has anyone been following the visa/mc/merchant thing

I'm not sure how I feel about this one. In the '80s, the fees were somewhere around 7% for some cards... Amex being the most expensive for merchants. It was common for many stores to not accept these higher fee cards.

These days, the charge is app. 2%-3%, which I don't see as exhorbitant. Rather than take a check, and hope it doesn't bounce, credit cards virtually guarantee funds to the merchant instantly. Yes, the consumer is protected to a degree w/the cards, as they can dispute certain claims.


When/If they prohibit the card companies from charging for their services to vendors, we'll probably see the end of the points programs we've all become accustomed to.


That would SUCK for me. Right now, I've got cards that are giving me back almost $.20/gallon on gas.
 
Althea said:
I'm not sure how I feel about this one. In the '80s, the fees were somewhere around 7% for some cards... Amex being the most expensive for merchants. It was common for many stores to not accept these higher fee cards.

These days, the charge is app. 2%-3%, which I don't see as exhorbitant. Rather than take a check, and hope it doesn't bounce, credit cards virtually guarantee funds to the merchant instantly. Yes, the consumer is protected to a degree w/the cards, as they can dispute certain claims.


When/If they prohibit the card companies from charging for their services to vendors, we'll probably see the end of the points programs we've all become accustomed to.


That would SUCK for me. Right now, I've got cards that are giving me back almost $.20/gallon on gas.
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TANSTAFL - the article states that the credit card companies have been increasing their fees and that the merchants would no longer have to pay the fees, so who do you think will be paying those fees (of course we have been paying those fees all along through higher prices)

however, the price increases have been spread out among those paying with cash or check, but will no longer be

one way or another we will pay and as usual the banks make a profit
 
Solution is simple. Pay with cash. That is what I do. First of all, I avoid those fees. Second of all, it really helps one control spending.

As a cash paying customer, I am glad the fees for the convenience of using the cards will be passed squarely on those using the cards. Why should I pay for someone else to use their credit card?

Cash is, was and always will be king
 
FactsRStubborn said:
Solution is simple. Pay with cash. That is what I do. First of all, I avoid those fees. Second of all, it really helps one control spending.

As a cash paying customer, I am glad the fees for the convenience of using the cards will be passed squarely on those using the cards. Why should I pay for someone else to use their credit card?

Cash is, was and always will be king
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There are no fees to the customer.

And, especially for businesses, credit cards make for serious consolidation of paperwork.
 
Don Quixote said:
TANSTAFL - the article states that the credit card companies have been increasing their fees and that the merchants would no longer have to pay the fees, so who do you think will be paying those fees (of course we have been paying those fees all along through higher prices)

however, the price increases have been spread out among those paying with cash or check, but will no longer be

one way or another we will pay and as usual the banks make a profit
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Some interesting reading here:

http://www.shift4.com/fees_rates.cfm


Whereas many fees have now been deemed illegal due to banking reform, I still see no reason why banks shouldn't be able to charge a nominal fee for service.

Yes, some of the fees are unfair, and should be reined in.
 
Althea said:
Some interesting reading here:

http://www.shift4.com/fees_rates.cfm


Whereas many fees have now been deemed illegal due to banking reform, I still see no reason why banks shouldn't be able to charge a nominal fee for service.

Yes, some of the fees are unfair, and should be reined in.
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Solution is simple. Pay cash. Accept cash. Lots of businesses are cash only.

Beautiful thing about a cash only business is that it is a lot harder for Uncle Same to track the money. :)
 
FactsRStubborn said:
Solution is simple. Pay cash. Accept cash. Lots of businesses are cash only.

Beautiful thing about a cash only business is that it is a lot harder for Uncle Same to track the money. :)
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Most businesses would fold if they did a cash only business.

So what fees are you avoiding by paying cash?
 
FactsRStubborn said:
As a cash paying customer, I am glad the fees for the convenience of using the cards will be passed squarely on those using the cards. Why should I pay for someone else to use their credit card?
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Because you are an inconvenience. Of course you should pay the same as credit card users, you're an asshole and the merchants hate you.
 
Don Quixote said:
anyway you look at we lose

http://news.yahoo.com/visa-mastercard-banks-7-25-billion-retail-settlement-011503627--sector.html
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some companies will pass the swipe fees on, some won't, this is all part of a settlement with the banks.
"Your cash ain't nothing but trash" ( Steve Miller band) - well maybe not. I don't mind paying cash, i just use a CCard fro convenience, but i'll gladly pay cash, not to get higher prices.

NOTE: many businesses are not going to pass swipe fees on - the want your busines,and will eat the swipe fees.
 
Althea said:
Why don't you tell us what fees you are saving, by paying cash?
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You can avoid taxes by only accepting cash. Cash is much harder for the federal gobblement to track. That is why the gobblement likes for you to use credit cards. Much easier to track the transactions.

Now before the knee jerk liberals start flying off the handle. I am not saying that the gobblement is tracking your purchases. I am merely saying that from a merchants point of view there is more of a paper trail for the Gestapo errrr IRS to track when you mandatorily report your income.

If you only accept cash how does the gobblement know if you made $20K or $50K? They don't.

The education is free. What you do with it is up to you.
 
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