Re:Plaid paid people $500 for their employer payroll logins
by hahaxdxd123 on Wednesday May 12, 2021 @10:57AM
(#27131091)
I feel like this is just a more general trend of US legislators deadlocked so hard that it provides rent seekers the opportunity to step in and entrench themselves. I would argue that healthcare - which you mentioned - is another prime example of this.
If you think about it, the payments system is a 2+% sales tax! Levied by private corporations! I don't even have an alternative since by contract with Visa/MC stores can't provide a lower price for paying cash.
Re:Plaid paid people $500 for their employer payroll logins
by ac29 on Wednesday May 12, 2021 @11:12AM
(#27131276)
> I don't even have an alternative since by contract with Visa/MC stores can't provide a lower price for paying cash.
This hasnt been true for over a decade. Cash discounts are allowed by the Durbin amendment.
See: https://www.law.cornell.edu/uscode/text/15/1693o-2 (b)(2)(A)
Re:Plaid paid people $500 for their employer payroll logins
by hahaxdxd123 on Wednesday May 12, 2021 @11:40AM
(#27131583)
Ahh thanks for the correction. This seems like it's still pretty consumer unfriendly though - you still have to advertise the card price in store and then you can take a discount at the register, as opposed to advertising a cash price and then adding a card charge.
There are a lot of small businesses around me that are cash only under $10/15 dollars. Given human psychology around advertised prices (i.e. most people don't think about opportunity cost), I'm not surprised cash discounts aren't common.
If anything is going to kill the US it will be something like the collapse of fair elections or the huge ballooning healthcare and education costs, not the payment rails.