posted on Jan, 29 2013 @ 06:57 PM
reply to post by FortAnthem
I apologize if I'm just reiterating what's been said, but only read the OP so far. Anyhow, its not just credit cards, its "any card", meaning
debit cards as well. I'm guessing there's a lot more debit transactions than credit these days. In the eyes of the processors, its all the same.
Most cards charge between 3-5% on every transaction. As a business, that's a hefty price to pay for someone to slow down getting money into your
account by 2-5 days.
As a business owner, my pricing already has card fees built into it. In an average month, my margin is about 10% it bothers the hell out of me that
these card processors, whose only value-add is that people don't have to carry cash, are essentially taxing nearly every transaction in the economy
by an average of 4%.
The commercials where the person paying in cash takes longer than the person paying with a card are a total joke. It takes more time to run that card
transaction, if anything. They just want people to feel stupid and outdated if they use cash.
Personally, I use a credit card or card through PayPal for online purchases, and I pay cash for everything else but my utilities and mortgage payment.
I do so because it is much safer to carry cash than cards (far more Identity/card number thefts than muggings), and, I'm helping the business owners
out, while not contributing to these nonsense card companies.
Imagine if that 4% on practically every transaction in the economy was taken from the cash-flow slowdown card processors and put into the actual
economy instead. Purchasing power would increase by 4% immediately. Imagine the impact on the economy if everybody was given a 4% raise, across the
board. While it would be a one-shot boost, if everyone dumped cards, at least for retail purchases, the economic boost, and the domino effect would be
All I can do is my own personal protest, and offer freebies/discounts to my cash-paying customers. Hopefully more will do the same.