How do you feel about paying twice for your purchase? Well, essentially, that occurs when one is charged an extra fee for swiping a debit card at the register, instead of preferring cold, hard cash. It is really unreasonable(in my opinion), as the offending business will often get a sale it would not otherwise have accrued, as many people rely on their card for many, even most purchases.True, VISA, etc all charge companies for use of their services(about 2%). But, the additional, or marginal revenue realized far exceeds the cost of the transaction. New laws are being passed, biggest corps first, outlawing this practice. I am sure these wily, squirrels businesses will call their lawyers and find either: a way to avoid the charge, or, worse, just pass the cost along to the already overburdened consumer.
Key Takeaways:
- A new ban on charging consumers excessive card payment surcharges by large businesses takes effect from today.
- The new law limits the amount a large business can charge customers for use of payment methods such as most credit and debit cards.
- Businesses can still charge other fees, such as ‘booking fees’ or ‘service fees’ which apply regardless of payment method.
“The new law limits the amount a large business can charge customers for use of payment methods such as most credit and debit cards.”
Leave a Reply