Consider eliminating service fees from credit card companies, ie 3% service fee for transactions. Removes the burden for small businesses to eat or pass the fee to the consumer. Large and micro transactions add up fast and can be part of the decision process for consumers who may be cash limited. Credit card companies should be able to survive on 10-28% interest rates on monthly balance rollover. HSA transactions are starting to see the pass along transaction fees which puts an added layer of burden to paying medical bills.
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I think they should be switched from the seller to the buyer. It’d have to be done by law. But then the receipt would show the surcharge to the buyer, they buyer would see how much more they are spending and switch to cheaper methods if they prefer.
I agree these fees should be eliminated. The buyer should not be forced to take on these fees, as this is one of the many reasons for inflation. Business are passing on their increasing overhead costs to the buyer. Companies like Stripe, PayPay, Square built their business model on a unregulated market and now we are forced to give them a % of our sales. it’s not fair.
I completely agree. We used to use checks at no cost to the seller or buyer. It took way more employees to process checks and now the credit card transactions charge for something that used to be free and uses a fraction of the people to manage the servers. If email transactions can be free, then credit card trasactions can be free. It’s time to end it.
No thanks. Get rid of the fees. We can email for free, we should be able to send and receive OUR MONEY for free. We used to use checks for free, and think of how many people had to touch those checks before they were credited to each account. Now we’re so used to credit card transaction fees that we believe that they are somehow necessary.
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