In some US states we're allow to explicitly pass card processing fees to the customer. I know some businesses where their card processor allows them to automatically defer the fees. They started doing this when Amex got popular and started charging businesses over 8% in some cases, we got hit with some over 9%. How do you think CC points and reward systems work??? No such thing as a free lunch.
I've found this is much easier for a brick-and-mortar storefront than an online store that has competition, if your competition doesn't charge for the same piece, even if you add value it opens up a support phone call or email that just adds friction, so you just raise prices globally and hope it evens out in the long run.
There are probably better ways of handling it, but when your rocking a 15% margin, add a 7% card feed, a 2-5% platform processing fee, you start losing money in a hurry
ChipTuner
npub1qd…3fqm7
2024-10-14 15:44:05
in reply to nevent1q…x7vn
Author Public Key
npub1qdjn8j4gwgmkj3k5un775nq6q3q7mguv5tvajstmkdsqdja2havq03fqm7Seen on
wss://relay.damus.ioPublished at
2024-10-14 15:44:05Event JSON
{
"id": "7f134d46d8a1139c3f3ad81f7e695e0c4e0b7a38febc64a9d56eca0567c982c5",
"pubkey": "036533caa872376946d4e4fdea4c1a0441eda38ca2d9d9417bb36006cbaabf58",
"created_at": 1728920645,
"kind": 1,
"tags": [
[
"e",
"841c26cff5867a5d5436bba56d3b0105906472f2aa7c92a1a91a10df7028e271",
"",
"root"
],
[
"e",
"841c26cff5867a5d5436bba56d3b0105906472f2aa7c92a1a91a10df7028e271",
"",
"reply"
],
[
"p",
"17538dc2a62769d09443f18c37cbe358fab5bbf981173542aa7c5ff171ed77c4",
"",
"mention"
]
],
"content": "In some US states we're allow to explicitly pass card processing fees to the customer. I know some businesses where their card processor allows them to automatically defer the fees. They started doing this when Amex got popular and started charging businesses over 8% in some cases, we got hit with some over 9%. How do you think CC points and reward systems work??? No such thing as a free lunch. \n\nI've found this is much easier for a brick-and-mortar storefront than an online store that has competition, if your competition doesn't charge for the same piece, even if you add value it opens up a support phone call or email that just adds friction, so you just raise prices globally and hope it evens out in the long run. \n\nThere are probably better ways of handling it, but when your rocking a 15% margin, add a 7% card feed, a 2-5% platform processing fee, you start losing money in a hurry",
"sig": "22298d01699cee82a430b733e34fee4bedf15f7e876001e6ca37ce0f2a153fb15ea93f87b874fe1b766e008d4a40d309046c349a54c8dd9b8224043efbcc3a37"
}