15% due to inflation, this helps alot of businesses owners like myself hedge that inflation on product.
@@MuscleHamster23 Small businesses I get, but big businesses are doing it. I mean what if you have a 500 dollar order for a party? Who's going to walk around with that?
A lot of businesses want the convenience and benefits of a credit card but they don't want the costs. I stopped shopping at a few places that charge credit card fees. It's just annoying I am already paying for their product either make the prices reflect their expenses or don't accept cards at all.
The convenience of credit card processing benefits the customer way more than the business owner. Ask any one the operates a business. They would rather cash! Picture having your own business and having to pay for customers to pay you, for your hard work put in for a service or for products that you paid for, to put on your shelf. It's like your boss charging you a fee to process your paycheck every payday, you wouldn't think it's fair. 😅
@@GioMillzno it is greedy businesses adding an extra on to two percent to their bottom line on credit card swiping. There are too many business charging 4% credit card fee on VISA cards that cap that fee at 3%…but it really should be the lessor of their credit card fee or 3% for VISA cards. You rarely see anything but 3 or 4%. Heck why don’t these businesses just use Square its fee is 2.75%. I will tell you why because it’s not the fee, it’s the extra money they make by processing credit cards and debit cards. PLEASE NOTE: See Visa terms and conditions for Merchants there is to be no card processing fees accessed on debit cards. And every one of these businesses are running debit cards as credit cards which is almost pure profit as the fee for debit cards is about .21-.26 cents and the rest of it is profit! That why they use these fees! Please report the merchants doing this to VISA. The will be reprimanded.
Amex visa and Mastercard are charging small businesses 2.5- 3.5% PER SWIPE. the “cash discount program” they mention let’s the owner save money on fees, and also gives the consumer the option to pay with cash to avoid fees themselves. Simply put, pay with card, pay a fee. Pay with cash, no fee. It incentivizes cash flow for customers. Also again, you’d prolly be mad if your favorite restaurant jacked up the entire menu pricing by 15% due to inflation, this helps alot of businesses owners like myself hedge that inflation on product.
@@ExpressShirtself financial broker; I do happen to specialize in helping business get a cash discount/ cc processing so I do know a lot in this space, but there’s always room to learn and Ill never say there isn’t. It’s disgusting what the bigger card companies do to our small businesses that essentially keep the country going. Without these businesses to begin with, these card companies wouldn’t be making Jack shit. So it’s almost like they middle man the money for it being spent. so it’s very reasonable for an owner to want to avoid these
@@MuscleHamster23your fees seem high. Visa caps its fee passing at 3%. Square charges 2.75% something does not make sense? How can square make a profit? CC fees are not problem….its either an excuse to create a fee or some shady credit card processors doing some sort of kickback deal. I think it is a lot of the first and some of the second
