⚠ Retailers call out Visa and Mastercard for fee hikes that could make inflation worse

Discussion in 'Wall St. News' started by kmiklas, Jul 13, 2022.

  1. kmiklas

    kmiklas

    Brethren: BEWARE SWIPE FEES!!! Be sure to ASK for the CC use fee!!!

    My dentist just added a 3% fee for Credit Card payments, saying that their merchant service provider raised it to 6%. Also, a friend went to a restaurant that charged ten percent (10%) on a credit card payment!


    Looks like we're going back to checks, or ca$h. (Cash is king, you all know that, right?)

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    https://www.cnn.com/2022/05/18/economy/credit-card-swipe-fees-inflation/index.html
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    ffs1001 and Nobert like this.
  2. schizo

    schizo

    Dude, have you heard of ACH? Or P2P payments like GooglePay (or even Zelle, although that's somewhat riddled with problems)?
     
  3. Millionaire

    Millionaire

    I believe these charges were made illegal here in europe in 2018.
    You cant be charged any extra if you pay with a credit or debit card vs paying with cash.
     
    Last edited: Jul 13, 2022
  4. LOL, any charge can "make inflation worse". So silly.
     
  5. Geezus. And I remember outrage at 2-3%.

    It's been rumored that credit-cards are a dead-end tech due to the rise of crypto and other payment systems swooming in to compete.

    Now I am pretty sure I won't bother looking for CC stocks even on a fire-sale.
     
    NoahA and Clubber Lang like this.
  6. cesfx

    cesfx

    That is a lot...
    It's around 1
    I don't believe those percentages.

    They are either being scammed by the providers or scamming their customers to discourage them from using cards.

    Cash is king.... and leaves no trace.
     
    TrailerParkTed and Clubber Lang like this.
  7. newwurldmn

    newwurldmn

    In the US, they are against the contracts that the merchants sign with the credit card companies but not illegal in the eyes of the US government as it’s a transaction cost that is being passed along.
     
    TrailerParkTed likes this.
  8. I guess since they can no longer get processing fees from the Rooskies, the West has to now brunt the extra cost in fees-- just like with everything else that was supposed to stop the war, but doesn't. :D
     
  9. "Crypto-dreamers" might hope. Nothing is "ready for prime time" to supplant CCs. :)
     
  10. Baron

    Baron ET Founder

    Crypto payments are orders of magnitude faster than credit cards, so I'm not sure where you're coming from with that statement.
     
    #10     Jul 14, 2022
    kmiklas likes this.