3 ms·
Forcing people to accept dead trees is a silly solution to this problem. There are real issues in the credit card system, including: 1) huge cost of credit car
by mchusma 6y ago
Forcing people to accept dead trees is a silly solution to this problem.
There are real issues in the credit card system, including:
1) huge cost of credit card transactions (they are about
2) lack of privacy options
3) disproportionate burden of credit card fees on the poor (the rich get great rewards, which is a kickback from credit card companies).
The number one thing that could be done to make things better is to force credit card fees to be borne visibly and directly by customers at all times. This would force people to generally seek lower cost options.
The number two thing would be to ensure there is a standard for any competing card network to come along and plug in.
With these two things, you would ensure low cost processing options and the ability to compete on privacy features.
- ryanmarsh 6y agoForcing people to accept dead trees According to the Bureau of Engraving and Printing , US “paper” currency is made up of 75% cotton and 25% linen.
- Slartie 6y agoLimit credit card fees by law to some amount that easily covers the actual transaction costs and then some, but does not leave endless room for crazy stuff like kickbacks that effectively eat up 80% of the fees and thus clearly expose that the real cost of transactions can't be more than 10-20% of the fees. There you go - Problem solved! No more "tax on the poor", but cheaper prices for everyone. There's even been a model for that for over five years in the European regulation regarding this topic.
- cmxch 6y agoThere's also 4) too much ability to stifle competition from lawful but controversial individuals. On top of your plug in standard, promote reasonable and nondiscriminatory access as a requirement for payment processors. That way, controversial (but otherwise lawful) individuals would also be able to compete without interference.