> at least 5% of every transaction
In EU 0.3% or 0.2% depending on card type: https://www.reuters.com/article/us-eu-payments-cards-idUSKBN...
The company supplying and supporting the card machine adds a fee, so it's more like 1-2%.
You can easily get sub 2% in the US if you shop around and have ok volume. Just as much exaggeration in this thread as in the article.
5% per tx?! Remember, in Europe debit is way more common than credit and the fees are capped.
And I'm pretty sure no receipt and under-reported taxes. But what am I saying, that's only something that happens in PIGS, nobody evades taxes in Germany...
Re:Why Restaurants Are So Fucked
by tomatocracy on Saturday May 02, 2020 @04:07AM
(#23050220)
Banks charge for handling large volumes of cash though - can be as high as 2% I think; and as others have said 5% is way way more than you'd be paying to accept card payments. If anything the economic incentives are towards going completely cashless these days.
But you can't go cash-only because so few people carry cash, that our would drive out your sales.