Used car dealer question

Iamzod said:
What are you rambling on about?

The interchange fee on a debit card transaction is capped at 0.2%, then you have a marginal scheme fee which is going to be something like 0.015% plus maybe a penny.

To be charged 4% means your provider quite frankly is taking you for a ride.

If you spend £100 on a debit card the base cost is roughly 24p not £4.

A 10k transaction can be done for less than £25, not £400. You need to learn to shop around.
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I'm not a shop. You need to be telling the used car dealer in the OP that (and every other guy getting taken for a ride). Why are you telling me to shop around lol?

Also you admit some businesses are being "taken for a ride" in terms of fees so I'm not sure what you're disagreeing with? Or are you agreeing? I don't know.

So which payment processor is it exactly which charges 0.2% + 0.015% for a chip and pin debit/credit transaction?
 
Iamzod said:
I sell merchant accounts & card terminals for a living, he is talking rubbish lol.
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Hahaha. So you have a financial interest in this and it's providing your living?

Makes sense now.

Why dont you approach this dealer in the OP if your giving such great rates.
 
Iamzod said:
I sell merchant accounts & card terminals for a living, he is talking rubbish lol.
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I was interchange manager for HSBC Card Acquiring years ago, did 5 years at Capital One and 2 years at WorldPay recently.

I've had this discussion with him before, he won't accept there's any cost, to both the acquirer and the issuer, in providing card processing facilities and then makes up rubbish like 4% transaction fees.

As I say, pigeons and chess.
 
Ah so you are both the "bankers" i mentioned in my example.

asim18 said:
Imagine this on a small scale economy. Imagine Two sellers who are also each others customers. They have £100 each and they buy each other's produce. They trade with each other evenly, except they use the evil debit card.

The first full transactions they each make, they will be left with £96 each.
Second transaction, they will have 92.16 each, in the economy.
third transaction, they will have 88.47 each.
and so on.
Sooner or later a considerably large portion of the money in their economy will have been siphoned by the bank and the two trader's economy is now completely collapsed and the bank is empty because they have implemented a cashless society and banker is nowhere to be seen because he's sailed to Hawaii and is chilling on his yacht sipping £100 cocktails.
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Looking at the above example, its obvious the "banker" in the example above will be defending his interests at all cost.

And on that note no wonder it's pointless trying to have an unbiased discussion about this.
 
asim18 said:
I'm not a shop. You need to be telling the used car dealer in the OP that (and every other guy getting taken for a ride). Why are you telling me to shop around lol?

Also you admit some businesses are being "taken for a ride" in terms of fees so I'm not sure what you're disagreeing with? Or are you agreeing? I don't know.

So which payment processor is it exactly which charges 0.2% + 0.015% for a chip and pin debit/credit transaction?
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Interchange fees are openly published on the Visa & Mastercard sites, all providers are charged 0.2% on Debit & 0.3% on Credit.

Scheme fees will vary depending on what pricing each provider has managed to negotiate with Visa & Mastercard but 4% is utterly bonkers. I've set up or re-negotiated over 1000 merchant accounts and never have I seen fees anywhere near 4% even on commercial credit cards.
 
asim18 said:
Ah so you are both the "bankers" i mentioned in my example.




Looking at the above example, its obvious the "banker" in the example above will be defending his interests at all cost.

And on that note no wonder it's pointless trying to have an unbiased discussion about this.
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Asim, i'm not a "Banker", I wish I was. I drive a 15 year old ST220 and a 16 year old Grand Cherokee.

I work for a company in a small town that has 10 staff, i am the entire inbound sales & retentions team, just me. I'm about as unbiased as you will get.

If you are paying anything like 4% then you need to drop me a message as you are simply being ripped off big time.
 
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