Florida has a 1% sales tax that is used to pay for road construction, building fire stations, etc.
These guys are charging 3% globally, which is only used to pay shareholders. No competition, no alternative, no way to avoid paying.
Not globally.
Just for reference:
In the EU the interchange fees are limited to 0.3% for credit cards and 0.2% for debitcards ( REGULATION (EU) 2015/751 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 29 April 2015 on interchange fees for card-based payment transactions Article 4 and Article 3). But this applies only to private cards. Not Business cards.
About 10x lower compared to the fees mentioned in the linked class action suite. And VISA and Mastercard are still in business in the EU. So it is possible to go much lower.
Whats it like to have a functioning government? 🥲
Back when credit cards had to take paper carbon copies from a subset of retailers that had been certified to take credit, try their damnedest to decipher the faint blue numbers and names, verify the account information by hand, take on significant risk for higher purchase prices due to lower computer capabilities, then process the billing… Yeah, I can see why they charged 3% to every transaction.
Nowadays, all of that is automated and digital and proliferated. There is no reason why AMEX should get $0.50 from every purchase of a Happy Meal. There is also no reason why Visa should get more money from a $20 purchase than it gets from a $100 purchase. It’s the same amount of work! Same argument about TicketMaster charging a $200 convenience fee on a $500 ticket but only $100 on a $250 ticket.
A lot of places here refuse AMEX because of their fees. Oh look at all the benefits they provide, like barely being able to spend money anywhere!
