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credit card minimums

I was sick of paying 2% of my gross to the bank for merchant services, so I got an ATM Terminal. Looks like a Credit Card machine, acts like a credit card machine. But works like a ATM, I pre-set the limits so the customer can’t take more than $100 out at a time. I keep a $300 til, and $2000 in the time safe. If a customer comes in with a credit or debit card I tell the we dont have a CC machine, but they can use the ATM in the back corner. They go over swipe, enter pin, and push in how much they want. It prints out a receipt they come over and present that to the CSR, who receive it as if it were money, and give the customer the change. The transaction fee is the same as a bank would charge, the bank gets 50 cents, and I get a dollar. We have about 20 ATM transactions a day average, and I earn an extra $7200 a year per store.
 
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What company do you work with, and is there a lease? Or do you just have one that your local bank put in?

We don’t have a bank in town, but may be able to coax one to work with us . . . .
 
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Wow! Hot Topic!

Paul is correct. It is against VISA MC regs to set a minimum and to surcharge a transaction. Penalty for non compliance is to have your ability to accept CC taken away by being put on the industry MATCH list.

The absolute best way around this IS to offer a Cash Discount. ie Raise prices 3 %+ to cover CC Fees.

Daily lunch specials? Raise the price $0.50 and give a $0.50 discount to Cash Customers.

I would also suggest calling your existing processor and ask to be put on Cost Plus Pricing. Cost Plus is the absolute best way to be priced because the merchant pays what the processor pays to visa/mc and a small trans fee to the processor to handle the money.

Bottom line savings can avg 25% to as much as 50% above your current costs.
 
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