Quote:
Originally Posted by mechanicalman
The reason that most retail businesses or restaurants eat the credit card fees is because they are generally operating with gross margins at 50% or better. An auction house is working with a gross margin as low as 20%, so “eating” 3 pts represents a significant (15%) profit hit. Big or small, it wouldn’t be fiscally prudent to take that hit off the top.
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Sam, good point. But for me when I add up all the extras, it is hard to be a competitive bidder, particularly when you consider a Fl sales tax of 6.5% and now to pay another 3% for the privilege of using my Visa card. Heritage has my money, rightfully so, but there are many who always will wait until the last minute and send in a paper check without penalty.