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Quote:
That aside, the story of not losing money on a sale by taking a credit card isn't quite correct. Simple business math says if you make less than 3% GP on a sale AND you take a credit card, you are taking money out of your pocket to pay. That would be a big fat LOSS. And in some businesses, margins can be that slim. If you don't think so just ask a C-Store owner who sells gas..... Last year, after I sold my restaurants, two months later I got a charge back from Mastercard for almost $80. It came straight out of my bank account because they had a tie in to the account (as is very customary). My restaurants average tab was about $8.25 (cheap food). The next day I closed my bank account and opened a new one. I also had a few other small gotchas too. But after closing it and opening a new one, Since then not one MF'er has taken money out of my account. Live and learn.
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Leon Luckey |
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MF'er?
Meal Fraudster? |
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I can see why an auction wouldn't take cards.
It's necessary in retail. The bike shop didn't take cards when I started, and we ended up writing down the stuff we didn't sell because we didn't take cards. Once we were setup, cheaply since we already had a machine of sorts, it was ok. Basically more than tripled our sales. But the deal she had was probably the worst. Something like 3.5% plus 35cents per, plus if we did less than $50 in a month there was a $50 fee. Not great for a seasonal business. One of us would go in once a month from Dec-April and charge ourselves $50 for something, I usually bought parts, or cash. At the time Paypal was actually much cheaper. (And Amex charges way more. we've never taken it) We started by having a $10 minimum, but a lot of people don't have enough cash when they're out riding or jogging. Unless they weren't at all local, I'd just let them take a water or soda, and bring the money the next time. Especially in the summer. Nearly everyone did, some even gave us a bit extra. Unless the auction figures they'll make more by taking a card it just doesn't make sense. Steve B |
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