Retailers Don’t Like Paying the Fees for Apple Card

#1

Post by hourislate » Tue, Dec 10, 2019, 5:32 PM UTC

Retailers Don’t Like Paying the Fees for Apple Card
bloomberg.com

Re: Retailers Don’t Like Paying the Fees for Apple Card

#2

Post by dddddaviddddd » Tue, Dec 10, 2019, 6:09 PM UTC

All credit card 'rewards' seem to work like this.

Re: Retailers Don’t Like Paying the Fees for Apple Card

#3

Post by crankylinuxuser » Tue, Dec 10, 2019, 6:12 PM UTC

Note that back in November, @DHH from Basecamp had strong words about the Apple Card with regards to sexism. I know there's active investigations going on with it, but I know of no results. Then again, it's just been 1 month, which is pretty much 'yesterday' in bank time.

https://twitter.com/dhh/status/1192540900393705474

Re: Retailers Don’t Like Paying the Fees for Apple Card

#4

Post by tedunangst » Tue, Dec 10, 2019, 6:14 PM UTC

So do retailers like paying the fees for other cards, or is the headline just apple bait?

Re: Retailers Don’t Like Paying the Fees for Apple Card

#5

Post by kstrauser » Tue, Dec 10, 2019, 6:15 PM UTC

I don't like retailers storing my credit card info in dodgy databases that end up on the dark web. I understand that stores don't want to lose all their profit to interchange fees. That's reasonable. At the same time, I personally wouldn't be so dogmatic about using Apple Pay or an Apple Card if I hadn't had my debit card ganked five times in the last seven years. In other words, they've brought this on themselves, and any store that supports chipless transactions is part of the problem. (I can't wait until Apple Pay or an equivalent is widely accepted online, and then I'll be preferential about that, too.)

Re: Retailers Don’t Like Paying the Fees for Apple Card

#6

Post by brenden2 » Tue, Dec 10, 2019, 6:18 PM UTC

This isn't really about Apple Card, it's just about high reward cards in general. The heading is clickbaity to generate more traffic.

The tl;dr is: high reward cards (like Apple Card, or any other "premium" card) incur a high transaction fee for the credit card processor, thus they eat into the retailer's profits.

Re: Retailers Don’t Like Paying the Fees for Apple Card

#7

Post by oswamano » Tue, Dec 10, 2019, 6:21 PM UTC

tedunangst wrote: post #4

So do retailers like paying the fees for other cards, or is the headline just apple bait?

Honestly the headline feels like bait. Seems like it explicitly uses the apple card since that card is new and trendy.

Re: Retailers Don’t Like Paying the Fees for Apple Card

#8

Post by ceejayoz » Tue, Dec 10, 2019, 6:22 PM UTC

> “It’s almost like an arms race of who can offer the most rewards,” says Chris Ligan, vice president for acquisitions at Auric, which has seen use of premium cards climb 7% this year. “The person stuck with the bill is the merchant.”

And they pass it on to us.

Re: Retailers Don’t Like Paying the Fees for Apple Card

#9

Post by pg_is_a_butt » Tue, Dec 10, 2019, 6:22 PM UTC

So use your Discover card instead and let them pay more.

Re: Retailers Don’t Like Paying the Fees for Apple Card

#10

Post by tinus_hn » Tue, Dec 10, 2019, 6:23 PM UTC

kstrauser wrote: post #5

I don't like retailers storing my credit card info in dodgy databases that end up on the dark web. I understand that stores don't want to lose all their profit to interchange fees. That's reasonable. At the same time, I personally wouldn't be so dogmatic about using Apple Pay or an Apple Card if I hadn't had my debit card ganked five times in the last seven years. In other words, they've brought this on themselves, a…

Ultimately the problem is with the banks/issuers who refuse to support and require more secure solutions like chip cards, instead of clinging on to the hopelessly outdated standard of authenticating payments with knowledge of a number printed on a card.