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re: Sen Josh Hawley turns communist!
Posted on 5/21/25 at 7:09 am to LawyerBillboards
Posted on 5/21/25 at 7:09 am to LawyerBillboards
quote:
The electronic payment system should be standardized and opened so that the barrier to entry isn't so monumental. This would allow more competition instead of the 5 of them agreeing to a fee structure and telling everyone else to kick rocks.
The networking and security infrastructure is a straight nightmare when it comes to the card brand networks. Generally speaking, it isn't the card brands that set the rates, rather the card issuing banks, and BOA, Wells Fargo and Chase are the whales in the room that dictate the rates.
But, things only get worse as you introduce politicians to the mix. The Durbin amendment sought to cap certain rates and try to dictate the revenue the card brands made on transactions. What it ended up doing, is introducing new fees with very convoluted and not easy to calculate logic. AmEx is the card brand that absolutely destroys merchants.
I've recently started a business, and there are so many bills to cover, that a 30-40% margin dwindles down to 10-15% really fast. Accepting credit cards is a direct 2 to 3% hit to your profit margin. And that's painful especially if you sell low dollar items or low margin items.
1
Posted on 5/21/25 at 7:34 am to the808bass
quote:
Has Roger said this is communist?
He has. This is gov interference with US Businesses.
Posted on 5/21/25 at 7:35 am to dgnx6
Our water company charges us for the use of a card. So does our internet.
Posted on 5/21/25 at 7:44 am to WhiskeyThrottle
quote:
Accepting credit cards is a direct 2 to 3% hit to your profit margin. And that's painful especially if you sell low dollar items or low margin items.
But how would cash only alleviate those expenses. I know it is a haircut, but what about the hidden expenses of cash like the extra time it takes to balance registers and the additional time spent going to the bank to deposit the cash or checks and get change. Then you also have the added risks of an employee either giving out too much change or theft from the register. Also, there is always a chance someone tries to rob the place.
But on the other side of the coin, the other issue with credit cards is chargebacks that are hurting businesses after the sale.
Now that the merger between Capital One and Discover is done. I wonder how that will impact the credit business as Capital One gets away from issuing Visa and Mastercards to issuing more Discover cards to get their portfolio of debit and credit cards on their own Discover Card network.
This post was edited on 5/21/25 at 7:46 am
Posted on 5/21/25 at 7:48 am to dgnx6
quote:
Credit card fees are ridiculous. That’s why businesses might have an up charge on small purchases.
My buddy owns a gun shop and the fees imposed on him for taking CC's is crazy.
Posted on 5/21/25 at 8:01 am to dgnx6
quote:
Businesses don’t pay their utilities. You do.
Your employer is actually paying the utilities of the businesses you frequent.
Well, actually, whoever pays your employer is paying the utilities.
Or maybe whoever pays them. I'm not sure how far back it goes, but it's definitely not the business itself.
Posted on 5/21/25 at 8:02 am to Tarps99
CC companies need to be brought under control.
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