Predictable Credit Card Expenses for Retailers
How Much Could You Save?
There are numerous ways to offset the cost of card payments. Use our saving calculator to see how much you could save.
Surcharges
For customers choosing to pay with a credit card, a price adjustment is collected at check-out that covers the processing fees. The cardholder bears the expense of using a card. This fee can’t be applied to Debit cards and can’t exceed 3% and must not exceed your costs for card processing.
Cash Discounts
Offering a discount to a customer paying by cash is one way to motivate clients to pay by cash and avoid the fees for card processing. This means the price of the product/service must have the costs of cards factored into it. Listing items as cash prices, then charging a fee if they pay by card is technically a surcharge and must follow those rules.
Convenience Fees
If you are collecting payments online or through a bona fide alternative method for taking orders, you can charge a convenience fee. This fee must be a fixed and flat amount, which must apply to all payment types collected through the channel. It cannot be % based.
Built-in Fees
This is how most businesses and organizations handle the cost of cards. It is built into the price of the products/services. No matter how you pay, the price is the same to the customer.
