Posted by Dave H (MI) on March 14, 2017 at 08:10:59 from (50.127.253.163):
In Reply to: Talk about a scam posted by rrlund on March 14, 2017 at 07:40:23:
Reasons NOT to accept credit cards in a business:
1) You give away about 3% of your sales to a bank.
2) You encourage a situation which allows financial institutions to collect the equivalent of a sales tax on every purchase made. Money they do NOT return to their investors or depositors.
3) Every penny your customers pay you on a card is reported simultaneously to the IRS and can affect the timing of revenue recognition but, worse, stinks of big brother tactics and excessive government insertion in your affairs.
4) Allows your customers to pay you with other peoples money, frequently never repaid.
5) What rrlund just said. And I could go on if I had more time.
I get a lot of argument from (mostly) younger people about the above in my practice. They do not understand or appreciate things like free speech or privacy or individual choice...no matter how much they protest the opposite. If that magazine had better advisors they would have been told not to keep so much money in an account that was vulnerable to a criminal action aided and abetted by their own bank. I would sue the bank shortly after I moved my accounts.
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