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Glen Coffield

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  1. Credit Card Convenience Fee

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    8 comments  ·  General  ·  Admin →
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    Glen Coffield commented  · 

    In the US you cannot "surcharge". It violates every merchant agreement I've ever seen. I've been in business 25 years and have multiple merchant accounts. The "legal" way is to say all prices reflect a "x%" discount. All other payment types will result in the loss of cash discount. Now having said that, doing this will cost you a lot more in lost business. It's a big turn off. It's a cost of doing business -- period. Since I started 25 years ago I have always used 2% as my cost of money. Whether its bad checks, counterfeit bills, shrinkage,there's a cost. For 25 years that number has varied from 1.85-2.25% over all. You build that into your cost model and price accordingly -no different then if the cost of a widget you buy goes up. I walk out of stores that do this and tell others to do the same. There are better processors out there,

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