You’d be surprised. National restaurant chains pay more than you think. There’s absolutely zero chance steak n shake is getting a 1% rate. I promise they’re paying something near 3%. Credit card processing is infinitely more complex than folks think it is.
whereas Bitcoin fees are clear cut, simple, and transparent?
the quoted material is not saying it’s cheaper to process a Bitcoin transaction than a credit card. it’s saying the Bitcoin fees are less now than the Bitcoin fees were when they started. probably because they found a “better” exchange to handle it for them… an exchange which totally won’t go dark on them and vanish their holdings with no recourse because lmao Bitcoin.
meanwhile, current interchange fees for MC & Visa are posted online and change, at most, twice yearly.
and these vendors can/do negotiate reimbursements against these fees for a high volume of transactions.
is it a.scam? sure. but Bitcoin is not an improvement.
high volume vendors, like a national restaurant chain, pay closer to 1%. I was a tiny, low volume (1-2 transactions a year, less than $1000/yr) and I never paid more than 2.5% for a card payment.
You’d be surprised. National restaurant chains pay more than you think. There’s absolutely zero chance steak n shake is getting a 1% rate. I promise they’re paying something near 3%. Credit card processing is infinitely more complex than folks think it is.
whereas Bitcoin fees are clear cut, simple, and transparent?
the quoted material is not saying it’s cheaper to process a Bitcoin transaction than a credit card. it’s saying the Bitcoin fees are less now than the Bitcoin fees were when they started. probably because they found a “better” exchange to handle it for them… an exchange which totally won’t go dark on them and vanish their holdings with no recourse because lmao Bitcoin.
meanwhile, current interchange fees for MC & Visa are posted online and change, at most, twice yearly.
ex: https://usa.visa.com/support/small-business/regulations-fees.html
and these vendors can/do negotiate reimbursements against these fees for a high volume of transactions.
is it a.scam? sure. but Bitcoin is not an improvement.
high volume vendors, like a national restaurant chain, pay closer to 1%. I was a tiny, low volume (1-2 transactions a year, less than $1000/yr) and I never paid more than 2.5% for a card payment.
Purely out of curiosity, why do you know this?
I work in the payment processing industry and I won’t say more than that for fear of doxxing myself