Quote:
Originally Posted by retiredguy123
The 3.75 percent fee would be about double what I paid when I owned a retail business. But, I don't know what the current bank fees are. It seems too high though. Their online menu doesn't seem to say anything about the fee. Also, I wonder if they are able to distinguish between a credit card and a debit card in all cases.
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One of my clients is a 7 store vitamin & minerals retailer - part of a national franchise.
His fees are about 1.44% for the total of visa, mastercard, discover and debits and about 2.75% for Amex.
The smaller the transaction the larger the fee. National franchises have tremendous negotiating power.
Arnold Palmer is making money on these service fees!