Posted 10/20/2020 09:48 (#8555104 - in reply to #8554864) Subject: RE: future of bitcoin
I am no expert in this area but I agree. I believe the cost will always go to the merchant just like credit cards now. These costs are part of the reason for increased retail prices as it ends up being paid by the consumer. A lot of people don't realize how much swiping a credit card costs a merchant. I'll use 3% as an example. If a customer pays me for a $60 oil change with a credit card I get charged $1.80. Now many would say big deal it's less than two bucks. If you look at it from a business perspective I might make $10 on that $60 oil change. I now have to pay that $1.80 out of my $10. That's 18% of my profit. Now in my industry this has a lot of variables depending on parts vs labor on various jobs where a labor heavy job won't be as high of a percentage but it will still be significant. For this reason I try to use cash or check at our small local businesses.