Durban ammendment in 2010, included a cap. I can't recall if it has been overturned... But it was a certain amount plus interchange fee. States may have other laws that limit our allow other revenue provisions... EU has a limit of less than 50bps. The cards (visa, Mc, Amex) used to have rules that prohibited them from passing the fees to the consumer...i don't know if that's changed...as I'm not working much with cards businesses lately. But this is also a catch 22 for businesses... Why would I buy from someone tacking on 4% than the guy/business who isn't?
My wife and I did the same thing. We paid off a combined $75,000 in five and a half years. With the exception of the mortgage, we have been debt free for 8 years. Yet, the whiners with useless degrees expect to have their student debt forgiven. The definition of useless idiots. If you can't pay cash for college and do not want student loans, learn a trade or enlist. Any other choice makes you a burden to yourself and society.
Interesting to look a margins from the CC companies in both the EU and US divisions of the same companies as comparison, draw whatever conclusion you want based on the installation of capped charges.
We have customers that sometimes pay $20-100k+ bills with credit cards. We charge a convenience fee on anything over $1000. Why in the world why I take a 3% hit on a job? Just think $50k job, 3% bc a customer decides to pay with a cc comes out to $1500. Sorry not sorry, that's the customers problem, not mine.
Yes, that has changed. There are a handful of states that do have laws that prohibit passing along the CC fees they pay. We only had a few businesses in my area that tried to pass them along. It didn't last long. The CC fees are the cost of overhead and should be accounted for in normal pricing. Gas stations figured that out years ago and many still offer a cash discount. Passing along the CC fees is PAP (pure added profit)-a term long used in the automotive world.
There are business like yours where it makes sense. Our local feed mill has the same problem as you. They have customers that ask for and receive 30 days to pay their bill and then put it on a CC. Double whammy to those folks. Retail chains, not so much.
Not sure that's public info and they're are additional factors (cost and Rev) for those companies to consider too. Currency exchange, market penetration/share, taxes/vat, regulations, chip&pin, Yada Yada. I took a quick peek at MCs 10k, didn't see that sort of info divulged. But in their earnings presentations they include some info... Appears the US accounts for more growth, but only represents about 40% of their business. It also looks like they are seeing more business from prepaid and debit cards than credit, but don't know what that equates to in revenue. One unremarkable observation, they reported... Card not present use is up substantially since April... With card present transactions plummeting from start of march...
You can see margin differences from cross border travel transactions vs intra country transactions, Yields are different in the EU if the merchants and customers arent both from the EU.
I hate the opposite. When a gas station lists the cash price and then when you pay at the pump and it's different price for card transaction. On side note there is one local company that give a 10c per gallon discount if you link your account with them and pay through their app. Problem is the saving yield for the customer is inverted to the price. So the higher the price the lower the savings. That's the opposite of using a rewards card that pays a flat percentage of the transaction.
. So I see you took what I was saying incorrectly, also the forclosure are due to over taxing and that is a fact..let me just tell you another fact. This isn't new and it is actually a lucrative racket in many a small towns as well as cities.. Our last tax collector got rich buying up not only tax sales but also on condemn properties. In fact that old man that was desperate and needed the deer I gave him was in a bloody battle because the town declared his main street property unlivelable. They knew he did not have the funds for a lawyer. 2 years and the town owns the house, well the supervisor who's husband is the new tax collect...This crap happens everywhere. Though in these Dem. Cities it's on the increase. That is also a fact. My neighbor makes her living handling these places in the surrounding cities. 75 % of her realestate , her business is booming. As for the rest well just watch things unfold, especially when this Georgia situation goes the way I think it will. BTW I NEVER, mention bank loans or foreclosures. I said what do you think will happen when people won't use small busines that are forced to tack on fees for credit card use. I don't know too many people that use cash, I personally don't ever carry cash. I also owe zero across the board. Big box don't have to charge such fees and that is where people will turn for all purchases. BTW yes many small businesses did OK....that said... Take a drive down main street small town America.
Absolutely, there is no way I should have paid all that money to watch others get a free ride when they took the same deal.
OND, you specifically pointed out Detroit raising property tax and spiking it this year. Raising taxes is possible in MI but if I understand your meaning of spiking-meaning a very large increase-that is not possible due to the way MI calculates residential property tax. In 1978, MI voters passed the Headlee Amendment. This was tough on tax districts due to having to adjust mill rates so that the tax district collected no extra tax money year over with the exception of what was due to inflation. I'm not getting into any more detail as it would take too much space. From the moment someone buys a house, the taxable value is locked in. The property tax rate cannot go up or down more than the rate of inflation or 5%-whichever is lessor. This is know as Proposition A which passed in 1994. Again, too complicated to write down here. Tax districts can ask voters for a Headlee over ride. This is about the only way that tax districts can increase their mill rate. So, if Detroit has had a sudden influx of tax money, it came from a Headlee over ride vote or property sales where taxable value is unlocked for one year.
IT WAS A RIGGED ELECTION !!! ..... THIS is a very damning report and says a lot about how Biden/Dems cheated and committed fraud on the voters and to Trump .. I told ya all so .. some are to dense to see the truth regardless of the facts .. (or they just 'ignore' it all) Report Claims Dominion Error Rate Of 68%, ‘Intentionally Designed To Create Systemic Fraud’ A forensic report from the Allied Security Operations Group of election results from Antrim County, Michigan concluded Dominion Voting Systems is “intentionally and purposefully designed with inherent errors to create systemic fraud and influence election results.” ..... The report reasons that while “the allowable election error rate established by the Federal Election Commission guidelines is of 1 in 250,000 ballots (.0008%),” they “observed an error rate of 68.05% with Dominion Voting Systems. Its findings focus on Antrim County, which saw its election results glitch and flip thousands of votes for President Trump to Joe Biden. “This demonstrated a significant and fatal error in security and election integrity,” the December 13th summary noted. Critical to the report is the notion that these errors are a “result of machine and/or software error, not human error.” The Allied Security Operations Group explains: We conclude that the Dominion Voting System is intentionally and purposefully designed with inherent errors to create systemic fraud and influence election results. The system intentionally generates an enormously high number of ballot errors. The electronic ballots are then transferred for adjudication. The intentional errors lead to bulk adjudication of ballots with no oversight, no transparency, and no audit trail. This leads to voter or election fraud. https://thenationalpulse.com/breaking/michigan-dominion-report/
This ones for Greg Next job is to put gov of Michigan in the unemployment line. Sent from my iPhone using Tapatalk
The latest victim of Trumps egomaniacal personality. https://apnews.com/article/463cb19223f025345195d9d4f1666f3a
I used to buy into this as well, and still not saying it is not true, but what makes me skeptical on it now is pay at the pump. Their is no "convenience fee" or additional amount added on. Here in IL it is not allowed for a merchant to pass on the CC fee to the customer in a transaction, many have it that way but likely have not been reported. Some try the minimum purchase of $x.xx to use credit/debit, another work around. Used to be said gas stations make their money on in store merchandise purchases, why have pay at the pump(often mandatory) rather than pay first at the cashier to get them in the store every time? Pay at the pump has never made sense to me in that regard, you're asking the customer to not come inside for additional purchasing. Drive offs are one reason some pumps were pay first, but I think pump level surveillance would be more cost effective in the long run.
