Originally Posted by
J. Barron DeJong
But the retailer has to take all of the cards or none, right? Like, they can’t say we’ll only accept basic cards but not rewards cards.
Just because a bad system was able to flourish because of bad incentives and has now become so ingrained that’s it’s impossible to operate a business without it, doesn’t mean it’s a good system.
How much of the ‘processing fee’ that card companies charge is covering their actual costs of the transaction, and how much is profit? If debit transactions can happen for 15 cents, then it must be overwhelmingly profit, right? That’s not a good system.