Quote:
Originally Posted by Kelevision
It’s the credit card companies, not the business who charge the fees. The businesses, mostly small privately owned businesses, lose quite a bit of money in credit card fees, which is why they charge the customers. Call your bank and complain. Don’t take it out on the small business owner. I believe debit cards are free of fees at least.
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Most small businesses are paying in the neighborhood of 3.5% + per item fee + monthly fee + extra fees for rewards cards. Debit cards (PIN based, not signature which is processed like a credit card) is typically a flat fee (maybe 50 cents) regardless of the sale amount.
While I am generally opposed to any government involvement in the private market, with the volume of CC sales these days, some major reform would go a long way toward improving the economy. There is no reason to have the insane amount of fees, variability in transaction costs, and high percentages charged.