War on cash

Out of context: Reply #7

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  • detritus0

    As of next January it will be illegal in the EU to charge clients specifically for payments by card.

    This presents a problem to small businesses and people like me - small businesses pay a higher percentage than large chains for payment processing and people like me take less than 10% of payments by card.

    So, either I swallow the percentage on a few payments, or raise ALL my payments by 3-4%.

    I sort of agree withe the spirit of the legislation, but it should be met with a very low or 0% processing fee - after all, this is a national legal obligation, not a consumer choice.

    As it is, all it does is empower bigger businesses and hands over part of currency sovereignty to Visa at al.

    Thanks for looking out for your people, EU?

    detritus 0Permalink
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    • true. they should make the banks lower the fees insteadGnash
    • Right, but on the other hand, as a vendor, do you not have the right to refuse to accept certain forms of payment?Continuity
    • And only accept things like bank/Sepa tranfers?Continuity
    • I do, yes - but how does that help me? Most of my payments are straight bank transfers - sometimes that gets tricky for agencies, etc. I tell them to shove it?detritus
    • The point is what Gnash suggested - sure, change the law, but don't do it in such a way as to give Visa et al a guaranteed % on 90% of money transactions.detritus
    • UK seems to be ass backward on a lot of things (competing directly with the US for incompetence and idiocy)formed
    • How so here? This is EU legislation and afaik both the UK and the EU are light years ahead of the states in standard payment techdetritus
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