According to a new survey from Market Strategies International, about one in five consumers would stop frequenting merchant locations that refuse to accept their credit cards for small payments under the new payment reform act.
If you are a small ticket merchant, you may want to think twice about refusing small transactions.
A provision of the new legislation allows merchants to refuse credit card transactions that are less than $10 and give discounts for using less-costly forms of payment, such as debit cards.
According to the online survey involving 2,006 adults ages 21 and older conducted Sept. 23 to 29, 46% of respondents said they would pay with cash instead if a merchant refused to accept their credit card for a small-ticket purchase.
Some 28% said they would use their debit card instead, 21% said they would stop shopping at that merchant’s location, and 4% said they would add something else on to their purchase to increase the sale to more than $10 so they could use their credit card.
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