StlSluggers wrote: Madison wrote:
StlSluggers wrote:In regards to your comment how people using credit cards raises everyone's price, did you know that credit card company agreements actually forbid merchants from pointing out the fee they pay when a person uses a credit card? That's why you see gas stations that offer cash discounts as opposed to credit card penalties.
I guess they changed the rules?
Sharon Gamsin, vice president of communications with MasterCard, said there is nothing stopping retailers from telling customers what the fees are.
*Note - Link is to page 2 of the article (since that's where I took the quote from), but it is an interesting article and I'm curious to see how it plays out.
MasterCard has no rules prohibiting merchants from offering a discount for cash, or any other form of payment the merchant would prefer, but we do require that they let consumers know there are different prices depending on how they choose to pay. By eliminating this requirement, merchants could advertise only the cash price, but then charge another price when the consumer tries to use their MasterCard card to make a purchase.
From a letter the company sent to Congress
re: the Welch Interchange Bill.
So Sharon is right that the companies can tell people about the fees... (if I'm reading the leagalize correctly
And from the same article:
After the government legislated lower acceptance fees there, consumers ended up paying more to use their credit and debit cards and receiving fewer benefits,
Which is exactly how it should be. Cash customers shouldn't have to pay higher prices in order to subsidize the cost of those who use credit cards. If someone wants to pay with a credit card, that's cool, but let them pay the 3% fee or whatever the additional costs are of using plastic to pay for their purchase at that particular store. It's their choice as to how they pay for something, so they can pay their own fees. My main bowling pro shop worked that way since I was pretty tight with the owner. If I bought equipment with cash it was less than if I payed via credit card since he had to pay fees on credit card transactions.
Yes doctor, I am sick.
Sick of those who are spineless.
Sick of those who feel self-entitled.
Sick of those who are hypocrites.
Yes doctor, an army is forming.
Yes doctor, there will be a war.
Yes doctor, there will be blood.....