This is a ridiculous & insulting video to a consumer's intelligence! Credit Card processing fees ARE too high & they should be regulated. A small business is pretty much forced to accept credit cards in order to compete w/other businesses; however, the small business has a much lower profit margin & the credit card fees just eat up more of that profit. In addition, if the fees get lowered because of Bill that Congress passes, it is the Bank or Credit Union's CHOICE to charge consumers not a MUST
This is hilarious. The big bankers are fooling ignorant people. The fee is 2%, why not make it 20%. Point being, at some point, they are overcharging or ripping small retailers, like myself, off. I'm not complaining about paying, and I like to use plastic myself, but should I have to get ripped off to accept a card so that greedy bankers can make even more money? Heck no.
I own a deli, I can use that money to buy equipment, hire employees, etc. Bankers have enough $. Don't let them fool you
Remember the banks have to make their fair share...what you guys don't understand is if Congress limits the banks' ability to make a fair return on a card transaction - the CARDHOLDER will be charged a fee either per transaction or per month for the use of the card. Who foots the bill if there is fraud? The bank. Who guarantees payment to the merchant (whether funds are available or not)? The bank. What you know as "free" today will no longer be free! Wake up now before it's too late!
Thank you for an entertaining, and insulting look into interchange! You guys have to be kidding me. Retract this video and just ignore the fact you are fleecing us.
merchant should pay there share but where is the line to being fair? Congress should put that line to not let it get out of hand. Hey you know merchants will just pass along the fees to the consumers, so it will cost sales, and then less sales... It will ether have merchants to have no fees added onto the products or have a end of sale credit card fee to consumers directly, and encouraging the consumer to use cash instead. Killing all digital transactions. - Merchant
Visa and Mastercard provide valuable services, and they should get paid. The only thing at debate is how much and to what extent the public should know. In higher margin retail you have more leeway, but in low margin business like gasoline it can eat away a huge chunk of profit. Either way, the costs are directly passed onto consumers without any breakdown. In the contracts, retailers are not even allowed to give you a discount for using cash for the difference. It's a contract violation.
No. If the interchange fee was lower, there would be more competition between merchants because there will be more of a profit margin. Leading to more sales and inadvertently leading to more money for the credit card companies.
I am sure that the payment processing system does have costs . However, the root of the problem is not the fact of costs but how much and what hidden fees that are being levied against the merchants. We all know by now that the banking system in this country are run by greedy and unscrupulous bankers that are only out for themselves. With OD fees being looked at the banks are now going to extort more fees out of merchants. It is time for the government to finally regulate the greedy bankers.
This is a ridiculous & insulting video to a consumer's intelligence! Credit Card processing fees ARE too high & they should be regulated. A small business is pretty much forced to accept credit cards in order to compete w/other businesses; however, the small business has a much lower profit margin & the credit card fees just eat up more of that profit. In addition, if the fees get lowered because of Bill that Congress passes, it is the Bank or Credit Union's CHOICE to charge consumers not a MUST
lovemydogs2010 9 months ago
This is hilarious. The big bankers are fooling ignorant people. The fee is 2%, why not make it 20%. Point being, at some point, they are overcharging or ripping small retailers, like myself, off. I'm not complaining about paying, and I like to use plastic myself, but should I have to get ripped off to accept a card so that greedy bankers can make even more money? Heck no.
I own a deli, I can use that money to buy equipment, hire employees, etc. Bankers have enough $. Don't let them fool you
ryguy331986 1 year ago
Remember the banks have to make their fair share...what you guys don't understand is if Congress limits the banks' ability to make a fair return on a card transaction - the CARDHOLDER will be charged a fee either per transaction or per month for the use of the card. Who foots the bill if there is fraud? The bank. Who guarantees payment to the merchant (whether funds are available or not)? The bank. What you know as "free" today will no longer be free! Wake up now before it's too late!
10sone 1 year ago
Thank you for an entertaining, and insulting look into interchange! You guys have to be kidding me. Retract this video and just ignore the fact you are fleecing us.
firstcor1313 2 years ago
merchant should pay there share but where is the line to being fair? Congress should put that line to not let it get out of hand. Hey you know merchants will just pass along the fees to the consumers, so it will cost sales, and then less sales... It will ether have merchants to have no fees added onto the products or have a end of sale credit card fee to consumers directly, and encouraging the consumer to use cash instead. Killing all digital transactions. - Merchant
Snakekilla12 2 years ago
Gator, my thoughts exactly, they must think we are all missing half a brain...
bijou2212 2 years ago
This is really a horrible video and proves how stupid the banks see consumers. I think I was 5 when I was thought with this kind of didactis...
gatortech2002 2 years ago
Visa and Mastercard provide valuable services, and they should get paid. The only thing at debate is how much and to what extent the public should know. In higher margin retail you have more leeway, but in low margin business like gasoline it can eat away a huge chunk of profit. Either way, the costs are directly passed onto consumers without any breakdown. In the contracts, retailers are not even allowed to give you a discount for using cash for the difference. It's a contract violation.
BDiegoTube 2 years ago
American Express does not charge interchange. I don't use them, but let's just lay the unspoken facts out there.
BDiegoTube 2 years ago
No. If the interchange fee was lower, there would be more competition between merchants because there will be more of a profit margin. Leading to more sales and inadvertently leading to more money for the credit card companies.
ncaatrackstar 2 years ago
Those poor banks.
JohnDenver02 2 years ago
I am sure that the payment processing system does have costs . However, the root of the problem is not the fact of costs but how much and what hidden fees that are being levied against the merchants. We all know by now that the banking system in this country are run by greedy and unscrupulous bankers that are only out for themselves. With OD fees being looked at the banks are now going to extort more fees out of merchants. It is time for the government to finally regulate the greedy bankers.
yappcd 2 years ago