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Why do we need a law to allow this? If there is a law that disallows it we would need to repeal that law. I am not aware of such a law though. I thought that me
by dumbfounder 8y ago
Why do we need a law to allow this? If there is a law that disallows it we would need to repeal that law. I am not aware of such a law though. I thought that merchants choose not to do this because it is seen as nickle-and-diming people, and they don't want the negative sentiment. Taking credit cards is just a cost of doing business. That said, lots of gas stations offer discounts for cash.
- graeme 8y agoHere's a case in Canada: https://www.ctvnews.ca/mobile/business/merchants-may-soon-ask-customers-to-pay-surcharge-when-using-credit-cards-1.3459584 https://www.ctvnews.ca/mobile/business/merchants-may-soon-as... Badically, credit card processing agreements prohibited fees. But as a matter of public interest a lawsuit was brought and fees were allowed. This is still quite recent so we haven't seen any effects. "Just a cost of doing business" is the point. Europe saves 2% annually compared to our system. A 2% private tax is very large.
- dumbfounder 8y agoAnd, because they don't spend money they don't have, they spend less. But less spending means shrinkage in the economy (or so I'm told), but means poor people are less poor. And it means that rich people are less rich (that interest that poor people pay doesn't go to other poor people). Today I realized that credit card companies are the root of all evil. Save us, Bitcoin!