Minimum Purchase on Credit Card Transactions

Transaction fees for credit card purchases has long been a hardship for businesses.A sales and business profit margin depends on the value, credit card processing fees at the end of a business can cost quite a bit of money each month.

Many traders on the processing fee for customers to pass on their revenue to compensate for the loss. There are two basic ways to trade this in principle, can be: the credit card transaction (the transaction costs could negate the benefits they want to) set a minimum fee, or they can ensure that the consumer gives a credit card transaction is more to compensate for the loss.

Let's discuss these two options and can do business.

1. I can set the card to purchase a minimum amount?

Short answer: Yes, as long as it does not exceed $ 10. And the minimum can only apply for credit cards. A debit card can not impose a minimum charge.

Traditionally, business owners purchase a minimum amount for credit card transactions is not to set up. Brands such as Visa and MasterCard cards, sometimes by paying business customers do not want to discourage - it's no mystery why.

However, this new law passed in 2010 has been changed as a result. Dodd Frank Wall Street Reform and Consumer Protection Act was created in response to late-2000s recession and the United States is a great deal of changes to financial regulation. Act, Durbin amendment is a relatively small part, a bit of power (and, eventually, money) and credit card companies to transfer to the hands of the merchants that means.



2. I have a card with the customer to pay an additional fee?

Short answer: No, but you can give a discount for paying in cash.

Set a minimum purchase amount for credit transactions, while traders can use a card they can not charge an extra fee - at least, not at all.

will have to pay part of a dealer may offer a discount. cash payments for their customers. "

Other card brands have similar rules. In short, it's all about presentation.To reiterate, the client saves the business money to pay with cash, businesses can pass those savings on to consumers. They, however, openly to use a card could be a customer card transaction punished by a special extra charge.

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