Just now, I prepaid my power bill by paying a $2.25 fee for a $600 payment. And for my sewer & water bill, the fee was $1.95 for $500.
Are these companies losing money on me ? Because Im getting 2% cashback on my payments.
I earn $22.08 cashback in exchange for a total of $3.95 in payment processer fees.
Granted, Ive prepaid for nearly 6 months and 11 months but still. It pays me more than a savings account and I don't have to worry about paying these 2 bills for awhile.
Are these payment processers just hoping to make it up with all the people who pay much smaller payments and still pay the same fee ?
I believe one of the fees have come down in the last year. I think they used to be $2.45, now its $1.95. I read something online about the board accepting a new processer.