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credit/debit cards. who should pay?

Posted by on May. 6, 2013 at 3:20 PM
  • 96 Replies
Should the consumer, the bank or the retailer pay the transaction costs? Just curious as to opinions on this. I just entered my cost into my books for last month. $968.88.
by on May. 6, 2013 at 3:20 PM
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Replies (1-10):
jaxTheMomm
by Platinum Member on May. 6, 2013 at 3:23 PM
1 mom liked this

Wow.  Stupid question here but I'm gonna ask it - are the transaction costs really necessary?  Or are they just another fee the banks found a way to slap onto a transaction?

SuperChicken
by on May. 6, 2013 at 3:24 PM
11 moms liked this

The retailer.   It's a cost of business, to attract customers with convenient payment methods.

Carpy
by Ruby Member on May. 6, 2013 at 3:24 PM
The transaction go through processing companies. So ya, they don't want to do them for free.

Quoting jaxTheMomm:

Wow.  Stupid question here but I'm gonna ask it - are the transaction costs really necessary?  Or are they just another fee the banks found a way to slap onto a transaction?

Carpy
by Ruby Member on May. 6, 2013 at 3:28 PM
5 moms liked this
Banks offer rewards if you use credit because credit costs the retailer more. Debit costs the bank more and the retaier less. So if you know a business is struggling use debit. Stick it to Walmart though and always use credit.
DestinyHLewis
by Destiny on May. 6, 2013 at 3:28 PM

Agreed. If they choose to raise our cost of goods overall to use them? Their business. But banks should not. 


Quoting SuperChicken:

The retailer.   It's a cost of business, to attract customers with convenient payment methods.



SuperChicken
by on May. 6, 2013 at 3:29 PM
2 moms liked this

Lol, that made me giggle.  


Quoting Carpy:

Banks offer rewards if you use credit because credit costs the retailer more. Debit costs the bank more and the retaier less. So if you know a business is struggling use debit. Stick it to Walmart though and always use credit.


 

Carpy
by Ruby Member on May. 6, 2013 at 3:29 PM
How about the conscience to the consumer. Checks are direct deposited, banking online, hardly a need to even go to the bank anymore.


damn auto correct. I have it shut off and this new update it is still autocorrecting. CONVENIENCE


Quoting SuperChicken:

The retailer.   It's a cost of business, to attract customers with convenient payment methods.

SuperChicken
by on May. 6, 2013 at 3:30 PM

To clarify, do you mean convenience or conscience?


Quoting Carpy:

How about the conscience to the consumer. Checks are direct deposited, banking online, hardly a need to even go to the bank anymore.

Quoting SuperChicken:

The retailer.   It's a cost of business, to attract customers with convenient payment methods.


 

lovinmyboys...
by Member on May. 6, 2013 at 3:31 PM
The retailer...who eventually ends up passing the costs along to the customer.
Carpy
by Ruby Member on May. 6, 2013 at 3:32 PM
damn auto correct.

Quoting SuperChicken:

To clarify, do you mean convenience or conscience?




Quoting Carpy:

How about the conscience to the consumer. Checks are direct deposited, banking online, hardly a need to even go to the bank anymore.


Quoting SuperChicken:


The retailer.   It's a cost of business, to attract customers with convenient payment methods.




 

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