by: troy bond, general manager
In 2008, Oneota Co-op spent $23,116 on credit card fees. That’s 2.3% of our sales.
Another way to look at this amount: It took nearly $70,000 in sales to generate the profit enough to pay for those fees. Or consider this: The co-op could have paid one full-time employee their wages for one year just with the money we paid in credit card fees.
While some see credit cards as a necessary convenience (and to others a necessary evil of modern day consumerism), we at least want you to be aware of the financial impact these fees have on the co-op and to consider other payment options that will help reduce these fees.
MONEY SAVER OPTIONS
#1: USE CASH
Good old American currency is the simplest form of payment. If you’re light on the Benjamins we have an ATM in our lobby. There’s no fee if you have a Decorah Bank & Trust debit card.
#2: WRITE A CHECK
There’s no fee for writing checks. All you need is a photo ID.
#3: CO-OP GIFT CARD (FAST!)
One swipe of a Co-op Gift Card and you’re on your way with your purchases. Your gift card is rechargeable so you can put as much or as little on your balance. And there are no hidden fees or expiration dates associated with Co-op Gift Cards.
#4: DECLINING BALANCE (FASTEST!)
For members, consider the declining balance. Just give any cashier your member number and the amount you’d like as a balance. Use check, cash or charge card to put money on the balance. Then the next time you’re in line, tell the cashier your member number and to use the declining balance. Your items are scanned and you’re on your way. Great for those grabbing a bite for lunch or in a hurry.
DEBIT CARD? – ONLY IF YOU MUST!
Believe it or not, the fees associated with debit cards are TWICE what we pay for each swipe of a credit card. There’s a fee for using a credit card and the same fee again for using a PIN pad. While we offer debit cards as a courtesy to our customers, it carries with it the highest costs per transaction.