XPost: rec.arts.sf.written, rec.arts.books
From: rod.speed.aaa@gmail.com
"Robert Bannister" wrote in message
news:b6qu74F48beU5@mid.individual.net...
> On 11/08/13 11:13 AM, The Horny Goat wrote:
>> On Wed, 07 Aug 2013 22:33:50 -0600, Greg Goss wrote:
>>
>>>
>>> In the very early days, you could get the ATM card combined with your
>>> credit card. Thus you would use the credit card in ATMs and choose
>>> which of three accounts you're interacting with.
>>>
>>> With the rise of using your ATM card as a debit card for purchases,
>>> this feature was lost. Unlike at an ATM, the electronic pathway for
>>> using a credit card is quite different from that a debit card uses.
>>
>> You can still get those in Canada but they're devastating for the
>> merchant since debit transactions cost 12-15 cents each while if a
>> credit card depending on the type of card it can cost 1.6 to 4.5% of
>> the purchase. That's a huge chunk of the merchant's profit margin
>> particularly on the affinity cards and 'high spender' or points cards.
>>
>> Now a merchant who doesn't cover all his costs is out of business so
>> you know where those costs get passed along to.... in grocery stores
>> they used to work on a 1-2% margin because they were getting 'the
>> turns' but these days it's 7-8% mostly to cover card costs.
> I don't know how much shop keepers get ripped off by the banks here,
Its nothing like as high as that 7-8% here.
> but I know that if they didn't accept transactions from saving accounts as
> well as from cheque accounts and credit, they would soon be out of
> business.
Woolys and BigW don't in fact allow you to select
the Credit option with a debit card, and that hasn't
done them any harm business wise.
> Customers expect to be able to pay the way they wish and will quickly go
> elsewhere.
Hasn't happen with Woolys and BigW.
--- SoupGate-Win32 v1.05
* Origin: you cannot sedate... all the things you hate (1:229/2)
|
