Retailers point of view

PeacefulWaters

grumbler wrote: »

Waters not that peaceful. Bad mood?

No. .........

antrobus

redpete wrote: »

Or the retailer could also ignore the benefits (less cash to handle, not losing customers who want to use CCs) and refuse to take CCs.

Or the retailer could charge those customers paying by CC that extra 2.5%. Some do, after all.

aleph_0

congaman wrote: »

You got to remember that these card companies make most of their money out of the retailers who accept the card through transaction charges, not from interest from late payers. Retailers often pay up to 2.5% on your transaction. Just cut up your credit card and use debit instead and stop lining the pockets parasitical bankers. In the long run it will reduce costs for us all.

You're preaching to the converted in terms of understanding how things work. However, as an individual consumer, I'm still going to act in my own self-interest. Which means using a 0% or cashback credit card when possible.

I would far rather retailers were more transparent in passing on costs. I fully support retailers who work out the cheapest payment method for their business (probably debit card/cash), and pass on the extra costs of the more expensive payment method (as they are allowed to do, phrase it as a debit/cash discount, if you like). Sometimes this will result in me using the more expensive method, if the card benefits are worth paying for for the purchase.

I don't think you're going to have a lot of success convincing consumers to not to act in their own individual self-interest. So, whilst we're offering advice, I success you try convincing retailers to change their pricing to be more transparent. There is also EU legislation coming through capping interchange fees which should help.

Anthorn

antrobus wrote: »

Or the retailer could charge those customers paying by CC that extra 2.5%. Some do, after all.

Is it actually 2.5%?

My local store processes through Paypoint and charges a flat 25p per transaction regardless of the amount spent and they say that flat charge covers their costs. I realise that these days it's frowned upon or even illegal for retailers to make that extra charge but I actually agree with it.

SuperHan

Ohhhh, and that cash back had proved so useful. And I really liked those Amazon vouchers I got.

Oh well, off I go to cut them up any. Those darned bankers, ruining my day again.

Thrugelmir

grumbler wrote: »

Most Aldi stores decided that they didn't benefit and hence don't take CCs.

Their prices reflect this.

Until credit card usage changes as a culture. Then people will overpay simply to earn their own cashback. :eek:

What's the cost of Tesco clubcard? Why not just cheaper prices......

jo-bo

Thrugelmir wrote: »

Their prices reflect this.

Until credit card usage changes as a culture. Then people will overpay simply to earn their own cashback. :eek:

What's the cost of Tesco clubcard? Why not just cheaper prices......

Agree with this statement, I run my own business and have enquired about a card machine but the costs and waiting for the banks to process my money outweigh any positives.
I pay my suppliers cash every week, they're not waiting on a 90 day invoice so they've got their money in hand so that's more money back in the economy.
Plus!!! How much fun is it when computer systems go down and cards don't work and we've got people unable to pay at the checkout/filling station etc.
Cash is King.

thebritishbloke

jo-bo wrote: »

Agree with this statement, I run my own business and have enquired about a card machine but the costs and waiting for the banks to process my money outweigh any positives.
I pay my suppliers cash every week, they're not waiting on a 90 day invoice so they've got their money in hand so that's more money back in the economy.
Plus!!! How much fun is it when computer systems go down and cards don't work and we've got people unable to pay at the checkout/filling station etc.
Cash is King.

Have you considered the iZettle card machine? It's cheap as chips (buy the Chip & Pin reader for £59), connects to your phone, gets paid into your bank the next day and the fees are pretty fair (you pay less % the more you use it each month).

SuperHan

jo-bo wrote: »

Agree with this statement, I run my own business and have enquired about a card machine but the costs and waiting for the banks to process my money outweigh any positives.
I pay my suppliers cash every week, they're not waiting on a 90 day invoice so they've got their money in hand so that's more money back in the economy.
Plus!!! How much fun is it when computer systems go down and cards don't work and we've got people unable to pay at the checkout/filling station etc.
Cash is King.

Oh no.... Not a petrol station that accepts cash only. I hope you have legal signage to demonstrate this ;)

planteria

jo-bo wrote: »

...waiting for the banks to process my money outweigh any positives.

2 working days for Mastercard and Visa. the payments we have received on friday, saturday and today (sunday) will be in our account on tuesday. i think that's pretty good.