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> my card was practically useless That's because merchants pay 3% or more for a creditcard payment, and something like 0.8% for a local bank card payment (with

> my card was practically useless That's because merchants pay 3% or more for a creditcard payment, and something like 0.8% for a local bank card payment (with the online equivalent iDeal). On top of that, there is much more risk accepting the creditcard with chargebacks, while the banks guarantee normal/iDeal payments. So most merchants here really dislike creditcard payments, it "costs them" much more. Of course I understand that this is not a solution for accepting payments internationally. What I say is that the whole creditcard payment system, as it currently works, should be replaced by something saner, something that looks more like iDeal.

Reason077 11y ago
The EU is introducing a cap on credit card interchange fees of 0.3%, and 0.2% for debit cards. This is expected to lead to much lower fees for merchants that accept credit cards (and ultimately, consumers). The new regulations apply from 09 December 2015: https://www.gov.uk/government/news/credit-and-debit-card-fees-to-be-capped https://www.gov.uk/government/news/credit-and-debit-card-fee...
- base 11y ago
  You can ask your payment processor and they will say their prices will stay the same. Check this response from paypal: PayPal told us that the “European Union’s regulation of Multilateral Interchange Fees (MIF) does not apply to PayPal as we are not an inter-bank card scheme and the fees PayPal charges businesses are not interchange fees”. http://tamebay.com/2015/03/new-eu-caps-on-credit-and-debit-card-fees.html http://tamebay.com/2015/03/new-eu-caps-on-credit-and-debit-c...
- pbhjpbhj 11y ago
  What's with the EU and bringing in new financial regulations for Merchants around Christmas time?? Last year it was VATMOSS on 1 January (when lots of people are on leave and lots of purchases are made due to stores running sales, especially online). ONS retail sales per week in the UK are £9B in December vs. £7B in April or June (last 12 months figures, http://www.ons.gov.uk/ons/rel/rsi/retail-sales/index.html http://www.ons.gov.uk/ons/rel/rsi/retail-sales/index.html).
computer 11y ago
Source for the 0.8% for local bank card payment? Last I read it was a fixed 4-6 cents per payment. See [1], for example. [1] https://www.abnamro.nl/nl/zakelijk/betalen/tarieven/sepa-betalingsverkeer/pinnen.html https://www.abnamro.nl/nl/zakelijk/betalen/tarieven/sepa-bet...
- acveilleux 11y ago
  Given that a huge number of transactions will be near 1-2 euros, the average cost in terms of percent could really be 0.8%. Not that I've seen the numbers mind you.

Reason077 11y ago

The EU is introducing a cap on credit card interchange fees of 0.3%, and 0.2% for debit cards. This is expected to lead to much lower fees for merchants that accept credit cards (and ultimately, consumers). The new regulations apply from 09 December 2015: https://www.gov.uk/government/news/credit-and-debit-card-fees-to-be-capped https://www.gov.uk/government/news/credit-and-debit-card-fee...

base 11y ago
You can ask your payment processor and they will say their prices will stay the same. Check this response from paypal: PayPal told us that the “European Union’s regulation of Multilateral Interchange Fees (MIF) does not apply to PayPal as we are not an inter-bank card scheme and the fees PayPal charges businesses are not interchange fees”. http://tamebay.com/2015/03/new-eu-caps-on-credit-and-debit-card-fees.html http://tamebay.com/2015/03/new-eu-caps-on-credit-and-debit-c...
pbhjpbhj 11y ago
What's with the EU and bringing in new financial regulations for Merchants around Christmas time?? Last year it was VATMOSS on 1 January (when lots of people are on leave and lots of purchases are made due to stores running sales, especially online). ONS retail sales per week in the UK are £9B in December vs. £7B in April or June (last 12 months figures, http://www.ons.gov.uk/ons/rel/rsi/retail-sales/index.html http://www.ons.gov.uk/ons/rel/rsi/retail-sales/index.html).

computer 11y ago

Source for the 0.8% for local bank card payment? Last I read it was a fixed 4-6 cents per payment. See [1], for example. [1] https://www.abnamro.nl/nl/zakelijk/betalen/tarieven/sepa-betalingsverkeer/pinnen.html https://www.abnamro.nl/nl/zakelijk/betalen/tarieven/sepa-bet...

acveilleux 11y ago
Given that a huge number of transactions will be near 1-2 euros, the average cost in terms of percent could really be 0.8%. Not that I've seen the numbers mind you.