Quote:
Originally Posted by ThaVirus
Apparently there are tons of fees involved in the credit card processing biz. I've actually never heard of a company only accepting cash but my boss used to bitch about credit card fees incessantly..
|
Yea...This is true. Some random Indian dude explained the process to me during our transaction. Every time they swipe a card, they are charged a certain fee from the company they use to process debit/credit transactions. That fee is charged whether or not the transaction is completed. Therefore, you walk in there, swipe your card for five dollars worth of soda and chips, and you're card gets declined because you're a shitbag with no money, that store owner still gets charged for swiping that card.
Similarly, if you only buy a fifty cent bag of crackers that they're making a 20 cent profit off of, and the debit/credit transaction fee is 25 cents, they're losing five cents by selling you that bag of crackers via debit/credit.