Quote:
Originally Posted by KCUnited
It is interesting
One obvious consideration is cash back or points for consumers. Thats an incentive cc companies provide and also the really annoying thing about retailers passing on the cc fee to the consumer, nullifying the incentive
I get it though. Purely anecdotal but I've gotten to know one of the partners in a craft beer and wine bar. He was talking a bit about this and brought up an interesting trend he's observed. Not only are people using cards more over cash but they're also swiping more. No one really leaves their tab open and pays at the end of the night anymore. Instead they close it after each drink and as friends show up and the night goes longer they may have swiped half a dozen times. Similar with groups splitting tabs
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That's....weird.
I understand there is some risk in running a tab especially if you give them your card (no clue if that's still a thing. Been a minute since I've been in the bar scene).
But as a dude who's had to reconcile credit card statements to classify purchases, these folks are DEFINITELY not even looking at their statement if they're swiping it 6 times at a bar. Yikes.
It's been a long time since I've looked at credit card retailer fees, but if there is a transaction fee plus the percentage fee, that's probably eating up your buddy. That would suck.