Originally published March 23 2005
Cost of small transactions may rise as credit and debit card use becomes commonplace
by Mike Adams, the Health Ranger, NaturalNews Editor
Twenty years ago it would be unusual in the extreme for someone to pay for a cup of coffee with a credit card; now that is a commonplace activity. Merchants report that as much as 70 percent of their sales volume is generated by consumers using debit or credit cards to pay. Retailers have adjusted their price structures to compensate, since each credit card transaction costs them money.
Is cash becoming a thing of the past?
Debit and credit cards are being used more and more these days.
If there is, I didn't run across it today.
However, I did learn that debit and credit cards come with a hidden cost.
But for once, you're not paying it.
"We're starting to see a big increase in debit and credit card purchases."
"I think more people have been paying with them."
Didn't have the cash on me, so I pulled out my credit card."
If plastic is your main form of payment lately, you're not one in a million - you're actually one of millions.
"60-70% of my sales are debit or credit."
Rite Quick Stop Owner Robert Phillips sees customers paying for small purchases with credit or debit cards every day.
I think it's kind of funny sometimes."
Daylight Donuts employee Ginger has noticed the exact same thing.
According to Floral Art Owner Ian Whipple, a customer's quick card swipe costs the business money.
"Most merchants pay the 2% to 4% range of the total dollar volume in addition to a per transaction fee to use a credit card."
On a gallon of fuel, that works out to five cents.
Whatever you see the price - right now it's $1.89 - five cents of that is for the credit card use."
Floral Art, Daylight Donuts, and Rite Quick Stop build that cost into their budget.
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