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There is no way Walmart pays 3% when a small business with minimal documentation can pay less via Square, PayPal, etc... And as mentioned elsewhere, cash has a

by ac29 9y ago

There is no way Walmart pays 3% when a small business with minimal documentation can pay less via Square, PayPal, etc... And as mentioned elsewhere, cash has a cost as well (theft, miscounting change, counting in and out cash drawers during shift changes, arranging daily deposits, trips to the bank, etc). As someone who worked retail 10+ years ago, I can assure you all these things happened, and probably added 2-3% to costs vs electronic payments.

mattnewton 9y ago
3% is probably inaccurate, it may be 2% with a cap of 21 cents or something like it, I don't know the average percentage. I do know it is upsetting enough to Walmart to sue for 5.9 billion in 2014[1] and join a class action lawsuit for 3 billion in 2003[2], to go in on a electronic mobile payments processor with rivals target and stores rite aid and cvs[3]. I got all this perspective following the news that Walmart would not back Apple Pay because it was holding out for it's own system [4] with lower fees called "CurrentC" (that I think died? I haven't heard about it since). That last article quotes it at up to 3% but most say 2%, so I am assuming there is a percentage and a fixed cost, and possibly a cap. In any case Walmart had a long history of being very unhappy with the relationship. [1] http://mobile.reuters.com/article/idUSBREA2Q2BJ20140327 http://mobile.reuters.com/article/idUSBREA2Q2BJ20140327 [2] https://mobile.nytimes.com/2003/06/06/business/merchants-may-get-lump-sum-payout-in-debit-card-suit.html https://mobile.nytimes.com/2003/06/06/business/merchants-may... [3] http://www.computerworld.com/article/2839144/heres-why-rite-aid-and-cvs-turned-off-apple-pay.html http://www.computerworld.com/article/2839144/heres-why-rite-... [4] http://time.com/money/3541247/apple-pay-walmart-current-swipe-fee-war/ http://time.com/money/3541247/apple-pay-walmart-current-swip...

by ac29 9y ago

mattnewton 9y ago

3% is probably inaccurate, it may be 2% with a cap of 21 cents or something like it, I don't know the average percentage. I do know it is upsetting enough to Walmart to sue for 5.9 billion in 2014[1] and join a class action lawsuit for 3 billion in 2003[2], to go in on a electronic mobile payments processor with rivals target and stores rite aid and cvs[3]. I got all this perspective following the news that Walmart would not back Apple Pay because it was holding out for it's own system [4] with lower fees called "CurrentC" (that I think died? I haven't heard about it since). That last article quotes it at up to 3% but most say 2%, so I am assuming there is a percentage and a fixed cost, and possibly a cap. In any case Walmart had a long history of being very unhappy with the relationship. [1] http://mobile.reuters.com/article/idUSBREA2Q2BJ20140327 http://mobile.reuters.com/article/idUSBREA2Q2BJ20140327 [2] https://mobile.nytimes.com/2003/06/06/business/merchants-may-get-lump-sum-payout-in-debit-card-suit.html https://mobile.nytimes.com/2003/06/06/business/merchants-may... [3] http://www.computerworld.com/article/2839144/heres-why-rite-aid-and-cvs-turned-off-apple-pay.html http://www.computerworld.com/article/2839144/heres-why-rite-... [4] http://time.com/money/3541247/apple-pay-walmart-current-swipe-fee-war/ http://time.com/money/3541247/apple-pay-walmart-current-swip...