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A year ago
Tue Jul 25, 2023 4:12 pm
Dinosaur
Seasoned RebelDinosaur
Last edited by Dinosaur on Mon Jul 31, 2023 8:51 pm, edited 1 time in total.
Aw, Congress is again looking at merchants having multiple access to various financial networks so they can pick the one that is most favorable to them.
The story goes it would drive the cost per transaction down and the merchant MAY pass the savings on to the end users.
A study that was done by Wells Fargo back to 2022 says that when Congress forced down the cost of processing Debit transactions the end users did not see a real savings.
Questions asked related to lower processing fees means a smaller revenue stream leading financials/banks to curb or eliminate points, cash back and the like. They could well vaporize.
Do remember back to a time where a credit card only allowed payment over time and there were no rewards with high interest rates. The story hinted at this.
Posters one and all ... keep your ear to the rail as this could be a subject we may need to weigh in on with our Congressional Leaders (using this phrase very loosely).
The story goes it would drive the cost per transaction down and the merchant MAY pass the savings on to the end users.
A study that was done by Wells Fargo back to 2022 says that when Congress forced down the cost of processing Debit transactions the end users did not see a real savings.
Questions asked related to lower processing fees means a smaller revenue stream leading financials/banks to curb or eliminate points, cash back and the like. They could well vaporize.
Do remember back to a time where a credit card only allowed payment over time and there were no rewards with high interest rates. The story hinted at this.
Posters one and all ... keep your ear to the rail as this could be a subject we may need to weigh in on with our Congressional Leaders (using this phrase very loosely).
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