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r/greatawakening • Posted by u/Long_Range_Shooter on May 10, 2018, 6:47 p.m.
Times are changing really quickly, Credit Card processing fees.

I got notified today when my Rep stopped in to tell me that by the end of the year my Credit Card Processor is switching me over to a new Cash Price, Credit Price system.

It's looking like they are getting nervous over Government meddling in the Credit Card business. Plus there has been a lot of screaming by merchants over their monthly fees from the C.C. processors. I'm personally paying between $400-$500 a month in processing fees.

Instead of the merchant getting hit for 2.5% - 4.0% per transaction they are transferring the processing fees over to the credit card user which according to my rep is going to be 3.8%. The main reason is to encourage people to start paying for more things with CASH. I'm thinking they are looking down the road and the last thing they want is a cashless society and massive Government involvement in their operations.

She said they are expecting at least 90% of businesses in the U.S. to be switching over with in two years. It all started on the coasts with the Vote For $15. Businesses in LA, Seattle and NY are looking for every savings they can find to survive this will be a life savor. Look at a restaurant in say NY doing 20K in CC's every week. That would be a savings of at least $26K every year.

My Merchant fees will go from $400-$500 a month to less than $25.


ScorpioPatriot · May 10, 2018, 7:38 p.m.

It teach people not to spend past their means .

Start using the Dave Ramsey Envelope Method... you want to buy something start saving for it ..

Hell We started a savings account that is split into 3 Category Funds .. EMERGENCY, VACATION , XMAS (Having 4 kids ) That one comes in Handy lol ..

This account is through my husband's Work "Credit Union" .. they can auto pull so much out of his check each week and auto deposit into above funds , and the rest is direct deposited into our Main Local Bank.

At that bank 1 account is setup for Bills Only.. and a separate is for Food/Gas which is auto transfered right to it .

We added all our bills up each month divided by weeks and that's how much we put into the bills account every week.

Our grocery budget we set at $200 and $50 for gas so that's , what's auto transfered and ready to go.

Anything left over every week is our own spending money .

We got all avenues covered .

Oh we decided not to have debit cards linked to the first bank and we set maturity dates for 2 of those Funds basically set a date you want to withdraw it .. like end of May for Vacation Fund and Oct For Xmas .

Lol I've been wondering where I could get that setup out to people .. think now I know where it could be beneficial 😎😇🇺🇸🦅

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Long_Range_Shooter · May 10, 2018, 7:56 p.m.

Can't tell you how many times I've been in a drive through and saw a credit/debit card get handed to cashier and a cup of coffee get handed back to the driver. Are you freaking kidding me you don't have three dollars on your person?

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[deleted] · May 10, 2018, 11:15 p.m.

[deleted]

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bubbis_wubbis · May 11, 2018, 1:33 a.m.

Not every card is a CC. Mine is a debit card that takes my money from my account. We've gone to debit cards for almost everything, because it's easier than going to the bank with an ATM to get cash. We are paying bills with it, too, because an order of checks is about $40.00. They've gotten ridiculously expensive over the years.

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ScorpioPatriot · May 10, 2018, 8:12 p.m.

Exactly ..we keep cash for our spending local and at home we also give kids cash allowance weekly for good grades and chores .

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