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Not About Food 15

credit and debit charges

ta0126 | Dec 15, 201412:35 PM

sometimes you see a sign in a grocery store or restaurant saying that credit cards, debit card, or both, are accepted only for purchases above a certain minimum e.g. $20.

questions for someone who has seen this from the business side of a store or restaurant (not asking about the cardholder side):

for debit card service (e.g. interac) - i understand the business gets charged per-transaction. is this correct? (then the fees for 10 purchases of $10 each would be 10 times the fee on one $100 purchase.)

for credit cards - i understand the business gets charged a percentage of the amount. is this correct? (then the fees for 10 purchases of $10 each would be the same as on one $100 purchase.)

thanks for any clarification you can provide.

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