Basically what the title says. I couldn’t find any info for exact fees that are charged with my debit card vs my Flex card. For big companies I don’t really care much, but if buying something from a local coffee shop or small business, I’d rather use my debit card, and then manually flex it, if it ends up meaning the small business gets to keep a bit more of the payment.
Completely changed my reply, it sounds like you’re referring to what the merchants payment network provider takes, credit cards I believe are usually marginally more expensive as a payment method, but someone may give more info here.
Square is the same for both.
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Local places probably not, they’ll be using off the shelf payment terminals with off the shelf plans. Most of these make it simple for business owners, and have standard fees across the board, e.g 1.3% + £0.20.
Companies that have high volume can negotiate away from the standard plans, and get closer to the actual interchange. Which will be significantly cheaper for debit than credit. Companies like Starbucks, McDonalds, Tesco etc. Local coffee places, less likely.
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Thanks everyone! Yeah I hadn’t considered that Square would end up taking the same amount for most. Though some of the places I’m thinking of don’t seem to be using Square so I guess for those it will be a bit more. It’s a shame the exact rates aren’t posted. I know most people wouldn’t care much, but I’d be interested to know how much the merchant gets, how much Monzo gets and how much Master Card gets (excluding the cut from Square or other payment plantforms like Stripe which are publicly available anyway)