We blocked that card processor, obviously. But the % is very much not constant across e.g. Visa, often every purchase in a day is slightly different, and we can't even tell people what the rate is for their purchase due to a couple layers in between (still figuring out if we can fix that). It's vile, and probably should be illegal to not pass through the cost visibly.
See the "raw" rates here: https://www.mastercard.com/content/dam/mccom/us/business/doc...
I helped out a friend who owns a deli when he took over from his parents. His dad saw cash as a way to avoid taxation and had some awful payment processor where they paid a high fee and was renting a POTS based terminal - $60/mo to Verizon and $30/mo for the terminal.
Now he keeps one set of books, and raised his average sale by about 10%. Their catering business, which drives profits, are up significantly with online ordering through the POS.
Ditto with a non-profit I was on the board of. Pushing Venmo and Square for donations increased donations by like 30% and reduced shrink at fundraisers. Anyone who claims they can’t afford a 3% fee is going out of business anyway.
> complaint: credit card fees are high and maliciously opaque.
> suggestion: have you considered adding another company in the middle?
... do y'all understand that those middle companies profit from being in the middle? that profit comes from somewhere, where oh where could it be...
why on earth would you expect them to improve your income? you are literally buying convenience from them. or is this just thinly disguised advertising?
I guess the question is whether they can distinguish between people who are going to carry a balance but ultimately pay and people who are a true default/bankruptcy risk.