What kinda stores?FaceMask said:
I own Stores, My manager said he's going to sign up for this. I told him hell no. Anything Durbin and RINO Marshall approves of is a no go
He got pissed, so I told him he makes $100k as a *********711 manager. Go work for corp.
He backs off. Everything gets passed down to consumers.
Quote:
U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) introduced the bipartisanCredit Card Competition Act of 2022, legislation that would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly. Building off of debit card competition reforms enacted by Congress in 2010, the bill would direct the Federal Reserve to ensure that giant credit card-issuing banks offer a choice of at least two networks over which an electronic credit transaction may be processed, with certain exceptions.
Kind of surprised this hasn't been proposed before now. Have started seeing more and more businesses offer a cheaper cash price to avoid CC fees. We even ate at a cash only, higher end restaurant on vacation last week.Quote:
"NFIB members support increased competition for credit card processing networks," said Jeff Brabant, Senior Manager, Federal Government Relations, National Federation of Independent Business. "Competition will result in lower fees, which have increasingly cut into the razor-thin profit margins of small businesses. NFIB appreciates Senators Marshall and Durbin for introducing this important legislation, which aims to inject competition by allowing small businesses the freedom to choose between multiple credit card processing networks."
FaceMask said:
Everything gets passed down to consumers.
You should show up in person and pay in dollars, hell pennies. See which is more expensive to process.....Bird Poo said:
Yep.
Texas A&M requires that you pay the CC fee separately when you pay for tuition. Usually several hundred bucks for a purchase of $10K. Just for the convenience of using a CC.
Banks make a killing off of those fees.
FaceMask said:
I own Stores, My manager said he's going to sign up for this. I told him hell no. Anything Durbin and RINO Marshall approves of is a no go
Everything gets passed down to consumers.
Since when have democrats done ANYTHING for small businesses?cjsag94 said:FaceMask said:
I own Stores, My manager said he's going to sign up for this. I told him hell no. Anything Durbin and RINO Marshall approves of is a no go
Everything gets passed down to consumers.
This summarizes what's wrong these days. Nothing about good idea or bad idea... Just choose your political team, blindly support them and shoot down anything from the other side.
If youre a climate change oriented business, you could cash in on the Inflation Reduction Act? You can especially cash in if you are a minority owned, climate change oriented small business. Tons of handouts in that thing.Bird Poo said:Since when have democrats done ANYTHING for small businesses?cjsag94 said:FaceMask said:
I own Stores, My manager said he's going to sign up for this. I told him hell no. Anything Durbin and RINO Marshall approves of is a no go
Everything gets passed down to consumers.
This summarizes what's wrong these days. Nothing about good idea or bad idea... Just choose your political team, blindly support them and shoot down anything from the other side.
The only example I can think of is where some businesses will only take AMEX or only take Visa / MC. So in those examples you will now get choice between AMEX or Visa/MC?Four Seasons Landscaping said:
What does this do in order to actually increase competition?
You couldn't be more right.cjsag94 said:FaceMask said:
I own Stores, My manager said he's going to sign up for this. I told him hell no. Anything Durbin and RINO Marshall approves of is a no go
Everything gets passed down to consumers.
This summarizes what's wrong these days. Nothing about good idea or bad idea... Just choose your political team, blindly support them and shoot down anything from the other side.
FaceMask said:
I clearly was "emotional" and I apologize, but I do stand by that both Durbin and Marshall are uniparty hacks that do legislation for their best interest.
If retailers want lower discounts, then credit card issuers are going to have to scale back their "reward" programs. When a customer gets 5% back, where do they think that money comes from?
They are called consumers, not thinkers.Quote:
you're lucky I'm even here, you better take my doll hairs.
You think the payment rail and technology just magically appeared for you the collect your payment from customers?Hanrahan said:
cc processing is an absolute racket. it soaks business for enormous costs and provides nothing more than a payment platform customer expect to be able to use due to the huge expanse of "rewards" given to those customers, ALL at the expense of the businesses. ALL of the risk is on you, the business owner. Dispute resolution rules against the business owner 99/100 times even with detailed evidence provided by the business owner. The process is unnecessarily complicated. The pricing is intentionally, ridiculously complicated. I get a 10 page report of fees with each monthly statement. It is ridiculous. There are like 5 different fees charged for every swipe, all summed in different sections such that it is almost impossible without spending an inorinate amount of time to determine what the total charge was for a given transaction. There is zero transparency between fees for difference cards, and every single card is different in what the business pays.
ANYTHING that forces more competition in this space is welcome. I absolutely hate them. We pay six figures to cc processing and get very little in return. We also don't feel like we can pass that cost onto the customers, but with each price increase I am getting closer to implementing it. I don't care if republicans or democrats force the issue, anything is welcome.
I notice you make absolutely no mention of the shortcoming and opaqueness I noted. I understand it costs "something" to have this entire system in place. But fees and costs just keep going up and up and up and service goes further down and down. There is zero accountability for anything in the chain except for the business owner. Everything falls on them. it didn't cost six figures to process my payments. And depositing the same amount of cash would be a hell of a lot less, an order of magnitude less, so that's not really a comparison. If we did away with "rewards" that the BUSINESSES pay for, it would go a long way... but given all that money the cc companies so graciously bestow on customers is OPM, they don't give a crap. They know you have no other options, and the stick it to you every chance they get with zero ability to have any insight or communication. It's a complete man behind the curtain system, and its always the "other peoples" fault when you talk to the only contact point you have, which is the processor, who blames any and everything unfair or outright incorrect on the issuers and underlying banks, which you have zero ability to communicate with. And given every single card is a different byzantine set of payment and fee rules, which you have absolutely zero way of knowing what you will be charged before you accept payment, its kind of a big deal. Take your "you exepct everything for free and don't understand what you are talking about" somewhere else. The system sucks, is set up to soak the businesses.SF2004 said:
You think the payment rail and technology just magically appeared for you the collect your payment from customers?
You think banks are going to extend credit for a purchase to your customer without anything in return?
The majority of the interchange goes to the banks extending the credit and not VISA or the processors.
If you support this then your rewards and the float from purchase to statement due will be gone. You will have to just use your cash in the checking account.
It is amazing how business owners continue to be ignorant of payment rails and cost of processing payments.
Oh, you just go cash? Well banks are going to charge you fees to count and verify that cash.
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