Reply #6: I would love to be in a business [View All]

[quaker bill]

where the product costs me one cent to produce and I can sell it consistently for 12 cents. It is hard to imagine how one does not make money on this.

I run a small scale business and the fees I pay every month to be able to accept debit cards at all are significant to my bottom line, then on top of this each debit/credit transaction comes with a swipe fee of 1.5 to 2.0 percent. So, when I sell a product for $100, the transaction costs visa or MC $0.01 but they bill me $1.50. It is worth it because more than half of my sales are debit/credit transactions.

How I expect they will react is that if they get to charge less per transaction, then the monthly account maintenance and statement fees will rise to make up a chunk of the difference.