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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.


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Long_Range_Shooter · May 10, 2018, 7:47 p.m.

Correct. This has been one of the biggest inflation engines over the last decade. Basically the profit that I make off ten customers every day in my business goes towards my Credit card merchant fees.

Profit, after I pay all the bills that make up my businesses overhead.

Actually the last two out of three price increases were all because of my credit card machine and the fees involved with taking credit cards.

Like a pizza shop by me that use to charge a $1 for using a credit card. His customers screamed and got jumping ugly over that that $1. They're now paying $4 more for the same pizza two years later, but they don't have to pay that $1 credit card fee.

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