Status of Everything Attachments

[2manyrocks]

Most any business is going to factor in the cost of credit card processing into how they set prices. Some may tell you there is a surcharge. Some may not. But most any business person will see how much money they are paying for processing, and they will try to recoup it one way or another if they can or just accept it as another cost of doing business.

 

[jyoutz]

Yes, but isn’t that money collected from customers?

 

[TN8Man]

FYI here is the MO Department of Revenue policy when you pay taxes.

Debit & Credit Card
The Department accepts MasterCard, Discover, Visa, and American Express. Debit cards are accepted and processed as credit cards. Please allow 5-6 business days for debit and credit card transactions to apply to your tax account. Please note that your payment will be postmarked the date you submit payment. There will be a convenience fee of 2.0% + $0.25 per card transaction, regardless of amount

NOTE: The handling or convenience fees included in these transactions are being paid to the third party vendor, NCR Corporation, not the Department of Revenue. This includes NCR Corporation' right to electronically debit a service charge in the amount of $25.00, if applicable, for the processing of an Insufficient Funds or Closed Account transaction from your designated bank account in addition to whatever charges your bank may assess. By accessing this filing and payment system, the user will be leaving Missouri's website and connected to the website of NCR Corporation. The website of NCR Corporation is a secure and confidential website.

EDIT just checked several other states and they ALL have a surcharge if paying by CC or Debit Card in excess of 2%. Guess Government does not want to give free money to the banks.

This is why I pay property taxes in person, with a check. Tennessee has no individual income tax.

 

[TN8Man]

During pandemic more than a few businesses stopped accepting cash.

The hospital no longer accepts any cash payments and this is without exception.

Credit Card, Debit Card, Draft, Money Order, Care Credit, Personal Check all welcome.

No more bank courier pick ups, less staff time and no more having to keep change on hand.

It has proved a hardship for some but I expect to see more going forward as many places here accept nothing over $20 in bills.

Small mom and pop often have a minimum amount for credit card purchases…

Many sports and entertainment venues are cashless now in Nashville and I refuse to patronize them even though I probably would not use cash.

 

[2manyrocks]

Yes, but isn’t that money collected from customers?

Directly or indirectly, but there are some retailers who are concerned about how much they can raise prices to cover all their costs, retain their customers, and still make enough profit to make a living because their profit margins are so thin.

 

[Eagle1]

Most any business is going to factor in the cost of credit card processing into how they set prices. Some may tell you there is a surcharge. Some may not. But most any business person will see how much money they are paying for processing, and they will try to recoup it one way or another if they can or just accept it as another cost of doing business.

All cost of doing business is included in pricing by every business.

Yes, but isn’t that money collected from customers?

Yes but on a CC transaction the business pays the CC company ~3% of the collected sales tax, then has to pay state 100% of the collected taxes if they pay the state with a CC they get joy to pay an additional ~3% for the convenience. I know some that have not figure it out and pay 6% of the sales tax out of their pocket. It's a tax on a tax

1 Million in sales
10% sales tax (ease of math) = 100000
6% of 100000 = 6000

 

[jyoutz]

You send your sales tax payment to the state? I have to fill out paperwork documenting sales and send the money to the revenue office every quarter.

Directly or indirectly, but there are some retailers who are concerned about how much they can raise prices to cover all their costs, retain their customers, and still make enough profit to make a living because their profit margins are so thin.

I was referring to sales taxes, not prices. Eagle clarified his comment with his reply.

 

[Oaktree]

I own an RV park/ Campground in MO for now. Closing end of summer.
As for odd hours help. We are outside of a town of 600 with just a few stores. Every one knows the owners because there few employees, most the families man the stores 5 1/2 days week. Need something on Sunday or Saturday afternoon you better know the hardware store owner so he can open the door for you, or you will have a 160 mile round trip to Lowes or Menards.
Not even Casey's is 24 hours, close at 10 or 11 PM but open up at 5 am

I'm gonna say that your situation is more the exception than the rule. Don't know what Casey's is.

During pandemic more than a few businesses stopped accepting cash.

The hospital no longer accepts any cash payments and this is without exception.

Unfortunately, a LOT of businesses used covid as an excuse to jerk customers around, justify poor customer service and to raise prices. Doubly unfortunate, even though the whole pandemic charade is over these businesses have kept those policies in place.

I have had some after hour emergencies at the hospital and Grainger opened their warehouse too me without question and Grainger isn’t a small company…

I'm guessing your hospital is a VERY good customer. Can't see a company that size being that accommodating to the average business.

Many sports and entertainment venues are cashless now in Nashville and I refuse to patronize them even though I probably would not use cash.

Are you surprised given the cost of tickets these days? What's interesting is some venues don't even issue tickets per se anymore. A couple years ago my wife and a couple friends went to a show of some sort in Boston, you had to somehow get your "ticket" onto a smartphone and present that at the box office. Made it difficult since one of the ladies bought the tickets for the group. Not sure what you'd do if you were a luddite like me and don't have a smartphone.

 

[Eagle1]

Casey's = 7-11, WaWa, Circle K, etc

 

[Oaktree]

?
It's the buyer that pays the sales tax.

My state doesn't have a general sales tax, only on lodging and prepared meals. You don't see it as much anymore, but a lot of mom & pop diners, sandwich shops, etc. would include the tax in the posted price. I presume it was because most of their clientele was local, and accustomed to "what you see is what you pay".
Then again, most of those places are long gone.