General Discussion

mahina

(20,599 posts)

8. Two things. First thing, credit card companies

Tue Jul 27, 2021, 10:11 PM

Jul 2021

Make more money off of small business than many small business people do. After expenses, two or 3% is a lifetime dream for people to be able to keep. Fair enough it’s a business cost but it is a fortune.

Second thing, it’s definitely against the agreement with the processing company to do that and if you turned them into the card company he would lose the ability to take credit card payments with that processor probably.

He might just not be making it you know- a lot of businesses are having a really hard time still. Some always were. Insurance companies are a freaking nightmare to work with.

A lot of businesses, though
not doctors, only take cash for this reason among others.

I’m betting he just took some bad advice from a bookkeeper or a tax advisor

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I Learned Today That My Doctor Is Passing On To His Patients/Customers His Processing Fee He Pays... [View all] global1 Jul 2021 OP

In some states it is illegal to "pass on" credit card processing fees... PoliticAverse Jul 2021 #1

How would that be enforced? dsc Jul 2021 #2

Yes, that was the way merchants in New York got around the law "5% cash discount" years ago. n/t PoliticAverse Jul 2021 #6

It used to be illegal everywhere because the credit companies Bev54 Jul 2021 #4

Sorry. Blue_true Jul 2021 #3

Or pay by debit card. Bev54 Jul 2021 #5

Write him a check. multigraincracker Jul 2021 #7

Two things. First thing, credit card companies mahina Jul 2021 #8

That may be in violation of his credit card processing agreement Ms. Toad Jul 2021 #9

Up to 5% transaction charges are a burden. In the end it's a cost and one way or another, it ... marble falls Jul 2021 #10

Lots of stores and restaurants in NYC now passing on CC charges. brooklynite Jul 2021 #11

Brooklynite in post number 11 has it right left-of-center2012 Jul 2021 #12

Why would he not? He tabulates his expenses and adds a profit margin. GulfCoast66 Jul 2021 #13

Time to find another doctor MichMan Jul 2021 #14