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What do Visa and Mastercard do? An intro to card networks
31–40 of 289 posts
Re: What do Visa and Mastercard do? An intro to card networks
#32I remember reading a comment here a while back about merchants being offered a discount on the processing fee if they also transmitted detailed data about the purchase (essentially the data that would be on the receipt). That data could then be resold on to advertisers. Does anyone remember this or have links to more data? (Not having much luck with search, maybe I'm hallucinating the whole thing.)
This would explain why so many damn coffee shops dont deal with cash now - the double as a coffee shop and data reseller
I mean, cash is also expensive in its own way. It has to be handled and insured, coins may need to be rolled before being taken to the bank, a register is a mechanical device to power and maintain, petty theft by employees is a concern.
It's not really that hard to see why a business charging $5-20 per transaction from people who all have phones and credit cards anyway might choose not to accept cash.
Re: What do Visa and Mastercard do? An intro to card networks
#33[deleted]
The answer to that is to "donate" to about 270 congress critters. Buying 5 motorhomes for supreme court members could work too.
Re: What do Visa and Mastercard do? An intro to card networks
#34VisaNet & friends make the modern consumer world go round. The fees they extract are a drop in the bucket compared to the economic activity that they enable with their networks. Many businesses simply couldn't exist without something approximating this.
https://investor.visa.com/news/news-details/2016/Visa-Commis...
Re: What do Visa and Mastercard do? An intro to card networks
#35> The issuing bank keeps 2% Is this why the best cash back credit cards give 2%?
2% is just an example figure, the actual rate varies
Re: What do Visa and Mastercard do? An intro to card networks
#36>The merchant pays 2.5% The best way to pay for poor services already rendered and move on with life is to simply pay via card. Didn't like that haircut? Terrible food at the restaurant? Hold onto your cash and slip them the card.
Jokes on you. Merchants prefer credit cards because there is less loss than cash. 2.5% is nothing compared to 5-10% loss at the register. Plus easier and more accurate accounting.
90% of cash I give to restaurants goes in the pocket, not the register.
Bad service = card always.
Re: What do Visa and Mastercard do? An intro to card networks
#37Europeans really need to stop handing their money over to Trump-Visa and Trump-Card here. Canadians learned that lesson already. Why do european politicians not learn anything? Leyen even signed a surrender treaty where european taxpayers lose money that goes into the USA. I say stop it with the proxy-control from Washington.
Re: What do Visa and Mastercard do? An intro to card networks
#38Aside from the technical aspect I strongly encourage everyone to also read about VISA’s founder Dee Hock, still a very underrated figure in leadership and finance.
Re: What do Visa and Mastercard do? An intro to card networks
#39VisaNet & friends make the modern consumer world go round. The fees they extract are a drop in the bucket compared to the economic activity that they enable with their networks. Many businesses simply couldn't exist without something approximating this. https://investor.visa.com/news/news-details/2016/Visa-Commis...
Yes. As a merchant it's pretty cool that the money just shows up and I don't have to chase down as much bad debt. The processing costs easily pay for themselves.
Re: What do Visa and Mastercard do? An intro to card networks
#40>The merchant pays 2.5% The best way to pay for poor services already rendered and move on with life is to simply pay via card. Didn't like that haircut? Terrible food at the restaurant? Hold onto your cash and slip them the card.
Jokes on you. Merchants prefer credit cards because there is less loss than cash. 2.5% is nothing compared to 5-10% loss at the register. Plus easier and more accurate accounting.
ACH is still the best