Quote:
Originally Posted by Pugchief
This information is misleading if not flat-out wrong.
Using a debit card in a PIN based transaction costs the merchant less than using a credit card. But if you sign instead (virtually all restaurants), the merchant is charged the same rate as a credit card.
Also, while the rate varies based on average monthly volume, we were paying $0.50 to $0.75 for debit card PIN transactions, not $0.05.
You should also know that PIN based debit card transactions are more secure (thus the lower fee) and generally speaking, credit cards offer better protection against fraud. I only use my debit card for ATM withdrawals, and credit cards for any purchase.
The sad reality is that more and more merchants are tacking on a fee to use cards. It's understandable when you realize they are losing ~3% on every transaction, which over time really adds up. $10,000 in monthly volume means losing $3600+ each year. The real question is why banks are charging merchants 3%+ when the actual cost to them IIRC is less than 1%. Even with a profit built in, 3% is ridiculous. But the extra fees help pay for rewards cards that offer cash back or airline miles.
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Well according to Visa Debt website fraud department you are wrong. Whether you use a pin or not it is still billed and paid for by Visa Debt no they and not to place a fee.
Also according to FL Legal they can not charge a fee whether you use a pin or sign.
So maybe you need to do some fact checking
Read response #2 there is a link for you.
This information is not flat out wrong but yours is.
As I stated I went to several web site to research is this right/legal and all the site STATED NO
I can post them or you can do some research before you make comments