High credit card swipe fees drive up costs for the average family by over $1,000 a year. Tell Congress to help by passing the Credit Card Competition Act: https://p2a.co/qryw5um
while many restaurants build the cost into the menu, we find a lot of restaurant owners/chefs don't even cost out their menus in order to do so... what's the right way for the restaurant? eat the fees as a 'cost of doing buisness'? or pass the fees onto the customer?
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The Credit Card Competition Act (CCCA) If you’re in the fintech or payments industry you may have already heard about the CCCA and possible implications if this Act passes. However if you haven’t well here is what you must know: What is the CCCA? The Credit Card Competition Act seeks to create a more competitive credit card playing field. Banks/Issuers would be mandated to enable card payments to be routed over at least one network that competes with VISA or MasterCard. Why is the act being considered ? The bill’s intention is to drive interchange fees down by letting merchants choose which network rails they use to route credit card transactions. Banks/Issuers would be mandated to allow card payments to be routed over at least one network that competes with Mastercard/Visa. Who will benefit the most from this legislation ? The act seeks to benefit merchants primarily as they would have the option to choose networks with lower transaction processing fees than those charged by MasterCard and Visa. Presently MasterCard and Visa account for approximately 80% of the credit card market. What is the expected impact on consumers? At a high level, it is expected that while merchants will benefit from lower fees it is expected that they will in return pass those savings on to their customers. However, experts speculate that consumers could be affected in other ways. With the possible reduced income from interchange and other processing fees, credit card issuers may cut back on their reward programs which consumers have become so accustomed to and love. #creditcard #creditcardprocessing #credit #visa #mastercard #payments #paymentprocessing #merchantservices #merchants #consumer #card https://lnkd.in/eMWU3xRC
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92.3 Billion in interchange fees. That doesn't even include processing fees that the merchant pays the processing companies which is negotiable, but most merchants don't know how to negotiate it in a real way that protects them from junk feed or increase with little or no warning it transparency. Go ahead and add a bunch more billion to that. What are we even paying for? The convenience of using our own money? Well, not if the merchant uses cash discount or dual pricing. Then you as the cardholder are even paying for YOUR OWN REWARD POINTS!!!! Get educated. Use your debit cards in any business that charges an additional processing fee!
Watch as Senator Dick Durbin pushes for a Senate vote on the Credit Card Competition Act to challenge the processing duopoly, promote competition, and cut fees. Thank you for advocating for our industry, Senator Durbin. Your efforts in backing the bipartisan CCCA are invaluable to small businesses and consumers alike.
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👨💻 World Class Resort IT Support | Certified Hospitality Trainer (CHT) | CompTIA IT Operations Specialist (CIOS) 🛠️
2wWhats funny here is this is a new trend. CC fees used to be incorporated into the Cost of doing business, perhaps a "cash discount" was applied. Now, they "refuse" cash, which last time I checked the US dollar clearly says for all debts public and private -- and then they charge you MORE (usually 3%)than their CC processor charges them (1-2%) and then on top of that they charge the 3% AFTER the Tip... nobody seems to think this is is a bad thing. Ive almost been arrested for "attempting to pay with cash", because the restaurant said I was "unable to pay my bill because all they take is card".... and I refused to pay a fee. Twilight Zone?!