I’ve found it interesting that lately, in addition to asking how much my total purchase is, I also need to inquire what payment method the retailer will accept.
- It used to be that “cash was king” but not at the PNC ballpark in Pittsburgh — it’s a 100% cashless facility. This creates the lunacy of having an ATM — right next to the reverse ATM — so you can take the cash you withdrew and convert it into a prepaid card.
- A vending machine that crushes pennies — previously requiring 51 cents to do so — now only accepts credit cards to pay $4.04 for four flattened coins. I guess business was slow when people needed actual coins to operate it!
- On the flip side, small businesses in our area are adding 2, 3, or even 4% surcharges for utilizing a credit card. When I bought my new air conditioner/furnace, this fee would have added over $300 to my bill, so I pulled out my trusty checkbook and paid that way.
- I was ready to do so again or use a credit card to pay the man who power-washed my house, but he only accepted Venmo.
- eBay announced that it is dropping American Express as a payment option because of the high fees, so even though they accept credit cards, you have to be selective about which one — or use Apple Pay, another option they accept.
Payment options have become one more component of a complex infrastructure that gives people more choices than they probably want or need, but it’s part of today’s reality. Your pricing, processes, and communication need to reflect your expected fees and the level of convenience you’re aiming to provide. A dollar isn’t just a dollar anymore.
