3 ms·

It's a natural monopoly market, making a better product is not enough.

• dpweb 11y ago
  3% is not price gouging. First, they spent decades building up their networks. You are paying for indemnity. People forget about the power of purchase protection. I can pay with a card and feel safe I will not get screwed by a merchant. Merchants are scared of chargebacks, so they rarely screw the customer. Card payment is vastly superior to cash payment the fees are not out of line.
  • needusername 11y ago
    > 3% is not price gouging. First, they spent decades building up their networks. Except the fee goes to the issuer and not the network. > You are paying for indemnity. People forget about the power of purchase protection. I can pay with a card and feel safe I will not get screwed by a merchant. Merchants are scared of chargebacks, so they rarely screw the customer. Then the cardholder should pay for this, certainly not the merchant. > Card payment is vastly superior to cash payment the fees are not out of line. 3% is out of line for incrementing an integer in one mainframe and decrementing it in an other mainframe with virtually not risk.
  • wycx 11y ago
    If 3% is not gouging, then why can European payment networks operate charging an order of magnitude less? I do not think they are running their networks as charity.