Re:Visa, Mastercard Agree to Lower Swipe Fees, Settling Long...
by jddj on Tuesday March 26, 2024 @12:55PM
(#39830096)
It's fair to say that anyone looking for what an LLM might output on this topic could just ask an LLM, no?
Re:Visa, Mastercard Agree to Lower Swipe Fees, Settling Long...
by NLPaep on Tuesday March 26, 2024 @12:58PM
(#39830145)
At some point, we’re here for human interaction
Re:Visa, Mastercard Agree to Lower Swipe Fees, Settling Long...
by hnburnsy on Tuesday March 26, 2024 @01:57PM
(#39830791)
Gemini just summarized what I had discovered in the past on this topic, I had read somewhere that cash handling can add up to 17% in total fees but I believe it was an unbiased source.
Of course what is not accounted for is tax avoidance which cash can make easier for a merchant.
>Compared to cash, credit card transactions generally come with lower hidden fees for businesses. Here's a breakdown:
>Credit Card Processing Fees: There are fees associated with credit card transactions, typically a percentage of the sale amount paid by the business to the credit card processor. However, these fees are often lower than the cumulative hidden costs of handling cash.
>Faster Transactions: Credit card transactions are quicker than cash transactions, reducing checkout lines and improving customer experience. This translates to lower labor costs for the business.
>Reduced Risk: The risk of theft and loss is significantly lower with credit cards. Chargebacks (when a customer disputes a credit card transaction) can be an issue, but these are typically manageable compared to stolen cash.
>Improved Sales Tracking: Credit card transactions provide a clear digital record of sales, simplifying bookkeeping and reconciliation for the business.
>Potential for Increased Sales: Offering credit cards allows customers to make larger purchases they might not have enough cash for, potentially increasing sales for the business.