Monzo coming up as Credit Card

When you’re at the check out press pay by cash! The driver takes your money, just like the old days. No 50p surcharge then!

I remember the days Ryanair used to charge a few percent on every booking if you didn’t pay with Visa Electron… I seem to remember Co-op opening an extra 90,000 basic accounts one year, for one reason only!

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I asked my local Indian takeaway, and he told me 30% for Just Eat. Haven’t used Just Eat since.

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As mentioned before, my local pub near University apply a 50p card charge quite happily. They will however give people cashback on credit card transactions (generally against the card processor’s/aquirer’s fees) so I have no idea what rules they will or won’t be following in January!

I highly doubt it’s that high! It’s extortionate, but they want the takeaway to stay in business, LOL.

Does anyone know what the UK interchange pricing for purchases with cash back is? Normally it’s either free or negative interchange, from my understanding. Austria, it’s 18 cents back to the merchant for Maestro and 12 cents back to the merchant for Debit MasterCard. I can’t find the UK rules, though.

They’ll have to follow the rules, but prices will rise for a lot of small businesses. I know my local bar owner and he doesn’t charge for a card, but does have a minimum card amount. He showed me why, and I’m not surprised he does.

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Then he should find a better processing deal. Under EU regulations, interchange is a fixed percentage. A processor charging a per-transaction fee is simply raking it in.

Unfortunately thats what small businesses are up against. Not as easy as just finding a better deal, people have businesses to run and you can be guaranteed they are not going to get a good deal as the likes of McDonalds or Sainsbury’s are going to get.
On top of that, most of the card processors have different fees for different things, like hiring a card terminal for a start.

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This is where buying a £39 Square reader for small ticket transactions at 1.75% with no hidden fees is a great deal. It can also be a nice backup, and useful to pull out when someone wants to run a card for a few pounds.

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If it was that easy, I think everyone would be doing it. Every business has different needs.

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