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Are the credit card charges really as big of an issue as people claim?

I ask because when I freelanced, it was just the cost of doing business. I wrote it all off as expense and in some cases just baked it into the prices. I never really lost as a service provider. Couldn’t everyone just bake the fees into the cost of the thing they are selling?

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Can’t even bake in taxes on sticker prices in stores…

The person not including it in their cost can sell for cheaper. That's a competitive advantage. Or if they don't sell for cheaper that's 3-5% higher margins.

Yes. Imagine an online marketplace with 10% take rate. Merchant fees at 3%. It's 30% of gross profit.

Duncan Cary Palmer · 17w

They ARE a big deal, because that is the fiat system... A write-off!? No, a parasitic component of the evil, destructive mechanism perpetually bleeding the world dry. Rent seeking, non-productive behavior.... Self custodial bitcoin fixes this...

Read Markets & Hierarchies by Williamson. The answer is YES.

Could they — yes, but _should_ they? Why? https://blossom.primal.net/2ad0b912670f5446a5edb9c8c58a1c6ac71db0ba01396ba68a6e1433c66e6f92.jpg

Orange Dad · 17w

On one hand I accept it as the cost of doing business. That said, in January each year I calculate what I paid in fees and it pisses me off. But I wouldn’t have a business that mines fiat if I couldn’t easily accept cards and other payment types. And if I’m honest if I paid five figures in fe...

Corey San Diego · 17w

The average business makes 3% net revenue. So if all your income is from credit cards, you can double your net, theoretically.

Are sales taxes really as big of an issue as people claim? Why not double them? Who cares, amirite?

TheGrinder · 17w

Short answer yes. In some countries you can even deduct the fees from your business tax. It's a running expense.

NonMetalCoin · 17w

Important factors: The price elasticity of demand The impact of the fee on profit margin How important these factors will feel varies by product, but there is no avoiding the impact.

Judge Hardcase · 17w

I'm not sure how big of an issue that it is people are claiming. It's like a 3-4% issue. If you're writing off 3-4% of what you charge for your labor, you probably don't consider it a big deal. If you're baking 3-4% into prices of items you sell at brick-and mortar retail - because that busines...

When we were considering opening our shop, this seemed a no brainer. Other shop owners were complaining about how high the fees were but not passing them on to the customers. We decided to pass on the cost of credit card fees to the customer from day one.

slapsquat · 17w

The issue is the monopoly. You can pay weekly to your local mobster for protection and it doesn't mean you are happy with it. Back when systems were not online, there was risk and the fees kinda made sense - insurance. Nowadays, most systems are online, making risk way lower while fees are not. ...