Minimum credit card transaction

Until 2010, most card networks prohibited merchants from setting minimums for credit card transactions, and even set up methods for consumers to turn in violators. The card issuers want cards to be universally accepted like cash, and minimum purchase requirements made them less, well, cashlike. A coalition of retail and small business organizations asked Congress to change that.

Key Takeaways:

• So if you do make a policy, I suggest you check with your bank first. Still if you are thinking of setting a policy, note that cash is not free either of costs at the point of sale either.
• Still now most stores set a $10 minimum, and they do charge a surcharge but of course their customers are also within their rights to take their business elsewhere.
• As you can see the percentage using it, is not particularly different at small transactions, although it’s clear that almost all customers prefer to pay cash at low amounts but the problem appears to be that sometimes the customer does not have the money.

“So if you do make a policy, I suggest you check with your bank first. Still if you are thinking of setting a policy, note that cash is not free either of costs at the point of sale either.”

http://www.possolutions.com.au/blog/minimum-credit-card-transaction