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Retailers Don’t Like Paying the Fees for Apple Card

bloomberg.com

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

#81

Post by tinus_hn »

_ea1k wrote: post #35
TylerE wrote: post #11

Earlier quoted context omitted.

Chip cards aren't without their problems, also. I've yet to have one last more than 9-10 months before the chip stops working reliably.

That's strange... I wonder if some card issuer has a quality problem? I haven't had any issues with mine at all, but I've had a lot of issues with the barcodes slowly wearing away.

This probably has more to do with user abuse than card quality. After all, it’s just a piece of plastic.

In the Netherlands all ATMs are chip only for all debit cards (which everyone uses) and this isn’t an issue at all, if you take reasonable care of your belongings.

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

#82

Post by test1235 »

TylerE wrote: post #11
tinus_hn wrote: post #10

Earlier quoted context omitted.

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who refuse to support and require more secure solutions like chip cards, instead of clinging on to the hopelessly outdated standard of authenticating payments with knowledge of a number printed on a card.

Chip cards aren't without their problems, also. I've yet to have one last more than 9-10 months before the chip stops working reliably.

?

I've never heard of this problem ... does the US have different chips to us here in UK?

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

#83

Post by test1235 »

kstrauser wrote: post #40
TylerE wrote: post #11

Earlier quoted context omitted.

Chip cards aren't without their problems, also. I've yet to have one last more than 9-10 months before the chip stops working reliably.

My last debit card's chip lasted at least the three years it took for the card to expire.

same - I've never had this issue or heard of any instance of it

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

#84

Post by kshacker »

pwinnski wrote: post #70
ceejayoz wrote: post #64

Earlier quoted context omitted.

In Australia, card processing terminals are leased from the bank, not owned, presumably for this reason. Banks can force an upgrade.

In America, retailers wanted the freedom of owning their terminals. This was rational, given near-usurious fees from credit card companies in the past. However, it means that now, retailers must finance their own upgrades, and so we all suffer.

In America, its always the "freedom" that wins!

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

#85

Post by vagab0nd »

toper-centage wrote: post #51
twobat wrote: post #21

Do the retailers actually pay the fees? I always assumed that this is pushed into the price to the consumer.

The price is the same for cash, card and elite card customers. They can of course raise the price for all 3, but its a fine balance to do that without hurting sales.

I know in some restaurants they give you a discount if you pay cash. Not sure if it's legal or not.

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

#86

Post by pkaye »

panarky wrote: post #66
pkaye wrote: post #46

Earlier quoted context omitted.

A 2013 federal law allows one to include any income to which they have a reasonable expectation of access including income from spouse, partner or other member of household. I seem to recall that he mentioned his wife doesn't work so she stated her income at $0 instead of the household income.

Source for this?

https://www.consumerfinance.gov/about-us/newsroom/the-cfpb-a...

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

#87

Post by freehunter »

vorpalhex wrote: post #32
freehunter wrote: post #13

Earlier quoted context omitted.

I've been running into that a lot... I'm replacing my card once a year because the chip stops working. It's one of the most embarrassing things when your card is declined repeatedly and there are people in line behind you. Or worse you're on a date and your date thinks you're overdrafted.

Is your wallet made out of any odd materials?

I've had this happen with two wallets, one with a rubberized card holder and one with some kind of polyester stretchy fabric.

Personally I blame my bank for poor quality cards, but it's still another situation where NFC payment technologies win out.

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

#88

Post by allthecybers »

kshacker wrote: post #84
pwinnski wrote: post #70

Earlier quoted context omitted.

In America, retailers wanted the freedom of owning their terminals. This was rational, given near-usurious fees from credit card companies in the past. However, it means that now, retailers must finance their own upgrades, and so we all suffer.

In America, its always the "freedom" that wins!

In America, its always the "illusion of freedom" that wins!

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

#90

Post by jbapple »

Alex3917 wrote: post #36
supernova87a wrote: post #18

This system is completely convoluted, with the incentives all over the place between merchant, bank, CC processor, consumer. It's the kind of thing that will never change until you go to a different country or start an alternative payment system that is 10x better, because no one has the power or will to displace the existing infrastructure. Consumers don't care because they don't (directly) pay the bill for these be…

It's insane that credit card rewards are even legal, given that they're basically just a direct transfer of wealth from the poor to the wealthy.

Can you explain more?
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