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Apple has thankfully figured out that there's good money in online sales so they'll in fact get a cut if you buy stuff on Safari, although only if you use Apple
by Hamuko 3y ago
Apple has thankfully figured out that there's good money in online sales so they'll in fact get a cut if you buy stuff on Safari, although only if you use Apple Pay and even then they only get a miniscule 0.15% (or less) cut. I imagine this is because they don't have the technology to skim off all transactions yet and laws prohibiting excessive processing fees.
- riscy 3y agoDoes there exist a payment processor that takes zero cut?
- rahkiin 3y agoIn the Netherlands there are payment processors with a fixed cut like 15 cents.
- pcammeraat 3y agoMollie?
- rahkiin 3y agoYes for ideal. Not for CC of course because of the duopoly of visa/mastercard
- virgilp 3y agoThat's only cheaper for payments in excess of 100EUR
- ixaxaar 3y agoUPI in India has 0 fees, currently doing about 52% of all digital transactions in the country.
- riscy 3y agoThat’s amazing. Wish we had an equivalent in the US.
- Workaccount2 3y agoI have dreamed of starting a credit card/payment processor company that does this, giving users instant discounts everywhere they use it. Retailers will bend over to move people away from paying % fees. The problem is that it is extremely capital intensive to get it off the ground.
- ryanbrunner 3y agoApple Pay is not a payment processor, it's a mechanism for delivering payment information to a payment processor.
- Cu3PO42 3y agoI'd argue 0.15% is a huge cut for the service they're offering. With Apple Pay the payment is still being processed by the card scheme, the merchant's acquirer, their bank and the user's bank. Each of these charge fees and Apple's cut likely comes out of the user's bank's cut, since they are the ones co-operating with Apple to get their cards onto Apple Pay. In the EU, this fee called interchange fee is limited to 0.2% for debit cards and 0.3% for credit cards. Imagine if Apple managed to negotiate for 50-75% of that. That would be ludicrous in my eyes.