Fuel Price, Cash now means Cash.
We stopped at the Chevron Station just east of Goldbar Washington. The sign said Diesel, Cash $3.89, Credit $3.99. I filled up the truck, took about 40 gallons. Went inside to pay with Debit card a...
Forum Discussion
powderman426 wrote:
If they were all processed as a credit card transaction, the fee would the same but they are not. Its not even close. The debit fee is small and has nothing to do with the amount of the transaction while the credit card fee is typically two percent and is dependent on the amount being charged. Now do you understand?
For our business - the debit and credit cards are processed the same, and there's a tiny savings to use a debit card. Maybe a tenth of a percent. American Express is more expensive than VISA or Mastercard, too.
However - the card processors don't make it easy to figure out what your actual rate is. I tried once, and after printing out about 8 pages of fractional rates - I simply gave up. Basically, the bigger you are ($ volume-wise), the cheaper your rate, assuming you shop around and bargain for the lowest rate.
The rates are going up as of April 11th. The letter I received says I can go to the "Interchange Qualification Matrix" to see what the new rate is. Are you getting a picture of what kind of gobbledegook is involved here?? It's easier to take a month's volume and divide it into the interchange fees total. Right now, for us, it's 3.4%
