Well he’s putting his money where his mouth is. I just wonder if he ran this by his CPAs and if they did some financial forecasts for him, to see if this works long term. I also didn’t know that credit card processing could be so profitable.
“I also didn’t know that credit card processing could be so profitable.”
Legalized money laundering, and you get to keep a slice.
I'm a contractor. About one in ten of my customers asks me if they can pay with a credit card. I tell them, "No, because the processing companies want 3% of the total transaction."
As a for-instance, I would have been hit for almost $50 in processing fees today, if my customer had paid with his credit card. With profit margins being as slim as they are in the trades today, there's no way in hell I'm gonna eat that.