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Credit card fees are too outrageously high, we're servicing so many middle man just to give what is essentially cash from one hand to another.
Agreed. It adds up to thousands of dollars every year, and I'm a very small business owner. THOUSANDS, just for the "convenience" of swiping a card, which is what 99% of my customers use. Those costs are just built into my pricing. I offer cash discounts but almost no one goes for it.
I think I mentioned upthread or elsewhere that one of the card processors is owned by the founder of Twitter. We're making them endlessly rich simply by shopping and swiping.
FYI I’ve started using PayPal a lot for my online buying. In many cases I can even Pay in 4. No interest is charged. It’s like using a debit card.
Other than Amazon for a few household things, I hardly ever use a credit card anymore.
I used to buy a couple of outfits every year from J Jill. I used their credit card which gave me 5% off. Recently, they raised the interest rate to 31%. They are dead to me now.
Agreed. It adds up to thousands of dollars every year, and I'm a very small business owner. THOUSANDS, just for the "convenience" of swiping a card, which is what 99% of my customers use. Those costs are just built into my pricing. I offer cash discounts but almost no one goes for it.
I think I mentioned upthread or elsewhere that one of the card processors is owned by the founder of Twitter. We're making them endlessly rich simply by shopping and swiping.
Square is owned by Jack Dorsey who founded Twitter. Square ain't as evil as visa/MC/Amex. Square made CC a lot more accessible for small biz. Before Square, you had to register with a big bank and have a substantial amount of money and credit for any bank to approve you for CC acceptance. The problem with Visa/MC/Amex is that you're essentially paying for all the bank and money settlements between different banks when your card is used and they need to determine all of the funds, risks, and transfer of money.
Supposedly the Central Bank in the future will get rid of all of these by making it easier to receive your refunds, pay your taxes, and receive pensions without having so many hands.
FYI I’ve started using PayPal a lot for my online buying. In many cases I can even Pay in 4. No interest is charged. It’s like using a debit card.
Other than Amazon for a few household things, I hardly ever use a credit card anymore.
I used to buy a couple of outfits every year from J Jill. I used their credit card which gave me 5% off. Recently, they raised the interest rate to 31%. They are dead to me now.
Paypal charges roughly 3.5%, almost double standard credit card rates.
As a merchant I have to pay the swipe fee whether it's a credit card or debit card. Makes no difference.
If I have to key in a card that won't swipe the rate is even higher.
And that's built into the price you pay for the product. The consumer ends up paying for these fees.
I understand that. What I object to is when there is a 4% charge on my receipt. It should be treated as a cost of doing business.
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