A class action lawsuit alleges Visa, Mastercard and some of America's largest banks have conspired to artificially inflate merchants' credit card transaction fees.
About 10x lower compared to the fees mentioned in the linked class action suite. And VISA and Mastercard are still in business in the EU. So it is possible to go much lower.
Florida has a 1% sales tax that is used to pay for road construction, building fire stations, etc.
These guys are charging 3% globally, which is only used to pay shareholders. No competition, no alternative, no way to avoid paying.
Not globally.
Just for reference:
In the EU the interchange fees are limited to 0.3% for credit cards and 0.2% for debitcards ( REGULATION (EU) 2015/751 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 29 April 2015 on interchange fees for card-based payment transactions Article 4 and Article 3). But this applies only to private cards. Not Business cards.
About 10x lower compared to the fees mentioned in the linked class action suite. And VISA and Mastercard are still in business in the EU. So it is possible to go much lower.
Whats it like to have a functioning government? 🥲
And the infastructure