Bullion dealers allowing Credit card purchases with an added fee
EagleEye
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I see that some bullion dealers are allowing bullion purchases with a credit card. The new rules allow them to charge the merchant fee to the customer. Do you think we will see this from coin dealers in the future?
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<< <i>Do you think we will see this from coin dealers in the future? >>
It's always been happening, but some people don't see it. Lots of delaers offer a discount for payment by cash/check over a cc payment. This is essentially the same thing as adding a cc fee.
edited for clarity...
<< <i>I see that some bullion dealers are allowing bullion purchases with a credit card. The new rules allow them to charge the merchant fee to the customer. Do you think we will see this from coin dealers in the future? >>
Note the ten states that have banned the fee, don't know how this will affect out of state on-line orders.
No Way Out: Stimulus and Money Printing Are the Only Path Left
<< <i>Note the ten states that have banned the fee... >>
Note the misleading headline:
"Attention shoppers: Another credit card fee is here"
"Another fee"? The credit card fee has always been there. It's not new and businesses surely have been accounting for the fact it had to be paid. What's different is making the fee visible to shoppers.
Unless it is a cutthroat business, most places have built this fee into their selling prices. If necessary, I'll just go back to writing checks.
merse
<< <i>I could name a few that have been adding on credit card surcharges for quite a while, regardless of what the law said. >>
+ 1
Some do not advertise it but when it come time to make a sale or watch it walk out over 50 bucks.....
If it is starting to become a common thing, then the buyers are now running out of cash or they want to hold on to the cash they have.
Is there a difference of running a credit card in person vs over the phone? Years ago when i had a store it could bite you if you did not actually swipe the card.
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<< <i>
<< <i>Do you think we will see this from coin dealers in the future? >>
It's always been happening, but some people don't see it. Lots of delaers offer a discount for payment by cash/check over a cc payment. This is essentially the same thing as adding a cc fee.
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<< <i>
<< <i>Note the ten states that have banned the fee... >>
Note the misleading headline:
"Attention shoppers: Another credit card fee is here"
"Another fee"? The credit card fee has always been there. It's not new and businesses surely have been accounting for the fact it had to be paid. What's different is making the fee visible to shoppers. >>
This is a new fee that gets added to the purchase price at the register and is payed by the customer to the merchant to cover the merchants existing CC fee. What's different is making the shopper pay the fee over and above the cash price. Historically merchants ate the fee - you paid the same price whether using CC or paying cash. Of course we all know that this previous cost of doing business was always added to the purchase price that everyone paid, including cash customers.
No Way Out: Stimulus and Money Printing Are the Only Path Left
<< <i>Historically merchants ate the fee - >>
Well, that's not quite true, most merhcants (at least the ones that stayed in business) added it in to their cost of business, so consumers wound up paying it, they just don't want to admit it.
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<< <i>... so consumers wound up paying it, they just don't want to admit it. >>
Kind of like "free shipping" on eBay.
<< <i>
<< <i>Historically merchants ate the fee - >>
Well, that's not quite true, most merhcants (at least the ones that stayed in business) added it in to their cost of business, so consumers wound up paying it, they just don't want to admit it. >>
Like I said: "Historically merchants ate the fee - you paid the same price whether using CC or paying cash. Of course we all know that this previous cost of doing business was always added to the purchase price that everyone paid, including cash customers."
No Way Out: Stimulus and Money Printing Are the Only Path Left
<< <i>I wonder if PayPal will allow sellers to collect the fee.
Unless it is a cutthroat business, most places have built this fee into their selling prices. If necessary, I'll just go back to writing checks. >>
i think a few more of us will do the same thing. ( if were allowed to do that, i see some places not taking checks anymore as well
<< <i>What's different is making the shopper pay the fee over and above the cash price. Historically merchants ate the fee - you paid the same price whether using CC or paying cash. >>
Which means that when you pay with cash, you're paying the CC fee, too.
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When I worked in the diamond industry and when we sold a $20,000 diamond that we were only making 3% profit margin, we had to charge the extra 2% charge when the customer paid by credit card.
For any disbelievers of a 3% profit margin on a diamond, I worked for an internet company and basically we were a brokerage house or middle man between the diamond suppliers in NYC and the customer.
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<< <i>[Of course we all know that this previous cost of doing business was always added to the purchase price that everyone paid, including cash customers." >>
Exactly, the cash customers were the losers.
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