Quote:
Originally Posted by tweetiepooh
My dad worked on Chip and Pin for Visa and he said that while it's true that the card companies do charge businesses for accepting them the cost is still lower than banking cash
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May be true for big business that need safes, security vans etc but not true for small businesses. Im a self employed carpet fitter i currently pay 2.75% on ALL card transactions (both credit and debit) and so i charge that fee to the custmer (technically i still loose out there as i have to pay 2.75% on the 2.75%) and it takes 10-14 days before i get the money in my bank account. my bank charges me NOTHING to receiving BACS payments or paying cash in and the money is there in seconds.
As a result of this change i will no longer be accepting card payments at all. So in my case the consumer looses out, they have the convinance of card payment (and paying for that convinance) or free more incoveniant payment methods next year they will only have the inconviance.