The Biden Presidency

zitothebrave said:
Businesses are charged about 2-3% per transaction for credit card fees. If you're doing significant business, this can total be a ton. For example, in terms of percentage of income, our business in january of this year had 10000 dollars in credit card fees. Assuming a standard 1.3% interchange and assessment fees (the one going to the card issuer) that means they took home at least 2K in fees. It's probably closer to 3, but at least 2K in fees. THat's one business in our slower months. If we do it on the year it's at least 35K (that's not factoring the per swipe charge of a nickel per swipe) that's from a single small-med business.

That's of course not factoring in interest paid by the customer as well.

According to Visa they had 16B in revenue from "Data Processing revenues" the biggest piece of their revenue pie. \

Trust me these credit card companies aren't hurting.
Click to expand...

You have absolutely no clue the amount of overhead that is included in processing and settling credit card transactions.

Hint: I worked in the finance department for a publically traded acquirer/processor.
 
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
 
57Brave said:
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
Click to expand...

Nobody is rooting for them - You just don't understand how your policies are going to hurt the people you pretend to support.
 
57Brave said:
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
Click to expand...

I can't help that you are too stupid to understand anything.

How's the minimum wage hike in California working out? (except for Panera Bread, of course)
 
thethe said:
You have absolutely no clue the amount of overhead that is included in processing and settling credit card transactions.

Hint: I worked in the finance department for a publically traded acquirer/processor.
Click to expand...

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.
 
zitothebrave said:
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.
Click to expand...

You keep talking about Visa and Mastercard, but it's the banks that extend the credit (Capital One, Amex, etc) and impose late payment fees.

The credit companies pay Visa and Mastercard for the terminal charges
 
zitothebrave said:
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.
Click to expand...

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.
 
sturg33 said:
You keep talking about Visa and Mastercard, but it's the banks that extend the credit (Capital One, Amex, etc) and impose late payment fees.

The credit companies pay Visa and Mastercard for the terminal charges
Click to expand...

Yup - He was customer service at best.

Its just using the network (mostly) for CC companies. The actual settlement process happening on the back end is all about moving money from one bank account to another.
 
Really helps the senility narrative

GIBb7UzW4AAdxzh
 
sturg33 said:
Really helps the senility narrative

GIBb7UzW4AAdxzh
Click to expand...

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.
 
zitothebrave said:
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.
Click to expand...

I'm aware Biden is not tweeting.

The whole admin is incompetent
 
zitothebrave said:
Businesses are charged about 2-3% per transaction for credit card fees. If you're doing significant business, this can total be a ton. For example, in terms of percentage of income, our business in january of this year had 10000 dollars in credit card fees. Assuming a standard 1.3% interchange and assessment fees (the one going to the card issuer) that means they took home at least 2K in fees. It's probably closer to 3, but at least 2K in fees. THat's one business in our slower months. If we do it on the year it's at least 35K (that's not factoring the per swipe charge of a nickel per swipe) that's from a single small-med business.

That's of course not factoring in interest paid by the customer as well.

According to Visa they had 16B in revenue from "Data Processing revenues" the biggest piece of their revenue pie. \

Trust me these credit card companies aren't hurting.
Click to expand...


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:
Carp said:
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.
Click to expand...

Its not the first time Zito pretends to kjnow EVERYTHING about something and quickly realized thereafter that he knows little to NOTHING.
 
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.
 
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.
 
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"
 
Tapate50 said:
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"
Click to expand...

Amex is a different animal alltogether - If I remember correctly the banks aren't involved with Amex (which is why they are the most exclusive in who they approve). The acquirers/settlement proces still remains the same though.
 
thethe said:
Amex is a different animal alltogether - If I remember correctly the banks aren't involved with Amex (which is why they are the most exclusive in who they approve). The acquirers/settlement proces still remains the same though.
Click to expand...

Amex is the bank and the card issuer.

This is why COF just bought Discover. They want to be able to issue their own cards and manage their own payment network to better compete against AMEX and Chase
 
You must log in or register to reply here.
Back
Top