Invest in your Local Economy
We can’t say it any better than this:
Why we think it’s best to use cash when you can:
Businesses that accept credit cards are charged a fee for every transaction. These fees amount to thousands of dollars each month from our small family owned business. Multiply our fees by the number of locally owned businesses in Boone, the amount of money each month that is taken from our local economy is staggering.
This year our small business will pay over $20,000 in processing fees…just to accept credit cards.
This is an exorbitant and out of balance amount for a simple service given.
Credit card companies have made it illegal to set a minimum amount or add a service charge to transactions. In addition the more points or miles you are offered with your card the higher the percentage rate that they charge the business.
As of July 29, 2011 all major credit cards have mandated a $7.00 per month fee for “fraud insurance.” While this does not seem like much at first if you multiply $84.00 a year by every business in America the amount of money they stand to make off this “insurance” in a year is astronomical, ?!?
Could not agree more. Small business owners struggle to eek out a living while big banks rake in the profits.