There was a saying 1950s , " like rooting for GM "
Self proclaimed smart people, same ones in fact that defend Trump at the slighest --- are taking the side of credit card fees while whining about the cost of rent , so they can do 7 months of home renovations.
Samepeople rooting for Putin. Hmmh
acesfull86 (03-06-2024), Tapate50 (03-06-2024)
I do, hint, I worked with credit card processors in the past.
I understand the cost of doing business. I don't think anywhere I said that credit card processors shouldn't charge fees. I simply am stating facts. Visa, MC, banks, etc. make plenty of money on things that aren't late fees. Late fees are cherries on top. Especially since anyone who is getting a late fee likely cannot afford to pay their bill fully so there's interest fees of 20% APR going there too.
No CC company is going to seriously hurt from this, they'll just find a different way to migrate the cost. Most likely by raising their processing fees to businesses.
Stockholm, more densely populated than NYC - sturg
"I can't fix my life, but I can fix the world" said the socialist
Stop it - you did customer service (at best). I saw the whole financial impact of the industry and had to help report to the street.
You have no clue.
They won't migrate the costs, they'll just reduce their chargebacks and losses by not extending credit to less credit worthy indivduals.
Natural Immunity Croc
Really helps the senility narrative
"I can't fix my life, but I can fix the world" said the socialist
You realize this is a twitter or wh.gov issue. Not anything to do with Biden. Unless Bidne is a web developer.
I'm pretty sure this is an issue with twitter grabbing a card from that year, not sure if that's a twitter only issue or an issue from wh.gov not indexing properly.
Stockholm, more densely populated than NYC - sturg
You realize credit card companies split those transaction fees with the bank and the processing companies right? The lions share of those processing fees go to partnering banks, like Chase, Citi, etc. They have the money and they are the ones that actually front the money for the entire transaction, hence this being a "credit" transaction. The bank takes about 80%-90% of that processing fee because they assume virtually all the risk. The processing company (Clover, Square, etc) take 5-10% because they actually do most of the leg work for each transaction. The credit card company generally receives less than 5% of that processing fee because everything funnels through their network and they assume the least amount of risk and do the least amount of work.
So no, Visa isn't getting 35k from your business.
Last edited by Carp; 03-07-2024 at 08:42 AM.
Investopedia says Visa does not profit from the interest charged on Visa-branded card payments, which instead goes to the card-issuing financial institution. I don't think that's accurate though.
visa takes majority of the processing fees of the card swipe
the banks take the interest on the credit
"I can't fix my life, but I can fix the world" said the socialist
Carp (03-07-2024)
The banks are the ones physically lending the money to cardholders.
The service that the 'card schemes' (Visa/MC/Discover/etc...) are providing is the use of their network for communication.
Natural Immunity Croc
I'm sure it costs me a pretty penny, but Amex has been outstanding when it comes to customer service, and added in goodies.
Plus I pay it all off every month, "interest free"
Ivermectin Man
Carp (03-07-2024)
Carp (03-07-2024)
Is abortion all women care about?