Interesting reporting. One, I didn't even know that swipe fees were NOT inclusive of sales tax. I just assumed you paid the fee on the entire amount. If there is a way to get that nixxed, I'm willing to bet that the profits of such companies goes up by the amount that the profits of the credit card companies goes down. If Walmart is only working on a 2% margin, we already know they are doing it the tightest they can with their current cost structure. Credit card companies, on the other hand, if they are truly making a 50% profit are costing us all a lot of money.
I do agree with Gabby - cash would prevent all of this. However, the cash customer is paying the CC fees whether are not they are aware of it. It's built into the cost structure.
The fiat system in full display. Do you have suggestions in terms of fighting this? Other than “calling your representative”...because that never works.
"Stores in Florida paid an estimated $288.2 million on swipe fees charged on sales taxes during the state’s 2021-22 fiscal year, according to the Florida Retail Federation and the Florida Restaurant & Lodging Association, lobbying groups that represent retail, restaurant and tourism businesses."
Yes, retailers "paid" the swipe fees to the credit card companies, and the consumers ultimately "pay" that to the retailer.
Retailers collect sales taxes AND the swipe fees from the consumer, and remit those monies to/for the State and local governments, and the credit card companies. It is built into the price of the product; the total cost to the consumer. If retailers are only making a 2% profit and the credit card companies are making a 50% profit, keep in mind that consumers are paying every dime of that total cost.
I have lived here for the last 6 years and its getting worse. The corruption is staggering but even more alarming is the voters seem to return Republicans to Tallahassee so they can fleece the voters over and over. Too many retirees with no skin in the game and who blatantly pull the "R" lever without researching Republican shenanigans.
....and then a Florida Republican has the audacity to introduce a bill to ELIMINATE the 3 day waiting period for the purchase of Shotguns and Rifles?? Republicans do not care about the well being of the citizens they serve. They only seek to govern for 30% of the population.
Interesting reporting. One, I didn't even know that swipe fees were NOT inclusive of sales tax. I just assumed you paid the fee on the entire amount. If there is a way to get that nixxed, I'm willing to bet that the profits of such companies goes up by the amount that the profits of the credit card companies goes down. If Walmart is only working on a 2% margin, we already know they are doing it the tightest they can with their current cost structure. Credit card companies, on the other hand, if they are truly making a 50% profit are costing us all a lot of money.
I do agree with Gabby - cash would prevent all of this. However, the cash customer is paying the CC fees whether are not they are aware of it. It's built into the cost structure.
The fiat system in full display. Do you have suggestions in terms of fighting this? Other than “calling your representative”...because that never works.
"Stores in Florida paid an estimated $288.2 million on swipe fees charged on sales taxes during the state’s 2021-22 fiscal year, according to the Florida Retail Federation and the Florida Restaurant & Lodging Association, lobbying groups that represent retail, restaurant and tourism businesses."
Yes, retailers "paid" the swipe fees to the credit card companies, and the consumers ultimately "pay" that to the retailer.
Retailers collect sales taxes AND the swipe fees from the consumer, and remit those monies to/for the State and local governments, and the credit card companies. It is built into the price of the product; the total cost to the consumer. If retailers are only making a 2% profit and the credit card companies are making a 50% profit, keep in mind that consumers are paying every dime of that total cost.
Florida politicians in the pockets of the banks!
I have lived here for the last 6 years and its getting worse. The corruption is staggering but even more alarming is the voters seem to return Republicans to Tallahassee so they can fleece the voters over and over. Too many retirees with no skin in the game and who blatantly pull the "R" lever without researching Republican shenanigans.
....and then a Florida Republican has the audacity to introduce a bill to ELIMINATE the 3 day waiting period for the purchase of Shotguns and Rifles?? Republicans do not care about the well being of the citizens they serve. They only seek to govern for 30% of the population.
A cash society would fix their sorry a$$e$. If only people would WAKE UP!!