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Colorado looks to reverse law outlawing credit card surcharges

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Anonymous
Not applicable

Re: Colorado looks to reverse law outlawing credit card surcharges

For some people though, "the one's aware of this", might decide to return to the old days of paying with Cash. Or at least using a debit card if there's still no fees involved with that method.

 

The only reason I'm 100% CC use now is because of points, so if a fee is passed onto me directly and it negates said rewards I'm earning then it's no longer optimal for me to do so. I have no problem paying with cash because I used to do it for many years. 

 

That said I doubt 2% even matters to the general population and will go on unoticed.

Message 21 of 34
AZEsq
Regular Contributor

Re: Colorado looks to reverse law outlawing credit card surcharges

Eh It's too late. They already do it- it's built into their pricing model. Price rose when these laws went into effect and they won't go down. Some retailers will try to double dip and those should rightfully be boycotted. Greed kills.

Message 22 of 34
Anonymous
Not applicable

Re: Colorado looks to reverse law outlawing credit card surcharges


@AZEsq wrote:

Eh It's too late. They already do it- it's built into their pricing model. Price rose when these laws went into effect and they won't go down. Some retailers will try to double dip and those should rightfully be boycotted. Greed kills.


I don't care if it's built into the price, that's how it should have been to begin with. Separate fees are unacceptable in my mind. 

Message 23 of 34
designated_knitter
Established Contributor

Re: Colorado looks to reverse law outlawing credit card surcharges

There is a bagel shop in my area that charges a flat 2.00 fee on top of the cost of the purchase if you use debit or credit.  So if you buy a 5 dollar bagel sandwich, you are paying 7 bucks when she's only being charged 20 cents... that's a tidy little profit!

 

I could see charging an extra percentage but when you are making using this as a way to generate additional income, that's where I have a problem.  Never mind the fact that cash sales can be hidden more effectively from the IRS so who knows whether she's actually paying taxes on all the cash she's bringing in.

 

I won't step foot in her shop ever again.

 

At some point, the swipe fee should be considered the cost of doing business.  It isn't like they charge you a set price then tack on a fee for their rent, a fee for utilities, etc.  After all, I never eat in so why should I have to pay the increased price for the added rent and expenses for the dining room part of the restaurant.  

 

Figure out what your cost is, how much you need to profit and charge everyone the same amount.

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 24 of 34
randian
Valued Member

Re: Colorado looks to reverse law outlawing credit card surcharges


@designated_knitter wrote:

I won't step foot in her shop ever again.


She sees the cost of CC processing on her books, but doesn't see sales that didn't happen on her books. The erroneous conclusion that books are reality follows. I see a lot of small businesses make this error.

 

I once foolishly reminded a merchant that their card surcharge violated their merchant agreement. They didn't care, take it or leave it. I no longer bother wasting time with such reminders. Even if I felt sufficiently aggrieved that I wanted to tell Visa about it I have no idea how to, or whether Visa itself cares.

Message 25 of 34
randian
Valued Member

Re: Colorado looks to reverse law outlawing credit card surcharges


@iced wrote:

 

Some businesses are trying to be more transparent with how much things cost and what is done with the revenue. More and more people are now demanding such transparency from those they do business with.

That's silly. Do you demand to know Walmart's wholesale price for that pizza you bought, or the food, labor, and overhead costs of a restaurant you like? How is demanding to know what a merchant's credit card fees are any different?

Message 26 of 34
iced
Valued Contributor

Re: Colorado looks to reverse law outlawing credit card surcharges


@randian wrote:

@iced wrote:

 

Some businesses are trying to be more transparent with how much things cost and what is done with the revenue. More and more people are now demanding such transparency from those they do business with.

That's silly. Do you demand to know Walmart's wholesale price for that pizza you bought, or the food, labor, and overhead costs of a restaurant you like? How is demanding to know what a merchant's credit card fees are any different?


I don't personally require transparency for small goods like the crap someone would buy at a Wal-Mart, but I don't mind it either. If you hate the word 'demand', feel free to substitute the word 'appreciate.'

 

People are acting outraged that they're being charged a fee that they've been charged all along. As someone who recognizes this, I'm not going to react to a merchant putting a 3% surcharge line-item on my bill versus a merchant who just silently increases their prices by 3%. Either way, those costs are being passed along to me, so again why the anger?

 

It's almost as foolish as people who think they're going to materially hurt a large merchant by boycotting them in anger.

Message 27 of 34
gdale6
Moderator Emeritus

Re: Colorado looks to reverse law outlawing credit card surcharges


@Brian_Earl_Spilner wrote:

@Anonymous wrote:

@Brian_Earl_Spilner wrote:

Sounds like they're aligning with just about every other state in the country. 


Yep, caring more about businesses than people. It was bound to happen as CO becomes new CA. Smiley Frustrated


That's one way to look at it. Another is, by being able to pass those fees along, small business have a better chance at surviving, which means they can stay open and keep all of their employees working.


Raise your prices then. If 2% is the difference between failure and success the business has bigger problems.

Message 28 of 34
Anonymous
Not applicable

Re: Colorado looks to reverse law outlawing credit card surcharges

Okay, but we are now in a generation where everything is being done digitally. And there is a large movement for cashless society especially given recent situations, so how do these merchants conduct business in this new world of electronic Money?  It's no longer a choice of cash or the "other" options if they too have to accept digital Money. Are they still going to charge the fee since cash is no longer allowed as an option, and all people have is a debit or Credit Card?   I for one am not allowing every corner market access to my checking account for payment.

Message 29 of 34
designated_knitter
Established Contributor

Re: Colorado looks to reverse law outlawing credit card surcharges


@Anonymous wrote:

Okay, but we are now in a generation where everything is being done digitally. And there is a large movement for cashless society especially given recent situations, so how do these merchants conduct business in this new world of electronic Money?  It's no longer a choice of cash or the "other" options if they too have to accept digital Money. Are they still going to charge the fee since cash is no longer allowed as an option, and all people have is a debit or Credit Card?   I for one am not allowing every corner market access to my checking account for payment.


Exactly!  I can't remember the last time I actually used cash for a transaction.

 

In fact, in the middle of 2020, a lot of merchants were requesting that you use a debit or credit card because there was a shortage of change (if I recall correctly) due to the pandemic... to say nothing of passing germs back and forth via the handling of money.  

 

(There is a great scene in the movie, "Mad Money" where Diane Keaton's character goes on about all the dirty places money has been including showing bills being used in strip clubs etc.  I'm not exactly a germaphobe but that scene got to me!)

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 30 of 34
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