I think a lot of people don’t realize what a big piece merchant fees are. This is why so many places just don’t take AmEx.
bankrate.com/…/why-american-express-isnt-universa…
“Visa and Mastercard tend to charge credit card processing fees between 1.15 percent + $0.05 and 2.5 percent + $0.10 per transaction. American Express charges 1.43 percent + $0.10 to 3.30 percent + $0.10 per transaction. That means if a business sells $10,000 in credit card transactions per week, they could pay around $115 to $250 in Visa and Mastercard fees versus around $143 to $330 in Amex fees.”
Now that CapOne is trying to buy Discover, I have no idea what that will mean…
isVeryLoud@lemmy.ca 4 days ago
Yes precisely, and merchants increase their prices to account for those unknown processing fees since it varies wildly from card to card.