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> in practice I think many businesses just apply a flat rate like 1–2% which will be higher than their costs for some transactions Have you ever seen an itemiz
by donavanm 6y ago
> in practice I think many businesses just apply a flat rate like 1–2% which will be higher than their costs for some transactions
Have you ever seen an itemized transaction cost of 5¢ + 1-2% of total? Living in Sydney I never have. Literally every time it’s a written note on the till or verbally after they ring you up; “$5 minimum on card” or “50¢ charge” is always the pattern.
The rapid and endemic noncompliance, and fleecing of consumers, seems to be what happens when you have “deregulation” and literally no enforcement of behaviors.
- chrismorgan 6y agoI’ve seen fixed amount (e.g. 50¢) and fixed percentage rates (e.g. 0.8% for Visa/Mastercard, 2.5% for Amex). I haven’t ever seen actual cost-based calculations offline, but I suspect I may have online, just once or so. What I was quoting was the letter of the law, which is, I suspect, regularly violated. As a society we just let it slide, because we understand roughly what’s being done and why, and know that the differences are slight. But if it was presented as a percentage and was over 2% for Visa/Mastercard, I imagine some would start asking questions, because that’s more than one would expect.