The New Credit Card Settlement & Your Business
Have you heard? Merchants, as a result of this settlement, are now able to charge shoppers surcharges for using their plastic. Previously, in order to accept Visa or Mastercard at your business, you were not allowed to charge a fee for a shopper paying with their credit card (you could, however, discount for cash users). According to the article, credit card fees are often the second biggest cost behind labor.
How do you think this will affect your business if you are able to start charging fees for card users? Do you think it will cause some people to spend less? Do you think you’ll see a large shift towards cash users?