What should you do?
Following the rules you’re bound by is always essential to avoid heavy fines or account freezes. Check all the terms and contracts you’re trading under to know your obligations. Even card reader companies that overtly say they don’t have a contract – they still need you to follow their terms and conditions as well as those of the card schemes (e.g. Visa, Mastercard, Amex) you’re accepting through them.
If you’re stuck in a payment contract with a high fees-to-profit ratio for low transactions, you will have to swallow this cost for the duration of the contract. That said, you’ll only be prepared for the future by accepting low transaction amounts as more and more consumers are going cashless.
It is also a requirement for Visa and Mastercard merchants to have a contactless terminal by year 2020, which will speed up queues and overall make customers more inclined to use cards routinely for small amounts.