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Originally Posted by retiredguy123
Personally, I think that most small businesses could not survive without credit card sales. They are free to require customers to pay cash or to pay a fee to use a credit card, but most do not because they would lose sales.
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Agree with both statements.
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The banks are providing a convenient means for customers to pay with a credit card and the merchants benefit in increased sales and guaranteed receipt of their money.
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Agree. And the banks are certainly entitled to compensation for that convenience. Just not at the ridiculous margins they are currently enjoying. IMO and prob also that of every other small business owner.
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The banks make most of their money from high interest payments made by customers who cannot manage their cash flow.
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Prob also true, but they're also making a boatload of money on merchant fees. I don't feel sorry for them.
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More Government regulation of credit card fees would hurt both banks and merchants. My opinion.
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It may hurt banks' profit margins (boo-hoo), but I disagree that it would hurt merchants. Merchants would
welcome a reduction in the cost to process CCs. And why should the merchant pay more to process a rewards card that the bank decided to issue to the consumer? If the bank wants to do that,
the bank should eat the cost, not the merchant.