01-08-12, 21:20
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#7
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The Enigma
Join Date: Apr 2012
Posts: 9,977
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Re: US -Retailers to Charge For Use of Credit Cards
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Originally Posted by yak
After all, the store isn't charging the fee, YOUR credit card company is.
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Welcome to the discussion yak.
err, yes and no. The issue here is that the merchants pay a fee for the credit card use. One the merchant is forced to absorb the cost of, not to mention having to buy his way into this racket. He's in a loosing position where failing to accept the credit card costs him business through good will or accepting the card costs him loss of profit. None of the merchants can get out of these swipe fees because the major banks schemed to set the rate, which is against anti-trust laws here in the US.
These swipe fees take a whack at the profit margin that independent merchants are planning on to keep the store open. They've slowly been climbing over the years, not to mention the other requirements they have to meet, such as security for computer data at the merchant's cost and requiring they hold back up records of transactions.
It's another scheme to collect for fees anyway they can get them and it's been going on for years. The recent court case means the merchant can now pass those required fees on to the customer that is buying with plastic, so only those creating the fees will be charged those fees.
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