Crypto Debit is looking more attractive as credit cards will now cost consumers more as businesses can now add transaction fees.
As of today, small businesses can pass on Visa and MasterCard transaction fees to their customers as new surcharge rules have come into effect. The fees are not set, but would be around 1.4 per cent or more of the bill.
Credit-card companies had long resisted allowing businesses to pass on these costs because it would surely lead to consumers switching payment methods to avoid paying the fees. Instead, the cost which had been borne by merchants, now becomes deliberately transparent. Merchants have had to pay the fees, incorporating them into the overall cost they charge for products and services to accommodate the many customers who want to pay by standard Visa and Mastercard credit cards. Companies like Telus, suggest the surcharge would amount to around $2/month.
While its a good thing that small businesses now have the opportunity to recover some of the processing fees and costs imposed by banks and credit card companies, it would be more fair if companies didn’t have to pass of these fees at all, and be able to instead actually reduce the cost of goods and services. Any viable business factors all of these costs and passes them directly to their customers. Their fight is with the credit card companies, which are amongst the the most profitable companies in North America.
With the Crypto Debit Terminal, merchants can now easily add a payment option to accept popular cryptocurrencies at their business, without having to pass on any transactional fees as the customer pays a competitive 5% fee at the time of purchase. This not only saves the business money, it gives another, more competitive option for customers.
