alt Hacker Newsit is illegal for Merchants to charge credit card processing fees by law, they have to absorb these fees and cannot display them to the customer.
This naturally protects the artificial oligopoly of visa/mc/discover systems.
The moment you allow Merchants to charge cc fees (even 2-3%) and allow customer to choose low processing option (ACH/debit card/cash), the whole scheme falls apart and Visa/MC will slowly go bankrupt
Replies
colechristensen • yesterday at 9:17 PM
>it is illegal for Merchants to charge credit card processing fees by law,
This is only true in 4 states.
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> they have to absorb these fees
absorb and then pass on as general "costs have risen". It's not like it's coming out of their profits, exclusively.