this is good for business but customers will not like, they already hate the minimum purchase, many places offer discounts on cash sales.

I am doing a research about digital bankings for university. I would like to know why digital banks such as revolut allows to top up their cards with our own debit card. This impplies that a merchant fee will be applied to revolut each time I top up the card. As far as I am concerned they don't charge any fee if you are topping with a EU Card. Why don't they just allow bank transfer? Thank you! Great video!

Do any of these Bank Merchant Service for eCommerce offer a simple buynow button form post and return url type API like the old school PayPal buynow interface? Any of them allow no refund policy?

Follow up survey: What are consumers thoughts on minimum purchase amount for credit card, or even worse, debit cards?

I am considering charging a card process fee. I wonder if the people that think it's just a cost of doing business think all those not paying with credit cards must pay more to make up for those that do? I don't want to raise my prices just to offer a discount.

@Bancardsales

Жыл бұрын

Curt, I think the more cash discounting programs and surcharge programs are offered, the more they are accepted by customers. With that, I think it still deters a lot of people from using their cards so naturally you're driving more cash sales. I personally prefer raising prices and offering a cash discount vs adding a fee on top of a sale amount. It's better psychologically to get a discount than to be charged a fee, thus customers are happier. Hope that helps. -Brian

@chrisatkins7022

11 ай бұрын

​@Bancardsales that's a real slimy answer. Calling a surcharge something else doesn't change the fact its a surcharge.

If you are thinking that you were not charged for your purchase, it's a myth. When a business want to price a item or service to sell , they will calculate their all expenses and add them up to the retail price. That means you are already paying for that processing fee without knowing your are paying for it. Some retail goods have fixed prices that regulated by manufacturing companies or government institutes. Those prices are fixed and merchants can't change these prices due to above reasons. In that case if their profit margin is low , they will charge additional convenient fee from customers to cover this cost. The difference is you are paying someone without knowing you are paying for an additional cost and paying someone for the same reason by knowing the facts.

I run a lawn care business and don't do convenience fees. I have gone to restaurants until today. I notice a convenience fee of 3.5%. My first thought was that can't be right to be charged at the register in person. I will understand if ordered online but physically in person? I went online and did my research in Texas. Says the following: In Texas, the Finance Code prohibits sellers from charging such a fee to credit card customers, however, sellers may offer a discount for paying in cash. Additionally, government entities are exempt from this restriction, therefore government agencies can (and often do) charge extra fees for using credit cards. Note that many of the universities charge a convenience fee; i.e., Texas Parks & Wildlife charges a fee; TCU charges 2.75% with a $3.00 minimum. Landlords cannot charge a fee, and there have been cases to prevent this action. Tex. Finance Code § 339.001 (2011) § 339.001. Imposition of Surcharge for Use of Credit Card (a) In a sale of goods or services, a seller may not impose a surcharge on a buyer who uses a credit card for an extension of credit instead of cash, a check, or a similar means of payment. (b) This section does not apply to a state agency, county, local governmental entity, or other governmental entity that accepts a credit card for the payment of fees, taxes, or other charges. (c) The Finance Commission of Texas shall have exclusive jurisdiction to enforce and adopt rules relating to this section. Rules adopted pursuant to this section shall be consistent with federal laws and regulations governing credit card transactions described by this section. This section does not create a cause of action against an individual for violation of this section. Correct me if I am wrong, In Texas is prohibited to be used in a business but exempt from government branches?

I do not like it when a business does this but I'd take this than for the business to flat out refuse to accept credit cards. Especially AMEX. I need my points!! Lol. I actually stopped shopping at a couple of stores for this reason. Annoyed I couldn't pay with my AMEX card. Also, I myself am a business owner and instead of doing a surcharge I just calculate the fees into the price of the service and offer a cash discount for those that want to save a little money (I also have a loyalty rewards program that keeps my clients happy). Plus I never refuse AMEX. I read or heard somewhere that people that have AMEX tend to spend more anyway (all for them points baby!! 😂). At the end of the day I'd rather pay a small processing fee than lose a customer altogether. Not to mention it saves me the drive to the bank and having to make manual deposits. Lol.

At the end of the day, carry cash if you dont want to pay the surcharge. Problem solved. Why should a small establishment have to foot the bill for getting paid. Essentially the money either comes out of the customer’s or the business

@AnMComm

3 жыл бұрын

It comes from the customers either way. The point is that it is an operating expense that's supoosed to be incorporated into the prices in the first place. Because that's the whole point of having a certain price in the first place.

@stevedrown7414

Жыл бұрын

I agree. It’s a cost that business absorb so that the customer can have the convenience of not having to carry cash. At that point it should not be considered a cost of operation. The business is losing money so that others can gain a convenience. So the business is paying for you to be lazy.

Are you considering surcharging at your business? AND as a customer how do you feel about surcharging? Are you upset with it or indifferent?

@emiiross

4 жыл бұрын

Hello, I’ve been using square fir my business. I recently had it deactivated witch made me mad. What other app can I use for my business to charge customers with a visa or credit card?

@betthatthen2850

4 жыл бұрын

Esmeralda Moreno email me earl.swipet@gmail.com. We have a program that will suit you.

@user-eh7ug9ex9p

Жыл бұрын

If I am aware of the charge and given a choice to pay with an alternate method, it doesn't bother me much.

@Bancardsales

Жыл бұрын

@@user-eh7ug9ex9p Thanks for the comment! It's becoming more and more accepted especially since the date this video was posted. Thanks for watching! -Brian

We use it for our plumbing business and most folks do not care,, or they simply give us a check.. our business is much cheaper than many other places in town and most dont seem to mind the fee... it has saved us a good chunk of change

@Bancardsales

6 жыл бұрын

That's great if your clients don't mind! It's a good situation for you! Thanks for watching.

@palakiss8533

4 жыл бұрын

BancardSales rip off

@kennyguidry6536

2 жыл бұрын

Yes so tell me what’s the difference in paying with a check or my debit card.It’s exactly the same thing better if you ask me.So why charge a fee for debit card if you don’t charge one for check?They or basic same way of making a payment.Now credit card I can understand.But not a debit card.

@pyotr716

Жыл бұрын

@@kennyguidry6536 There is no processing fee for accepting a check. However with a card there is. Which is why some business prefer customers pay cash or check. 🤷‍♂

@thebootielover

7 ай бұрын

So fast food dining places are always nickel and diming me for extra condiments. I tell them I'm not going to pay extra for any condiments. And then I tell them to give me a refund on my order if I have to pay for extrees. When they do refund my order I try to explain to them that I just cost you 2 bucks and you didn’t make a sale. Think about that. So Fast Foods gets a swipe fee for my order and a swipe fee for my refund. Correct?

Will never shop with people who charge me to take my money

I am in the business and I thought that this was a very thought provocative piece on a portion of the business that seems to be going towards the way of the "convenience fee" - 40 states now allow for surcharging so as time progresses and ISOs sell it more consumers will see it more and more. I remember the days when ATMs used to be FREE and now look at what happens when you use a foreign ATM machine ( $2.00 or $3.00 surcharge) so this will not be an issue in the next 4 years. Consumers will be eventually presented with this as the norm

@Bancardsales

7 жыл бұрын

Yea, you could be correct on the movement to the convenience fee. If the agenda is pushed from most processing companies, eventually it could become common practice. Time will tell. I personally believe that business owners should use discretion on implementing the practice regardless of whether it's commonplace or not. Certain industries it's understandable in, others, can afford to pay the fee! Thanks for commenting. Lmk if there's any topics you'd like to see videos on and I'll try to add it to the list. P.S. what company/ISO do you work with?

@showgatlic

7 жыл бұрын

I agree with you whole heartedly

@kuanteo6690

6 жыл бұрын

I believe it is the right to charge the connivence fee. Even if it is above the rate of processing fee. There is also the time needed for the payment to come in from the credit card companies. There is a big case here between the taxi companies and visa. The taxis took off visa and used mastercard because they didn’t agree to surcharging the customers. I think it is just hypocritical credit companies charge a processing fee and tell merchants to suck it up to absorb it. A connivence fee is like what it is. It is for ur connivence it is here. It is cost to the merchant. To process. To wait for the payment. If you do not want to pay for the surcharge pay in cash. Merchants do not need to make everyone else using cash pay for ur credit card fees. If the buyer doesn’t wish to shop there anymore it is fine. It is his right. It is also the right of the merchant to charge for his operating cost.

@bncfinance798

5 жыл бұрын

They didn’t mention that it’s ideal for B2B or wholesale. The larger the average transaction the more it makes sense

@thebootielover

7 ай бұрын

So fast food dining places are always nickel and diming me for extra condiments. I tell them I'm not going to pay extra for any condiments. And then I tell them to give me a refund on my order if I have to pay for extrees. When they do refund my order I try to explain to them that I just cost you 2 bucks and you didn’t make a sale. Think about that. So Fast Foods gets a swipe fee for my order and a swipe fee for my refund. Correct?

A new business near me is charging 5.5% and is charging for debit cards as well. I believe both of these are against the law. I've informed the business and they refuse to change. Who can I contact?

@Bancardsales

4 жыл бұрын

Wow. That is a bit high... and yes there are a couple issues with what they are doing. If you are going to report them, I'd let them know you are going to do so. Then you can report it to the Visa / MC associations.

@handle554

4 жыл бұрын

@@Bancardsales I am correct about debit cards, right? From what I read even if you use the debit card as a credit card when doing the purchase they're still not allowed to charge.

If it costs a percentage to process the transaction, wouldn’t it also cost a percentage to charge that surcharge?

@Bancardsales

Жыл бұрын

Yes it would. that's correct.

EITHER YOU ADD 2.6% PLUS 10 CENTS TO YOUR ITEMS OR YOU TELL THEM THEY GET CASH PRICES FOR CHEAPER.

Illegal in CA and several other states. Considering most people use cards nowadays, a surcharge for any amount is absurd.

@Bancardsales

5 жыл бұрын

I agree with you. As a consumer, I'm very frustrated any time I get the surcharge passed along to me. As a consultant to businesses, I discourage the practice of surcharging because they are alienating some of their clients/customers by doing it. It's inevitable. And for just a couple bucks, per $100? Doesn't make sense to me.

@ohbreezeb.411

2 жыл бұрын

@@Bancardsales Doesn't adding it to item costs raise how much sales tax you will have to pay every quarter?

@blackkitty1774

2 жыл бұрын

@Jonathan Stringer you don’t understand merchant agreements or state law apparently. You’re not ALLOWED to charge a fee. Period. You AGREED to it in your merchant agreement. It’s the cost of doing business. What don’t you get about that?

@hiroipip

2 жыл бұрын

@@blackkitty1774 it is allowed, clover is just trying to tell me to use surcharge program rather than interchange plus on my new restaurant. I am still thinking tho

what happens when a customer returns the product? Do they get they surcharge back?

@johnfranceschi3271

11 ай бұрын

Yes, it's called a charge back

As for today is it legal to surcharge in Texas ?

@hiroipip

2 жыл бұрын

i think so , now i think only 2 states are illegal

Majority of merchants do not know what the exact cost of a card is at point of sale. Therefore they don’t know how much to charge and if it ends up being more than the cost they are not compliant. Also you didn’t mention that it’s illegal to surcharge debit.

@bncfinance798

5 жыл бұрын

Also state restrictions

@bncfinance798

5 жыл бұрын

Also not ideal for retail. Ideal for B2B and wholesale.

@Bancardsales

5 жыл бұрын

Thanks for the comment. Are you a business owner or are you in the industry? Yes that is correct that merchants don't know what their rate is at the point of sale. The technology isn't built to show it. Because of that most merchant account providers and Merchants end up charging a rate that is likely just lower than the average effective rate in fees that they pay IF they choose to surcharge. It's really the only way to do it. Surcharging in general is still a huge grey area. There are lots of restrictions that I chose not to cover in this video as you mention such as state restrictions and debit card restrictions. perhaps I will cover those Topix in future videos. Thanks for watching.

@davidandrews2742

5 жыл бұрын

BNC Finance if they have a merchant account you know exactly how much

Can you charge a fee to a company for taking your money. Like if you're paying your phone bill and charge a processing fee for the phone company to accept your money

@Bancardsales

4 жыл бұрын

Yes that's completely legal. It falls into utilities convenience fees and it is legal.

@palakiss8533

4 жыл бұрын

Shove the fee

It's not a surcharge or a convenience fee my guy! It's plain and simple, it's charging a customer to spend their money! Which is absolutely ridiculous insulting and disrespectful, if a business cannot afford to pay their own personal business fees of having a business, then they shouldn't have a business! Charging the customer money to spend their money and expecting them to pay and fun the fees for the business, is absolutely insane and somebody should burn that business down

@Bancardsales

2 жыл бұрын

Thanks for the comment. I do NOT recommend burning businesses down, just for the record. Thanks for watching and for the comment!

@alieyesonme247

2 жыл бұрын

You're welcome, and I'm not recommending burning anything down, I was saying more or less as to why it's no surprise why people do that sort of thing, there's always some sort of grudge held

@alieyesonme247

2 жыл бұрын

The bottom line as I had already said, no business should expect the customer to pay for their business fees! It's disrespect to the customer and to the business and the customers will go elsewhere, just include the cost of your machine that you chose to have and pay for in the cost of whatever you're selling so it doesn't look like you're ripping off your customers

@user-qu7gp9dm2w

3 ай бұрын

Or carry cash. If you had a business you’d understand

@user-qu7gp9dm2w

3 ай бұрын

I use to want to put my rent on my credit card just to get the points each money toward flights. They would allow it however they charged the fee for using it. Why would that be any different

Why not surcharge by just including it into the built price of product for all customers?

@Bancardsales

3 жыл бұрын

Great question. That's what you easily could and should do. That is historically how it has been done. It is like a surcharge because the cost of the merchant account fee is a cost of goods sold. Right on! Thanks for warching !

@newbeginnings9457

2 жыл бұрын

Some stores do and the cash buyer/debit card user gets to pay a fee they’re not aware is present! That in itself would make me angry!

Want to spend money at my business? Okay, I'm going to charge you to spend your money lol, that is totally not the customer's job, it is the businesses responsibility as a business to pay the fees that come with their business! Plain and simple and the fact that they expect the customers to fund it, is a loss for words

@Bancardsales

2 жыл бұрын

Stay tuned for my next video on surcharging. It will be coming out in the next week or so. Here's a preview: one of the 4 major card brands agrees with your stance on the practice of surcharging. Thanks again for warching and commenting!

@nimeshmistry4417

2 жыл бұрын

So, part of your cash back is funded by merchant's margin. Also, what if my vendor does not accept credit card when i am purchasing a regulated merchandise, what should the retailer do?

@SachiraBhanu

10 күн бұрын

If you are thinking that you were not charged for your purchase, it's a myth. When a business want to price a item or service to sell , they will calculate their all expenses and add them up to the retail price. That means you are already paying for that processing fee without knowing your are paying for it. Some retail goods have fixed prices that regulated by manufacturing companies or government institutes. Those prices are fixed and merchants can't change these prices due to above reasons. In that case if their profit margin is low , they will charge additional convenient fee from customers to cover this cost. The difference is you are paying someone without knowing you are paying for an additional cost and paying someone for the same reason by knowing the facts.

If you're the one making a purchase and using your credit card, you should be the one to pay the fee. You ARE going to pay the fee one way or another because the merchant is in business TO MAKE MONEY first and foremost. Without making money, AKA profiting, there is zero reason OR ABILITY for a merchant to stay in business. The fee, if not paid through an upfront obvious way that notifies you that you are paying it will simply be back door added to the base line pricing of ALL the merchants products and services. You will always pay, they will not lose because they cannot lose and stay in business. Don't believe me? You try running a business. Go ahead, start a business, any kind of for profit business and tell me how long you last eating loses and not making a profit or a sufficient profit to justify remaining in business. I dare you.

Perfect for Small Businesses

Stop saying surcharging! Call it what it really is, what you mean to say is, if you really going to start charging your customers money to spend their money,

no tiene sentido cuando tu tienes una tarjeta que te da 1.5 % por compras si cuando usa esa tarjeta para hacer una compra el negocios te cobra un 5%

just a scam the credit card charges you 29 percent plus a yearly fee they should not be billing charges to the seller

@newbeginnings9457

2 жыл бұрын

Pay your bill in full! Credit card company isn’t at fault if you use it knowing the consequences! You’re hilarious Bro!