Our local NBC affiliate, KY3 ran a story tonight in reference to cash customers getting a cheaper price on gas. Watch or read it here.

When I owned The Lazy Susan, credit cards were a huge drain on our cash flow. About sixty percent of our transactions were credit or debit cards. Each transaction would cost ten cents plus an average of 1.49%. Debit cards only run about 1% while American Express is by far the worse, a non-negotiable 3.5%.

The banks have created a society where small business owners have to accept the cards in order to gain or retain market share. In a business with a 5% margin to start with, these fees can be a nail in the coffin. While credit cards were not the sole reason for our demise; they certainly played a large role, both with my use and acceptance of the same. Larger was the culture of debt that I bought into, created in large part by credit card companies.