Minimum amount accepted by shop with debit transaction

368100

McGaggs wrote: »

Do credit unions offer business accounts? Otherwise if be wondering about the tax impact of giving business cash to an be individual to have "resting in my account".

No they dont. Account would most likely be in business owners name but intended for personal use. Accountant wouldnt be too happy seeing money move through those. Its very messy with a possible income tax implication for the business owner....if it all goes back to the business account they might treat it as directors loans but still its messy.

bobwilliams

This is bollix...in actual fact even the small fee charged still works out cheaper than handling cost of cash from start to finish..if the shop owner had half a brain they would encourage card use regardless transaction amount.

fritzelly

As mentioned before moving business cash into personal accounts and then into other accounts, while not strictly illegal, is likely to get the attention of any tax official doing an audit and make him very suspicious of what is going on and more likely to start delving deeper into the accounts.
On top of that a personal account is for personal money and not business transactions.
Bank could close your personal and business accounts and then you're screwed.

fritzelly

bobwilliams wrote: »

This is bollix...in actual fact even the small fee charged still works out cheaper than handling cost of cash from start to finish..if the shop owner had half a brain they would encourage card use regardless transaction amount.

Some context or quoted post?

bobwilliams

billyhead wrote:

told that the value of the purchase was to low to accept a debit card transaction..

fritzelly wrote:

Some context or quoted post?

See above,ta.

fritzelly

bobwilliams wrote: »

See above,ta.

Whole page back - geez :rolleyes:

bobwilliams

fritzelly wrote:

Whole page back - geez

Do you have anything to add of substance??No??well then jog on

JTMan

Interesting article on minimum spends on cards here.

Mastercard and Visa – the two main card types used in Ireland – have rules for retailers who accept their cards. Both of their rules state that setting a minimum transaction amount is not allowed in the EU.

Mastercard have an online form you can use to report a retailer who is breaking that rule here.

OldMrBrennan83

This post has been deleted.

CeilingFly

JTMan wrote: »

Interesting article on minimum spends on cards here.



Mastercard have an online form you can use to report a retailer who is breaking that rule here.

At the end of the day, both mc and visa are commercial companies and will not envoke that rule unless absolutely necessary.

They would need to go via the merchant provider too..

There are loads of minor terms and conditions or even laws in many areas that are very rarely used.


Example
Technically you should carry your driving licence when driving and a garda could stop you from driving if he/she REALLY wanted to. But they won't.

The J Stands for Jay

bobwilliams wrote: »

This is bollix...in actual fact even the small fee charged still works out cheaper than handling cost of cash from start to finish..if the shop owner had half a brain they would encourage card use regardless transaction amount.

Plus it massively reduces the likelihood of staff misappropriating cash.

CeilingFly

Patww79 wrote: »

This post has been deleted.

Education is best policy. Inform them that the cost of taking a card payment is nor much different to the cost of lodging cash and is better from a security point of view, let alone the time spent counting cash and lodging it.