GM
You know that 1% - 3% fee banks charge on card transactions?
That's also inflation, except the banks benefit.
1% of $16T = $160B
Discussion
And it is not even paid by the consumer, so they are not incentivized to select the most economic solution.
Warren Buffets “American Express” is even worse, customers are incentivised to use it as merchants are charged more fees and Amex share them with their customers in the form or rewards.
You are rewarded for reducing merchant income.
lololol, that is brutal.
Smart idea from Amex. But merchants still have the option to add a new payment option, and give discount on it, to move users to that new payment method, or?
True, but customers push to pay with Amex because they want the air miles so they can fly business class at the merchants expense.
I guess, you can either accept the defeat, pay your unfair share and move on. Or push also to a fairer payment method, using the tools you can.
Nothing is free.
Good things are especially expensive.
I spent many weeks convincing my wife to stop using her Amex to collect air miles.
I had to promise to buy a private jet come the next halving as compensation 😂
Every companies billing services based on a percentage of a sales price, where this price has no relation whatsoever with the service provided, are just plant scam. Often it comes with an abuse of position, like mandatory notary fee, bank fee, real estate lobby coordinating on fees, lack of competition in a field...
Bank fee are neglected, because 1-3% fee on 4-5% inflated price is not that much out of everyone pocket but altogheter is a fortune.
Real Estate notary and agency are more impacting, if you sell the exact same house 500k or 1M, the work is not double but fee taken is double.
#Bitcoin has the power to solve both, directly or indirectly.
Interesting you discuss estate agents.
I thought of this point today because we are just putting our house on the market and the 1% fee our agent wishes to charge will generate them more money than our builder has earned renovating the house.
Scam artist. In Switzerland there is one company selling your property for a fixed price, but people are afraid to use them, thinking they have no interest to sell your property at the highest price.
Interesting, we have a failing company here called Purple Bricks who offer list your house on the main property portals and will charge you a small fixed price for other services like viewings.
Almost nobody uses them because they are perceived to not be as likely to attain a sale as traditional agents.
