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The 2.9% processing fee ate my whole profit margin on handmade goods
I sell handwoven belts at local craft shows around Portland, and for months I took payments through one of those phone card readers without thinking. Then last quarter I finally sat down and added up every single transaction fee. It came to $214 over about 60 sales, and that was just for the card swipes. My belts cost me $12 in materials and I sell them for $28, so I was losing almost a third of my take on every card sale. I switched to a flat rate processor and started offering cash discounts with a small sign, and now I keep close to $3 extra per sale. If you sell anything at markets, please check your merchant statements line by line, because those little percentages sneak up fast. Has anyone else found a cheaper way to take cards without scaring off buyers who never carry cash?
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