Summary: If you have a shop and you accept Credit/Debit cards like Visa, Mastercard, Maestro, American Express, etc., you have to pay a fee. Is there any way to keep accepting those cards without paying the fees?
I went to the shop and I bought an item which cost $1.20. I asked the seller and he confirmed that he has to pay $0.70 for that transaction. The seller also added that he bought the item for $0.60. This means he lost $0.10. He confirmed there is no way to avoid this. I'm not sure if this applies to online transactions as well.
Why should the fees be paid? I believe there are also good reasons to keep paying those fees:
- Credit Card circuit provides fast transaction execution compared to... (is there any comparison alternative, maybe online payment alternative)?
- Credit Card circuit checks during the transaction if the card is valid and has not been stolen.
- ...any other reason?