Minimum SINGLE transaction credit card spend in the shops?

billymadbiker

I bought a import 4x4 from japan on a mastercard, £18,780 plus the currency conversion charge.
I have a credit card pos merchant account and as I am only a small business I get charged 50p plus 2% on all transactions under £100.
I belive these fees drop alot the more card payments you process over a given period of time and you can get the costs down by paying a monthly fee (a bit like payg phones compared to contract)
I would make a loss on any transactions under 52p. I am sure a big chain like asda (who will only have one merchant account for every terminal in every branch) will pay pretty much nothing each time a card is used.
This is why most small shops put a minimum charge up, also a £5 makes you buy a packet of 20 fags rather than a pack of 10 etc..

billymadbiker

Hazzanet wrote: »

The minimum is the lowest coin of the realm: a penny.

This is the lowest denomination of coin. ALL amounts of electronic tender are legal. My merchant account lets me take payments on my computer along with the actuall terminal.
I can put in a transaction of £9.999 and it will shows on the customers statment as £9.99.
When I look at my statment it will also show as £9.99 but in my total balance it will show £9.999.
If I doe this twice it shows 2 transactions of £9.99 but a total balance of £19.998 (rather than £19.98.

I would never done this to a customer but I have tried it with my credit cards!
Also, when they take my merchant fees they work to 4 decimal places and they will bill to the rounded down penny but carry over the 'half pence' to the next month.