The Wall Street Journal has a great article for credit-card processing merchants today: For Businesses That Accept Cards, Tips for Cutting Fees. They rehash much of the advice we’ve been touting here at Prestige Payment Systems, but hey, the more aware merchants are about fees associated with merchant accounts, the better.
Included in the article is a good point about not requiring minimum purchases for credit card use:
Requiring consumers to spend $10 or $5 before they can use plastic violates both Visa and MasterCard merchant guidelines. Although American Express and Discover don’t directly prohibit purchase minimums, they do require all credit cards be treated equally. A merchant can’t, for example, put price minimums on Discover transactions and not also put them on Visa and MasterCard transactions, says Jon W. Drummond, a Discover spokesman. To avoid violating credit-card agreements — and potential penalties — make purchase minimum suggestions.
Check back soon, we’re putting together a longer blog post with lesser-known tips and tricks to minimizing credit card processing fees.
