Small Money Is Good Money - Losing a Transaction Over a 1.5% Fee

Bradley W. Deacon
2 min readMar 17, 2023
Photo by Clay Banks on Unsplash

We all know small business is doing it tough and bank transaction fees for tap and pay are not helping. However, as a person who does not carry cash (who does anymore?) I was amazed at one store owners response for a recent attempt to buy a greeting card.

I admit it only was a $1 card in a $2 style store, but on my attempt to pay with my Apple Watch I was told the store had a $3 minimum spend on tap and pays.

Now let’s do the math. Let’s say the store generates a .60c profit from the sale, less a 1.5% transaction fee, the owner is still left with .58c profit.

Additionally the store gets a happy customer, as finding a store that stocks greeting cards anymore is like trying to find a Blockbuster store.

Sadly the small business lost a sale over 1.5 cents. Now, I’ve always been told small money is good money, am I missing something here?

Maybe because on walks with my dad when I was very young, I used to watch him cross a street if he saw a pay phone and check the coin return repository to see if anyone left coins behind.

Micro-transactions make the world go round and it’s time small business embrace a cashless society.

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Bradley W. Deacon

Cyber Crime Analyst Former 🕵️‍♀️ Non-Practising Lawyer Ambassador American Military University Author of Effinmoments in 40,000+ bookstores & online 📸 hack ☮️