Re:Venmo, PayPal and Zelle must report $600 in transactions ...
by nborwankar on Tuesday January 18, 2022 @12:15PM
(#29982279)
Sometimes vendors don’t offer credit cards because their own credit is not good and they can’t get a merchant account. Or if they can it’s with huge per-transaction charges. This is particularly problematic when starting out and not having enough sales to get better rates Eventually when/if they grow they qualify. With the emergence of Venmo et al the chronically small vendor may never be motivated to get credit cards.
Re:Venmo, PayPal and Zelle must report $600 in transactions ...
by LorenPechtel on Tuesday January 18, 2022 @01:26PM
(#29983488)
For low-volume use the cost is a noticeable percent. If the lost business due to not taking cards is less than what you would pay in transaction fees it's the right decision.
Unpopular opinion, but I'm OK with eliminating this loophole.
I went to a record shop a couple of weeks ago and when I went to pay, the guy didn't take Apple Pay. Or any kind of credit card. All he took was Venmo and Facebook. Fortunately, I had cash. But if you can't even shell out $5 for a Square reader to take credit cards, you're not a business — you're a hobby.
And yes, I have owned small businesses before. Three times. Each time, I took credit cards as payment. It's known as "cost of doing business." No different than paying to put up a sign, or renting a storefront.