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“No fee” credit card processing, free credit card processing, zero cost credit card processing – no matter what you or the merchant services provider call it, these terms describe the practice of passing total or partial credit card processing fees onto customers.
Example: Instead of Hometown Coffee Shop paying for credit card processing on every mocha latte purchased with a credit card, the Shop implements a charge so that the customer is paying or covering that fee – not Hometown Coffee Shop.
There are a few ways that business and merchant service providers work together to pass the buck onto the customer, which includes adding a surcharge, a convenience fee or offering a cash payment discount. Note that many of these methods require close attention to state-level regulations and rules imposed by individual credit card companies.
At the end of the day, when it comes to “no fee” credit card processing, someone is paying the fee – it’s just a matter of whether it’s the business or the customer.
The main benefit as the business owner is that those fees aren’t coming out of your register so you’ll save between 1.5%-4% on every credit card transaction.
The biggest downside is that some of your customers won’t be thrilled about paying extra for the convenience of using a credit card, which could result in some lost business. Additionally, the rules and regulations around surcharges and convenience fees can be difficult to navigate: laws vary from state to state and each credit card company has different rules and requirements.
Are you tired of searching high and low for the services you require, only to come up empty-handed? Look no further! Our comprehensive range of solutions is tailored to meet your needs, ensuring you’ll never have to say, “I didn’t find the services I need” again.