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Charging 1% for existing payment network card transactions would put them out of business real fast when the wholesale cost to processors is more than 1%.
by omarchowdhury 9y ago
Charging 1% for existing payment network card transactions would put them out of business real fast when the wholesale cost to processors is more than 1%.
- myroon5 9y agoDo you have a source for this?
- omarchowdhury 9y agohttps://usa.visa.com/content/dam/VCOM/download/merchants/visa-usa-interchange-reimbursement-fees.pdf https://usa.visa.com/content/dam/VCOM/download/merchants/vis...
- mrep 9y agoThose costs are only so high because of reward systems that pay credit card users for purchases. Get rid of all of the rewards and 1% is easily enough to cover transaction costs.
- snovv_crash 9y agoThen how do they operate in the EU, where the fees are capped at 0.3%?