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That's bonkers! It costs at least an order of magnitude more to process a cheque than a credit card transaction. And debit cards are even cheaper.
by kwhitefoot 4y ago
That's bonkers! It costs at least an order of magnitude more to process a cheque than a credit card transaction. And debit cards are even cheaper.
- sgerenser 4y agoNot in the U.S. The interchange fee alone is at least 1% for a credit card, typical all-in fee to the merchant is 2-4%. Checks cost almost nothing in comparison.
- kwhitefoot 4y agoThat's what the processors charge, not what it costs them.