Off-Topic: some clarity re debit/credit cards

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	Name:	Barneget -
	Subject:	some clarity re debit/credit cards
	Date:	6/9/2011 8:41:08 AM

Banks and credit card issuers charge merchants multiple fees each time the plastic is swiped. I pay the fees, and like most every other expense, build it into the cost of doing business. Last year, my fees totalled more than $700,000 dollars, a number larger than my rents and labor combined. Debit averaged about 1.25%, Visa/MC just over 2%, Discover over 3.3%, and AMEX at 4.33%. Merchants were, by contract agreement with card issuers, prohibited from charging the user any additional fees. So, we spread the cost over all customers. The DoddFrank financial reform law, enacted last year, does alot of no good dirty things. The component supported by retailers limits bank transaction fees and allows for the collection of associated costs from the individual user. Senate hearings concluded yesterday with the decision to allow implementation. Bank customers will see higher fees associated with most consumer bank services, retail customers may see higher transaction costs associated with their method of payment. Do you think merchants will reduce their weighted retails as the surcharges roll out?

Other messages in this thread:

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Times are Hard,, the Economy>> - Mack - 6/8/2011 6:58:36 PM

Times are Hard,, the Economy>> - Talullahhound - 6/8/2011 8:03:33 PM

re debit/credit cards - Barneget - 6/8/2011 8:26:33 PM

re debit/credit cards - Talullahhound - 6/8/2011 10:35:05 PM

re debit/credit cards - Barneget - 6/8/2011 11:29:03 PM

re debit/credit cards - Pontoonfisher - 6/9/2011 7:20:16 AM

some clarity re debit/credit cards - Barneget - 6/9/2011 8:41:08 AM

Times are Hard,, the Economy>> - Barneget - 6/8/2011 8:12:08 PM

Dude... - roswellric - 6/8/2011 10:27:20 PM

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