Working in the accounting world, I get to see a lot of different stuff.
Around here, a lot of gas stations for example have signs out by their registers that a minimum $5 purchase is required to use your credit or debit card. A lot of people really gripe about that. If only these people knew the fees that business owners pay to accept credit cards. I am not fooling you.
Another thing most people do not know is that the fee the retailer is charged depends on the perk associated to the card. Some cards have miles, some have points to buy items, others offer restaurant discounts. There are also fees charged if the card does not swipe or use the chip. So, if the card gets hand entered, there is most likely a fee to the retailer for not swiping the card.
It adds up quickly. Very quickly.
As Black Friday nears, just remember that every time you use your card, the store is getting dinged a fee so that you can use it.
Yes, it is a cost of doing business, but I just wanted people to understand why they may see those signs at the registers.
Thank you for stopping by! Happy shopping!