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It's not the big businesses I'm worried about. It's all the small ones, who are now obliged to take a hit of potentially 5% or more of a small transaction, beca
by Silhouette 7y ago
It's not the big businesses I'm worried about. It's all the small ones, who are now obliged to take a hit of potentially 5% or more of a small transaction, because they have neither the power to negotiate the much lower fees that big companies have nor any longer the right to pass on the actual cost to their own customers to incentivize paying by a more cost-effective method.
- AnssiH 7y agoOut of interest, where in EU are 5%+ rates a thing? Here in Finland the base card-present rates of traditional merchant card service providers are around 0.3% for debit and 1% for credit, with no per-transaction fees so these apply to even small transactions. Hmm, or maybe you were talking about card payments over internet? You might have a point there as per-transaction fees are more common there (e.g. Stripe takes €0.25).
- Silhouette 7y agoOut of interest, where in EU are 5%+ rates a thing? Hmm, or maybe you were talking about card payments over internet? Yes, I was. For example, Stripe's current pricing here in the UK is 20p + 1.4% for European cards (so a transaction of around £5 has a 5% fee) or 20p + 2.9% for non-European cards (so a transaction of around £10 has a 5% fee). Other online card payment services are broadly similar for small businesses paying the standard advertised rates.