Re: MCM - Digest V1 #49

[Dorothy Reimer <dreimer@wwdc.com>]

At 04:12 AM 9/30/98 -0700, you wrote:
>
>MCM - Digest       Wednesday, September 30 1998       Volume 01 : Number 049
>
>
>
>
>----------------------------------------------------------------------
>
>Date: Tue, 29 Sep 1998 15:58:27 EDT
>From: rcashin@juno.com (Robert P. Cashin)
>Subject: rcashin: Credit Card Charges
>
>- --------- Begin forwarded message ----------
>From: rcashin
>To: owner-aga-mcm-digest@thekrib.com
>Subject: Credit Card Charges
>Date: Wed, 23 Sep 1998 14:43:54 
>Message-ID: <19980923.144309.6751.0.rcashin@juno.com>
>
>Hi All,
>
>       At the Falls Fish Festival AGA meeting, I spoke about the credit
>card charges being excessive. Since then, I've compiled some data. Up
>until April Fools Day ( how appropriate ) we were being charged 8.07%, on
>the average over 16 months, of the amount charged as fees for the
>process. Since then, the bank has imposed a $15.00 minimum on a portion
>of the fees. This means we would not be charged the minimum if we had 15
>transactions/month but we would be charged $1.00/transaction. With this
>minimum in place we are donating 21.61% of the amount collected for the
>service of collection.
>
>       I called Merchant Services at the bank to see what we could do to
>get it reduced. Basically, they said there is nothing we can do, short of
>increasing the number of monthly transactions. When I suggested we would
>look around, I was told that because this was an old account, both the
>assessment fee and the monthly charge ( different from the monthly
>minimum ) would be much higher now even at the same bank, and we are
>unlikely to find better elsewhere.
>
>       Furthermore, the contract we signed with the credit card company
>prohibits us from discriminating against the card users by charging them
>more for using the card. However, we can establish a higher price and
>then offer a discount for cash or checks. We have been charged
>$4.34/transaction since the minimum was introduced.
>
>       Frankly, I'm not sure what to propose. I understand the value to
>our overseas members of the credit card system, but we are loosing our
>shirt on the deal. Your thoughts would be greatly appreciated.
>
>                                       Bob Cashin.
>-In reply to the credit card charges. I think we should drop the charge
card system. I'm sure what we have to offer is valuable enough that eveyone
will find a way to join us if they really want to. I hate to see that kind
of money wasted when we could be offering other things such as color, etc.

Dorothy Reimer