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?) --- https://www.cnn.com/2022/05/18/economy/credit-card-swipe-fees-inflation/index.html ---
Dude, have you heard of ACH? Or P2P payments like GooglePay (or even Zelle, although that's somewhat riddled with problems)?
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.
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.
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.
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.
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.
Crypto payments are orders of magnitude faster than credit cards, so I'm not sure where you're coming from with that statement.