Quote:
Originally Posted by Locke
It used to be illegal.
Good example is that AMEX charges merchant fees at ~double+ what MC or VISA charges, all cards charge different rates especially points cards, and it was illegal to charge more based on form of payment which is why places either took AMEX or not.
Ditto as to why Chinese Food places would 'give you a deal' based on how you choose to pay. But mainstream merchants cant really do that.
Another good example is when Universities stopped taking Credit Cards for Tuition for a spell...because they were getting murdered on service charges.
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No, I know that was the law before. But what I mean is, as a business, you know it costs ~2-3% to accept cards overall. You include that when you price your products though. If more people use Interac and you gain a percent, that’s great. If everyone uses Amex, you breakeven because you had it priced in.
I know we won’t see that from everyone. The registries charge for everything, which is incredibly annoying. I know it’s not a big amount, but consumers hate these things, and I think a lot of businesses are going to recognize that. It might not be a huge deal for things that are more one-time in nature, but for things like a restaurant that relies on repeat customers, I’d be wary of adding this.