Originally Posted by Mike:
I use Square and Paypal for payment options in my businesses. There is the small fee doing it that way, but for me, the various payment options are worth it. I've seen some businesses accept credit cards but with a small fee added due to the cost. Maybe they're willing to pay an extra 2-3% to pay by credit card.
Originally Posted by LysesKids:
You can only get away with that in certain states, so check the laws in yours for taking CC's... You could for future just raise fees enough to cover the extra 3% & offer a discount for cash payers. And the fees are deductible on taxes next year - it's part of doing business. I am in a state that allows, but I was in one that doesn't allow the 3% add on so I understand how to work it both ways
Eek I read Mike's post and thought it was a good compromise so I gave the parent the option of bank transfer or check without fee or cc with 2.9% fee..... I am hoping she will figure out either bank transfer or write a check but I gave her all three options. I have not yet heard back from her yet.
Then I saw LysesKids response and I am in a state that does not allow cc surcharge fees. I cannot now after the fact increase my rates.... so either I have to say no to credit cards or be willing to take the hit with each payment - about $30-40 a month per enrolled child paying by cc. I understand that down the road it would be a tax write off but on a monthly basis that could add up to be a significant amount.
Mike do you like Square or Paypal better? My website has a partnership with Stripe which I think is part of Paypal.... but on past threads here it seemed those who did take cc and did not mind used Square Up.