It took me four minutes to get to Kinnelon Bagels, a small Deli, off 23 North in Butler. I was hungry. Usually I don’t eat lunch until I get home but having scheduled back to back meetings my stomach begun rambling and the brain chemicals sent IM (Instant Messaging) asking for relief. I lined up tagged along and ordered a Grilled Chicken hot sub and some coffee. When I reached for my wallet I realized I didn't have enough cash. Since the store had a MasterCard and Visa Logos I opted to pay with my debit card. The young lady asked whether I had cash instead of using the card and wallah! The question “cash or credit?” popped up in my head.
Many small businesses prefer cash rather than credit. In fact some gas station marts will post notice of minimum purchases for credit card use. Part of the reason for this restriction is merchant fees that store owners pay for billing credit card companies. Fees range from per transaction fees (usually a percentage or a few cents on each card processed) to monthly or annual maintenance fees that can range from a few dollars to a few hundred dollars.
If you have watched a recent TV commercial for Visa “when the saints go marching in” it expounds that Life takes Visa. So here I was doing lunch and life needed cash! The young lady at the cashier turned to her father and asked whether she could swipe my debit card. That’s when we discussed merchant fees. I agonized with him over the dilemma of accepting plastic.
So next time you do lunch or make purchases under $10.00 be considerate of small business owners. Carry cash because no matter what you want to do in life, life doesn’t always take Visa.
This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed. Deut 15:2
It took me four minutes to get to Kinnelon Bagels, a small Deli, off 23 North in 
6 comments:
Kim, it's about time you and your crew re-surfaced.
I use my credit card for all my purchases. Rarely do I use cash especially if it means getting change in loose coins. It would not surprise me if the cafe owners were foreigners. They are the ones who post such signs.
Ssem,
I agree! Jabi should re-surface to say the least. Talking of credit cards - funny enough this happens a lot when I need to get something for the go. You are also right about the kind of business owners.
Alright everyone,Here I am ...seems to like I need to reread Kim's blog on time management!
As for cash or credit, I use my debit card with a Visa logo all the time. And the question that still stumps me is "Debit or Credit?" I always wondered if it makes a difference since it really is not a credit card - comes from my account.
Kim, I know that $10 rule so well -the number of times I have had to buy unneccesary stuff because I had no cash on me!
Small business owners have to have the $10.00 minimum is to ensure they'll at least make a profit. Your debit/credit card company charges an interchange fee every time you use it on the business - not as big a deal with chains, but small guys like convenience stores and gas stations get killed by them.
I've done some work on these fees with the MPC and its nuts how much the credit card companies make off them now. It also causes stores to raise the price on their goods to make up the difference too - something to think about if you only use your card.
You should definitely check out unfaircreditcardfees.com if you want some details.
Mks,
I hear you! I looked at the Shop Owner's face and he wasn't too happy. The link you provided is very informative.
Thanks for stopping by.
NP - also if you happen to see the store owner again, you should tell him that their might be some good news coming. Over at http://supermarketnews.com/technology_logistics/payment_relief/index.html they're reporting that lawmakers are going to take a look at those fees - which could mean some good things for small store owners like your friend when it comes to those crazy interchange fees.
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