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chrischen
on Feb 16, 2019
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Visa, Mastercard mull increasing fees for processi...
Pro tip: if you go to a Chinese restaurant that offers credit card payments, counteroffer with cash and you can get a discount as high as 10%.
nebolo
on Feb 16, 2019
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Credit card fees are about 2-3%. So if they are doing this, it must come from not charging tax.
amalag
on Feb 16, 2019
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Yup a small chunk of off the book income which goes straight to cash is worth 10% to them
chrischen
on Feb 16, 2019
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They are doing this. Also, there are fees from credit card fraud as well to factor in.
Wowfunhappy
on Feb 16, 2019
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root
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I was under the impression that was factored into the 2–3%. Not true?
chrischen
on Feb 16, 2019
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Merchants are usually liable for fraud losses (both the loss in good or services + a fee imposed by the bank for the privilege...). This is on top of the transaction costs. Those transaction costs do not cover fraud liability or losses.
Consider applying for YC's Spring batch! Applications are open till Feb 11.
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