Old_Crow
TJ Enthusiast
So as a former small business owner...I absolutely hate cash back credit cards.
Normally the CC processing costs you 3 percent of the purchase...but the cash back cards run you 5 to 6 percent.
When you're running a small business and all your expenses are up...gas...steel... labor...that extra percentage can really hurt.
Damn thing is that the vendor percentage for debit cards is 2 percent...but with all the hacking going on it's just not safe to use.
PCI compliance rules govern folks who take CCs. I occasionally point out mistakes vendors make...like reading back the CC number to me over the phone. Bzzt.
-Mac
Granted I've been out of this for a few years, but who does your card processing? When I took over my shop they were using Merchant Services. They charged a monthly fee on top of a percentage. Really added up when someone dropped a card to pay a $5k bill.
I switched to Square when they first came out. No monthly fee and a flat percentage on each transaction. This worked way better because some month nobody used a card, so I didn't have to pay anything.