Per transaction fees in finance really suck. I struggle a little to understand why more merchants don't get rid of them.. as it still encourages cash for smaller transactions at shops.
Really confuses me. I guess they are smarter than me.
Really confuses me. I guess they are smarter than me.
Why is this a struggle? The reason is obvious. Most individual merchants have little, if any, bargaining power. Once you get big enough, you can negotiate lower rates, but you will almost always pay a percentage per transaction. Encouraging cash isn't necessarily a good thing.
Some customers (like me) like the convenience of paying with a card. If a merchant doesn't accept credit cards, I probably won't make a purchase since I rarely carry cash.
Ever had bad things happen? I have. Cash counts then. Payment processors not so much.
Now do not get me wrong. The processors are not doing anything wrong. I am not making a statement against them at all. Just not one for them.
Not a priority, put simply.
I don't think the major EFPOS providers in New Zealand charge a per transaction fee, because most bars will let you ring up ever single drink individually if you want.