I've been seeing stories like this appear on news site's for the past couple days now,
https://www.bloomberg.com/news/articles/2018-07-30/credit-card-backlash-mounts-as-kroger-weighs-expanding-visa-ban?utm_source=yahoo&utm_medium=bd&utm_campaign=headline&cmpId=yhoo.headline&yptr=yahoo
One thing I haven't been able to figure out though is will this hypothetical ban mean an actual "I'm sorry ma'am but we don't Visa card payments at this time. Would you like to pay with cash/check?"
I think its the credit part. Like right now mastercard requires the pin. This will prob be the same for Visa. They will have to enter a pin and use debit. i believe Krogers pays a higher swipe fee for visa credit then visa debt.
So even as the world currency exchange methods are inevitably switching from cash to plastic, retailers are already gouging both banks and consumers for higher transaction fees? That is BULLSH!T
I think its funny how people think retailer are gouging them and also banks. There is something call free choice and capitalization, retailer can only charge what someone is wiling to pay. Customer are willing to pay a price because its comparable to other retailers or items are a higher quality and give them value (its called economics). Its laughable to feel sorry for a bank, it you think about a bank they have no actual product and just allow people to borrow other people money. Have you ever been charges a surcharge for using a credit card? These charges are not going to the retailer, its paying the fee the bank charges the retailer for the credit card surge. Do you have a credit card that gives Rewards? These rewards are fees paid by others (retailer fees, monthly interest). Ever have to pay an ATM surcharge? Originally, all DEBIT cards required a PIN to bypass VISA and also make usage of the card more secure. Visa filed a lawsuit because they were not being able to charge retailers the HIGH surcharge. Why does Europe have Chip & Pin? Why doesn't the US have this? Its all about the $$$ VISA is not wanting to lose.
I'm sure this group of stores was chosen because its limited footprint, but still gives VISA a warning shot. In one period a larger volume store pays 1-2 peoples yearly salary to the CC companies for these charges.
I used to work for MasterCard and Visa for 7 years. If there is any ban on accepting these cards it will have to do with the percentage that Visa charges retailers for processing transactions. That is why you won't see many grocery stores accepting cards like American Express and Discover-it's too expensive at sometimes up to 2 1/2 percent of the total transaction value to process such payments.
I think its funny how people think retailer are gouging them and also banks. There is something call free choice and capitalization, retailer can only charge what someone is wiling to pay. Customer are willing to pay a price because its comparable to other retailers or items are a higher quality and give them value (its called economics). Its laughable to feel sorry for a bank, it you think about a bank they have no actual product and just allow people to borrow other people money. Have you ever been charges a surcharge for using a credit card? These charges are not going to the retailer, its paying the fee the bank charges the retailer for the credit card surge. Do you have a credit card that gives Rewards? These rewards are fees paid by others (retailer fees, monthly interest). Ever have to pay an ATM surcharge? Originally, all DEBIT cards required a PIN to bypass VISA and also make usage of the card more secure. Visa filed a lawsuit because they were not being able to charge retailers the HIGH surcharge. Why does Europe have Chip & Pin? Why doesn't the US have this? Its all about the $$$ VISA is not wanting to lose.
I'm sure this group of stores was chosen because its limited footprint, but still gives VISA a warning shot. In one period a larger volume store pays 1-2 peoples yearly salary to the CC companies for these charges.
Oh, close your man pleaser. You just wrote a book NO ONE read, lol
Well, if that's the case then they'll never get my money because the only cards I have are Visa. I never carry cash and I never write checks. In fact, they'll lose a lot of business.
Oh, close your man pleaser. You just wrote a book NO ONE read, lol
Well, if no one reads this that is completely OK. But remember people better themselves by learning more about ALL subjects. I too do not carry cash, somehow I figure out how to get some for the "Cash Only" businesses. This stores/policy change only effects Visa-Credit usage, Visa-Debit cards will still be accepted with pin number. Remember all expenses are a cost of doing business, but what do you do when you believe your not receiving a good deal? In reality Visa and other card issues are acting like a monopoly, as they are depending an unregulated payment for service (and using PR to promote and also degrade the image of other payments).
Well, if that's the case then they'll never get my money because the only cards I have are Visa. I never carry cash and I never write checks. In fact, they'll lose a lot of business.
