At 5:30 blackberry stares so intensely into your soul, you can't help but wonder if she is in the room with you and not simply a figment of pixels on your screen. Tell me I'm wrong.
@SiggyPony
Жыл бұрын
You missed an 's' off the end of the artical link :)
@eduardocruz4341
Жыл бұрын
Louis: I'm gonna get you, maddafu... Horsefly: I'M FLYING HERE!!!
@davidabeyta298
Жыл бұрын
Probably the increased emf of blackberry crushing past your skull, reducing penis size more quickly than android or I phones reduce men's penis sizes . Put the Iphone receiver right up to your right temple, same feeling? Probably. Although socially acceptable? why not also lock the elderly in the garage with the car running. Or, join the other side, and blow cigar smoke in the faces of everyone with a cell phone in use.
@One_Guy
Жыл бұрын
if a place surcharges me, That's the last time they'll see me at their business. its plain and simple to me. I'd rather they raise the prices of everything they sell by 0.50 cents than to start tacking on service charges and fees or discounts for payment types.
@trenchcoatsftw
Жыл бұрын
I'm more amused by the fly going by and you turning into a mobster for half a second
@commerce-usa
Жыл бұрын
Getting a society dependent on your product: decades and billions of dollars. The look in your clients faces when you abuse trust: Priceless.
@commerce-usa
Жыл бұрын
@@HaggisMuncher-69-420fact check: true. And they are totally not there because when only one company exists in an industry they are ripe for antitrust actions. 🙄😉
@inparis5724
Жыл бұрын
@@HaggisMuncher-69-420master this cardick visaaaaaa
@joshallen128
Жыл бұрын
That's Twitter now x
@jerwong
Жыл бұрын
That's the problem with having two companies control all merchant processing. When Visa and Mastercard decided to block Pronhub from all transactions, a lot of shortsighted people were praising the decision without realizing the dangers of that decision.
@DrSloww
Жыл бұрын
@@joshallen128 Just stop using twitter, there's literally no reason to be on there and there never was. If you're "dependent" on it that's objectively a you problem.
@radiofan2454
Жыл бұрын
Worked for a company that didn't accept credit cards for years, and after figuring out that we were loosing sales because of our cash only policy, we started accepting cards. Once we started accepting credit cards we adjusted our prices to include our transaction fees (sale, return and dispute). Today, over 99% of our customers pay with a credit card, and are paying a bit more for the privlege/benefit. In our area there are also businesses, mostly restaurants, who won't accept credit cards, and post the policy prominently on the front door. I don't blame them, and the funny thing is the restaurants accepting only cash are always busy.
@MamaMOB
Жыл бұрын
I legitimately wonder how people would feel if the government started punishing small businesses for passing on the cost of lighting and heating stores and restaurants to the customer. Because they do. If a business has a bill the customer pays for that bill so you make a profit. That's the entire point of being in business. If you're having to pay your own bills you're not making a profit. If you're not making a profit what's the point of being in business?
@pebblepod30
Жыл бұрын
I use card bc of convienience, but i have much more respect for a business that is cash or crypto only. Maybe i should use cash more.
@peterpan4038
Жыл бұрын
@@MamaMOB That's a bad example. Ofc course you have to price everything into what you charge your customers, but customers can't decide to f with you by buying a bootle of 1$ water and putting 30$ on your electricity bill. You know damn well how much it costs to pay your running costs, meanwhile 30$ charge backs regardless of who actually f-ed up are BS. You can't really calculate the risks. A group of angry Karens might very well end up organizing over social media to create chargebacks like that on a large scale to f with your small business.
@dixiecyrus8136
Жыл бұрын
People always gotta eat?🤷♀️
@WildBikerBill
Жыл бұрын
@@pebblepod30The barbershop I patronize is cash only. They always have customers waiting.
@testtest8399
Жыл бұрын
Anyone remembers when we had 5-10% discount when paying with cash? Honestly didn't know VISA/other payment processors said they can't do that, so another reason to hate them. Bring back cash!!!
@jerwong
Жыл бұрын
They can and still can do that. They're not allowed to charge extra. It's the wording that matters.
@nicwelch
Жыл бұрын
@@jerwongBusinesses in my area do both.
@rjinhobart7748
Жыл бұрын
In Australia it's legislated that a business can pass on card fees as a surcharge, provided it doesn't exceed actual costs. "Businesses can charge a surcharge for paying by card, but the surcharge must not be more than what it costs the business to use that payment type."
@Scoots1994
Жыл бұрын
And the government wants us to stop using cash. I've always carried cash, but I'm carrying more now.
@tactileslut
Жыл бұрын
The current crop of cashiers can't make changes quickly or accurately, let alone both.
@Scoots1994
Жыл бұрын
@@tactileslut Some do some don't ... I bet companies refusing to use credit cards because of this rule of theirs would just cause the company to struggle too.
@cpgravenor
Жыл бұрын
if i use my credit card for gas I have to pay 15 cents per gallon, but if I use my debit card, I only pay 35 cents over 12 gallons.
@Cluuey
Жыл бұрын
I think I mentioned this on your last rant about charges. I'm in Oz so our regulations are different. I've noticed some of the smaller shops I go to have signs up indicating more for paying by card. There was an advertising campaign here encouraging people to not slow the queue down by going through your change, I think it was called "Tap and Go" but I rarely see ads so I'm not 100% on that, but that was the sentiment. I remember seeing signs for minimum transaction to pay electronically but I don't recall seeing them for a while now, I guess they'll make a return soon. Talking to the businesses some of them don't care because, "we've got a pretty good deal," but they're part of a chain of stores so they negotiated as a group, the sole traders don't have that option. 😔 Also during the start of the pandemic there was a lot of concern that you could catch CV19 from handling cash, so some stores stopped accepting cash and it was generally discouraged. Roll on a few years and the situation has changed, now there's a possible recession, higher interest rates (so the banks are making more already) and many small businesses are struggling to stay in business. I don't want them to close so I've tried to buy more often, without screwing myself, and I've also gone back to carrying cash so the banks don't screw them over as much. If I get mugged I might regret it, I'll reconsider if that happens, I don't think it's likely but people are being pushed into shitty situations.😑 TLDR: I'm happy to go back to using cash to help small businesses keep operating, fuck the greedy banking/transaction industry.
@Twin_Flyer
Жыл бұрын
Here on the east coast of NY (long island), just about every deli and restaurant has a sign that states there will be a %charge if a credit card is used. Started during Covid with a just one or two, now they are all doing it.
@woodsrdr
Жыл бұрын
This is interesting considering they raise their customer's interest rates whenever their cost goes up
@Snotnarok
Жыл бұрын
I don't know what to do about this. I run an store online selling hand made stuff and it's not like we can do CoD or cash. This is immensely frustrating because like- this keeps happening. Agh
@greenjelly01
9 ай бұрын
Just imagine if the government prohibited businesses from listing tax as a line item in the invoice... all hell would break loose. But a bank can do the same thing and customers are OK with it?
@sambob8019
9 ай бұрын
It's my response to someone changing prices like that unreasonably was still just put the stuff back and leave and I don't grab anything but can't be put back unless I can see a price tag fountain drinks etc
@Anon21486
Жыл бұрын
Here in Massachusetts, it is illegal for gas stations to charge a fee for credit card payments but it is legal to give a discount for paying with cash. Not sure if this rule applies to merchants as well...
@daltoonybob
9 ай бұрын
I live in Florida. Lots of surcharges. I've seen some over 5% for credit card. I know these shops and restaurants are not paying 5% for a transaction.
@Chicagoguy
Жыл бұрын
I think the business should have the write to put a disclaimer on every credit card receipt saying. If you dispute a charge and we win the dispute you agree to pay 1000.00 as a fraud fee.
@misterokamii
Жыл бұрын
As a small business that does cash discounting, I will go cash only before I go back to paying for processing. I have an ATM. Get cash there and you can buy all you want here. We were charged 20k in 1 year in processing. That was before the crazy inflated prices...
@JPAtx13
Жыл бұрын
A-F'ING-MEN louis. as a small business owner... we are just getting RAILED by credit card companies. chargebacks are insanely common now. we saw the rate of chargebacks shoot up MASSIVELY from around .05% of all orders.. to a staggering 3% of all orders.
@McGooness
Жыл бұрын
That explains why some of the small business's I know recently have switched to debit and cash only.
@TheEVEInspiration
Жыл бұрын
Going by the title, that has a well defined word for it: "Stealing", which is a crime!
@SerangelROM
Жыл бұрын
At the end of the day Stores are not required to accept credit as a form of payment.
@bluetheta
Жыл бұрын
Those merchant might have good Federal Antitrust lawsuit against Visa if they get "fined". I have seen those surcharges at some of local business which I usually pay in cash. The reason this is happening is large entities like MLB for colluding with Visa/Mastercard who wants to ABOLISH CASH - that right its not the government wanting to end cash it these companies. Try to buy concessions with cash at any MLB ballpark
@PreventerMkII
Жыл бұрын
As soon as you explained the Mr. Clean bottle, I was like, "oh I hope it crosses him during the recording." Glad to see I wasn't disappointed 😂
@TheWasher18
Жыл бұрын
Interesting, so that means im either only taking checks/cash or telling the client/customer that any and ALL credit card fees will be on the bill.
@joesterling4299
Жыл бұрын
I sympathize with small businesses. I hope they band together and negotiate better terms with credit-card companies. But my attitude about charging the customer more for credit-card use than cash hasn't changed since gas stations tried to do it decades ago. As long as I can find ONE business that has what I want without charging me extra for using a credit card, that's who's going to get my money.
@johnbell1810
Жыл бұрын
The solution is simple. Just don't take VISA or other credit cards.
@coachdeanbrown
Жыл бұрын
That'll be the LAST transaction such a person would make at my business! What is the one question we need to ask that will unite humanity and create a sustainable society for the future of humankind?
@richardflagg3084
Жыл бұрын
The phrase "nickel and dime" doesn't give good context. Any business owner that accepts CC's at some point has looked at a statement from their CC processor. The quarterly and annual numbers are staggering. I worked in a modestly busy restaurant that grossed just over a million annually. The fees for the year were over $25,000. That was 6-7 years ago. Two things have changed. The percentage of CC's vs. cash has increased. The "negotiated" fees have gone up. It's shameful that Visa has the stones to complain about the merchant charging fees when it's own business model relies on that very thing.
@Zullfix
Жыл бұрын
I have a problem with this video. 11:25 they are not asking you for more money, they are extorting you for more money.
@JJO117
Жыл бұрын
Sad as Countries like in Australia is trying to remove Cash so we are forced to Use Cards.
@HowdyFolksGaming
Жыл бұрын
The concept of being “fined” by any private company is just laughable to me. Visa, get your head out of your arse.
@shadowsrwolf
Жыл бұрын
want to solve this slam wallmart with the chargebacks and fees
@Bob-sd8ns
Жыл бұрын
How’s Texas? I hope you don’t mind losing power and your pipes freezing/cracking during a big freeze…
@Diddz
Жыл бұрын
merchants are going to game the system again by just jacking up the prices of **all their goods** to meet their CC min rule then make "bundle deals" that undoes the jack-up when they buy the cheap stuff with a thing that meets the cc minimum
@f1y7rap
Жыл бұрын
If every small-med size business and fast food restaurant showed the CC fees and had a cash price discount you would see many more people push to use cash. THIS WOULD BE A GOOD THING. Why? CBDCs. As long as we have a system into the future that looks like what we have now (private banks and corporate banks VS a central bank that has complete control) it is still possible to claw back some balance. A well-functioning capital system has LOTS of competition in all sectors. Its time for another trust-buster.
@Wyl7
Жыл бұрын
Merchants needs to pay their own transaction fees. It’s not the customer’s responsibility to pay *your* cost of doing business. Don’t like it, don’t accept credit cards for payment.
@AlanTheBeast100
Жыл бұрын
CC co's may not be "nice" but they are what makes the merchant world spin - and the banks providing free credit for 30 - 50 days*. One way around: price everything for CC's, and if someone pays debit or cash give them 2.5 - 3% off. What kills me is the CC co's offering platinum cards for super rewards - right out of the merchant's pocket. *As long as you pay your bills off at the end of the month, CC's are free loans.
@lastnamefirstname6621
Жыл бұрын
These credit card companies need to be brought to heel. Too bad most of our goverment is on their payroll.
@baileealligood7862
Жыл бұрын
Stacking surcharges on your bill is becoming a habit with businesses. Just put them in your price. Do not give me a list of fees and other charges on my bill. It makes them look petty and seem scheming. Just like tips. Just factor them into a price where you can pay your wait staff. if someone wants to tip it should be for service that is beyond the ordinary. Besides wait staff have become terrible anyway. I don't need a line item of a business's costs. They didn't go down in prices when they started all these surcharges. And there is no end to what they can make surcharges.
@mrbubbles6468
Жыл бұрын
‘IF YOU ANNOY ME 3 TIMES YOU DIE!’ - Louis 2023
@ericede
Жыл бұрын
Are they going to audit and fine the DMV?
@ryanzmuda3167
Жыл бұрын
They don’t have the legal right to do that.
@dh2032
Жыл бұрын
I think it should just passed on like ant tax requirement, itemised on the bill, how ever charges if %, or if each $£, or how ever it worked, and shop should make one penny, out card fee, and point that out customer, it card company not my, (many point them in the direction of the nearest cash machine, and let them now you are very happy with a cash payment) after all it customer that want pay by credit card, and reward point etc., well they should now they points are not really free, unless there one of companies that look at you strangely trying to pay with cash, then I think it all right the way it is then now?
@BaronCAD
Жыл бұрын
Credit providers are out of control. We need another, less predatory, way to conveniently pay for stuff (maybe crypto?). The amount of drain that transaction fees represent on consumers and businesses is absurd. The value they add is overrated.
@Paul-yn2zy
Жыл бұрын
Cost of business goes, price goes up. Economics 101.
@davidelliott5843
Жыл бұрын
The business simply has to raise its prices 2%. Nobody will notice. Job done. It’s what I did.
@danjohnston9037
Жыл бұрын
" Passing On Credit Card Charges " ?? Uh, Guys "Shipping AND HANDLING " Charges are what you say they are
@Dvpainter
Жыл бұрын
Oh noo not the company that thoroughly enjoyed dumping out your gift card balances if you didn't immediately use them
@gsilva220
Жыл бұрын
They are just asking to be made obsolete by crypto. They should be careful.
@CraftedChannel
Жыл бұрын
You can't give the customer a sense of VISA fees. VISA wants your complicity in hiding it so they don't have to compete with other cards having lower fees. And premium cards with extra transaction fees to cover member benefits are costs the vendor must pay. Visa wants to be able to increase these rewards and totally pass on the cost. Of course. Being King is good isn't it.
@tiagof857
Жыл бұрын
More and more people are paying with credit cards at my retail shop, at the end of the day I could pay for dinner at a restaurant with the fees I give to those leeches.. Having a business is like being in a swamp surrounded by a horde of leeches and mosquitoes, countless fees, services and government bs and taxes you gotta pay.
@ChannelZeroOne
Жыл бұрын
Does this affect all the cash credit gas places?
@CED.Dweller
Жыл бұрын
Texas horseflies are the worst. Credit card providers are akin to them.
@AQuietNight
Жыл бұрын
Nationalize the credit card companies. I am not big on socialism but money should be handled by a neutral 3rd party.
@T.Cun.
Жыл бұрын
We have several small businesses that are cash only and are always busy. No they 're not Turkish barber's ;-p
@FirstTimer23
Жыл бұрын
I know Bitcoin maxis say this for everything, but in this case it's actually true, Bitcoin does fix this.
@rick5078
Жыл бұрын
Only 2 logical reactions to these antics from Visa, go cash only or raise prices of everything to cover the costs of the transaction that way. Best option in my honest opinion would be going 100% cash and that way at the same time tell the U.S. government to go screw themselves with their digidollar.
@AverageCitizen333
Жыл бұрын
So i dont get the money back, visa just gets even more money?
@thetruthwillwinoneday
Жыл бұрын
Use CASH, no transaction fees.
@steveadams9200
Жыл бұрын
That moment when u got that fly... so satisfying 😂
@tyler558806
Жыл бұрын
Why would they pass this cost onto the business owner and not the customer who made the fraudulent charge back? It's because these sleezy slime balls don't want the customer to know that THEY are the real reason it costs more to use their credit card. They want the perception to be that it's the merchant who has unreasonable credit card prices. Imagine a theft occurring at a store and the clerk calls the police. The police come and investigate and see the surveillance footage of the customer stealing. The police then let the theif go and charge the store $20 for having to respond to the call. This is what these companies are doing. In what world does this make sense?
@espressomatic
Жыл бұрын
The "customer" using the card is making the credit card companies a lot of $$. So for smaller transactions, he CC company will actually eat the meritless charge-back themselves, which is why a lot of them now want that $20 minimum from the merchant. It sucks. I've been hit with a lot of fraudulent charge-backs over the past 20 years running sales via PayPal. Even with proof, you don't win all of them.
@thephilosophersstoned3796
Жыл бұрын
Only in one where all Economics is driven by Debt based currencies. Bankers are the single largest criminal Cartel in Human History. Bar none in 2023.
@strigoiu13
Жыл бұрын
they simply do not check anymore, it costs too much. so if you can not afford a business, they say it is not their problem anyway, from their perspective you do not have a viable business, go to work for somebody who can afford all the taxes and comissions and all added costs of doing business...
@kaden-sd6vb
Жыл бұрын
"In what world does this make sense?" California, apparently-
@jamesphillips2285
Жыл бұрын
@@kaden-sd6vb Louis is in Texas.
@richardsteinbergmakingknives
Жыл бұрын
I paid over $43K last year in processing fees, and my customers have no idea. My employees don't either. It's abusive and I will start charging an additional fee beginning in January. If the cc company doesn't like it well that's just tough. I have no more margin left to squeeze. I'm getting it from all sides.
@PascalGienger
9 ай бұрын
Do it like the Delis here in NYC. Don't put an additional fee. Adjust prices a bit and offer a e.g. 3% discount when paying cash ;-)
@MochaZilla
9 ай бұрын
@@PascalGiengerexactly 💯
@thearmy88ify
7 ай бұрын
If people know credit cards are charging more than people will move towards cash instead. A lot of businesses just increase prices without saying its CCs. CC companies will wage war to hide the fees@@PascalGienger
@AWARHERO
Жыл бұрын
So.. let me get this straight. VISA is charging more fees to businesses (again) and they expect these businesses to NOT TRANSFER those fees to their customers? ffs... People need to start using cash again.
@nancykurtz7333
Жыл бұрын
visa, just hogging those theoretical esg brownie points
@michaeltempsch5282
Жыл бұрын
Well, at least not in a way that points to the real reason of the cost (VISA)
@rkan2
Жыл бұрын
Where do businesses get their money again?? Must be the government who pays for it all..
@godlugner5327
Жыл бұрын
Bring back the gold shilling!
@heretolevitateme
Жыл бұрын
Yet somehow, every utility company, landlord, cable company etc has no problems charging exorbinant fees for this shit.
@remyllebeau77
Жыл бұрын
Visa, it's everywhere you don't want it to be.
@msaggregated3036
Жыл бұрын
Top Tier comment 🎉
@MaryDunford
Жыл бұрын
😂
@Pp-ng7by
Жыл бұрын
Like a horsefly
@y2ksw1
Жыл бұрын
It could change in 30 days if we all truly want it to happen
@robertpr2002
Жыл бұрын
Merchant services should be a utility...
@SuperS05
Жыл бұрын
At the stores I've worked at, we never charged "credit card fees"... We just gave a "cash discount" of 3% 😂
@DaveSmith-cp5kj
Жыл бұрын
Same. It's basic psychology. Don't present the punishment, present the reward and behavior is modified.
@jmr
9 ай бұрын
I used to see "cash discounts" all the time but contrary to what Louis says I'm actually seeing less "cash discounts" and less "minimum credit card fees".
@thearmy88ify
7 ай бұрын
If people know credit cards are charging more than people will move towards cash instead. A lot of businesses just increase prices without saying its CCs.
@OldManShoutsAtClouds
5 ай бұрын
@DaveSmith-cp5kj no, it's a bullshit loophole attempting to skirt the law. Louis is wildly wrong and anti-consumer on this topic.
@pj4795
2 ай бұрын
How do people not know this? It’s displayed on gas station price boards. The price of gas is always cheaper when you use cash for it. You would think people would understand that it’s cheaper to buy goods with cash rather than use a network to pay for goods. Pretty much everyone buys gas.
@KabobHope
Жыл бұрын
They need to audit LARGE entities like state governments who tack on convenience fees, but they won't because the Visa would no longer be accepted and it would cost them millions, if not hundreds of millions. They're picking on small businesses because they can.
@AR7271
Жыл бұрын
Consumers need to change their behavior and start using cash once again at small businesses
@caseysmith544
Жыл бұрын
@@AR7271 Or check if local.
@oceanbytez847
Жыл бұрын
@@AR7271 people also need to keep transactions off the books because the tax rates are just insane. We fought a war and became our own country over less than half our current rate. why is it ok in todays society?
@jonathanbarnett7897
Жыл бұрын
@@oceanbytez847 poor education. We didn't go to war over a tax rate.
@gokublack8342
Жыл бұрын
@jonathanbarnett7897 It was "over taxes" yes but like you're saying it wasn't about rates it was about being expected to pay taxes without having any representation in the govt. (American Revolution. England wanted the colonies to pay taxes but wouldnt give them any representation in their govt.) Or as they said back then "No taxation without representation"
@FlabbyTabby
Жыл бұрын
Big business doesn't want competition. They're just choking off small businesses as much as possible. Not just them, but literally every other big company (including Google).
@imbalancedstatus8824
Жыл бұрын
It's not competition..Business are passing their charges to us instead of negotiating with the bank
@whatever2144
Жыл бұрын
@@imbalancedstatus8824 not much to bargain with.Banks are a unique kind of monopoly if not properly goverment regulated.
@triksterx
Жыл бұрын
Welcome to Capitalism.
@sihamhamda47
Жыл бұрын
Because of that, we are forced to always come back to their services no matter how much we hate them If there is no immediate action, we will forever only has 2 option: use their service or go back to stone age
@strigoiu13
Жыл бұрын
first free, heavily subsidized with tons of money from investors, after the market is somehow cleared, then a small fee for covering some costs but with some added services, after the market is totally cleared, boom, the biggest prices ever for a product or service and nowhere to go or switch to...
@kylesinclair5002
Жыл бұрын
We ran into this issue when I owned restaurants. It used to illegal to pass on the processing fee (funny how that law changed when fast food and government entities started accepting cards in the late 90’s)… we solved it by just increasing our prices by 5-10% and offered a discount for cash. I also kept and ATM inside the building with low fee.
@OldManShoutsAtClouds
5 ай бұрын
It's still illegal, you can't charge a credit card fee. Business attempt to skirt the law by offering a "cash discount". The fact that ya'll are so anti-consumer on this is mind blowing.
@gabrielfair724
Жыл бұрын
Nobody is trying to fix the root problems we have in this country. Everyone is trying to make enough money so that the problems don't apply to them anymore.
@caseysmith544
Жыл бұрын
Or on the worst side work the system for money they are not deserving of so they can be a problem for others to deal with.
@rightsdontcomewithpermits7073
Жыл бұрын
The root problem is fiat currency.
@caseysmith544
Жыл бұрын
@@rightsdontcomewithpermits7073 what does a FIAT have to do with the processing fees? 🤔
@rightsdontcomewithpermits7073
Жыл бұрын
@@caseysmith544 there would never be so much credit floating aroind if we would have sound money. No credit no fees.
@gokublack8342
Жыл бұрын
Well thats how you deal with problems waiting on laws to change or for someone to help you is foolish
@ineedmoneysp
Жыл бұрын
It’s insane how they always try to make the small businesses seem like the bad guy and make it seem like it’s all there fault even though when you actually look into it you see all the extra fees that these huge companies are putting on small businesses. It’s so ridiculous and they have the balls to push blame off onto small businesses. I saw a small business actually have the credit card fee on the receipt so customers knew what the fees where that the credit card company is charging them just like the taxes are on the receipt. He said it helped a lot for him to show how it wasn’t just them charging more.
@sihamhamda47
Жыл бұрын
We need to always fight against this, otherwise all those pressure to us are only getting higher
@alexfrideres1198
Жыл бұрын
Monopolies can’t monopolize if they have competition
@butwhytharum
Жыл бұрын
seeeee the thing is tho, those LARGE MULTI NATIONAL CORPORATIONS. do legal loopdy loops and loop holes to be treated the exact same as those small businesses. because those at the top do whatever they want and write the rules in their own favor... elected officials do not represent the people that elected them, they tell you just enough of what you want to hear to get you to vote for them.
@dh2032
Жыл бұрын
because, they don't have legal department that why?
@brodriguez11000
Жыл бұрын
Discount for using cash.
@VA3JPX
Жыл бұрын
I've noticed more and more small businesses taking e-transfers or cash as payments. Credit card companies are getting worse and worse, year over year.
@wmoule
Жыл бұрын
It's very popular in Asia.
@Anon.G
Жыл бұрын
Where accepts e transfer?
@MiniDevilDF
Жыл бұрын
Absolutely with the chargebacks. In fact, ten years ago, not only did my bank tell me for $750 in transactions that I didn't make, that they required me to file a police report first, but then they said that they would be unable to file it until the investigation was complete, which never happened, probably because the police have better things to do than to launch and complete an investigation and do the bank's job for them.
@casparhughey5651
Жыл бұрын
they dont do anything else
@BanazirGalpsi1968
Жыл бұрын
This happened to me with a " food stamp" card from nys. They are called e.b.t. anyway, somehow mine was pickpocketed , and the same run around about police report and investigation. The store had the video and nothing could be done. Call the cops and nothing happens. I just told them to can the EBT. It has made my budget tighter for a few years but whatever.
@jonathanbarnett7897
Жыл бұрын
If something was STOLEN from you its the cops job, not the banks
@james.telfer
Жыл бұрын
@@jonathanbarnett7897 In the UK it's up to the BANK if someone has got your details from somewhere. They have to remove the charge from your account and THEY need to sort it out. Generally by recalling the funds from the receiving account (the chargeback).
@james.telfer
Жыл бұрын
That's a BS situation, in the UK, we report the transaction to the bank, they refund you and it's up to them to sort out. They just pull the money back from the receiving bank's account.
@langdons2848
Жыл бұрын
Here’s the lesson: no amount of profit will *EVER* be enough for big companies. They will shift their costs onto everyone else while making record profits and still wail about how hard business is for them.
@nixusthefurry
Жыл бұрын
Out if all of this... The rampant unapologetic greed at alll of these major "companies" that game and play the market because they can for muh profit and screw the public annoys me the most.. just the arrogance alone.
@yosefmacgruber1920
4 ай бұрын
The corrupt government sets the example by jacking up our taxes, and seemingly to be ever incapable of balancing a budget. So as usual, Democrats are to blame for just about everything.
@ImARichard
Жыл бұрын
I would absolutely love to see challengers to VISA and other major card providers. The current masters of the field have stopped innovation and moved to the stage of finding ways to charge more for existing functionality.
@delimitnc
Жыл бұрын
We have one. It's called Bitcoin.
@deek0146
Жыл бұрын
@@delimitnc Bitcoin transaction fees are around a dollar each.
@delimitnc
Жыл бұрын
I was just being an ass, my bad. Somebody always says "but bitcoin" in these conversations, and this time I figured I'd do it.
@miramari732
Жыл бұрын
There's Revolut in Europe, maybe they will be eventually able to reach over ocean :). It's fairly young and so far not sh1t (I guess too small to be prick). Also BLIK in Poland that is also fresh enough to not be rotten yet
@watamatafoyu
Жыл бұрын
Every small business under these draconian and out-of-bounds requirements should join a class-action lawsuit to sue the pants off of Visa.
@RealSaltygrease
Жыл бұрын
Remember kids: you NEED to get a credit card to build good credit so that the banks will allow you to get a loan. But you also have to pay more now to get the privilege of the right to even ask for a loan. And good luck getting anything worth a damn like a car or home without the loan.
@XVXC-M8
Жыл бұрын
Fuck loans. Be smart enough and you won’t have to deal with loans.
@marcogenovesi8570
Жыл бұрын
@@XVXC-M8 good luck buying a house without a loan
@tissuepaper9962
Жыл бұрын
@@XVXC-M8 it's easy to say that if you started saving when you were still young. not everybody had the support from their parents necessary to build up credit and assets before going out into the world. not trying to diss you or call you daddy's boy, I am personally only in the financial position I'm in because of the assistance and guidance of my parents.
@jessicav2031
Жыл бұрын
@@XVXC-M8 If everyone else is getting a loan irresponsibly, prices will go up to the point that you probably can't afford not to get one. Housing is the ultimate example of this.
@thephilosophersstoned3796
Жыл бұрын
@@XVXC-M8 I'd love you to teach me how to be smarter than the housing markets obscene fucking growth that has created a cycle where the average consumer in my country pays upwards of 40% and in many cases, 50% of their income, on rent alone. Please oh mighty wise fucking retard, teach me your ways.
@federicomadden9236
Жыл бұрын
I understand why there are so many cash-only bars and clubs in major cities now. Always thought it was just tax fraud
@TGX03
Жыл бұрын
Depends where you are. Here in Europe that's definitely the case, however here card fees are heavily regulated (and the EU is actually cracking down even more on them), however in the US it's definitely because of the fees as they are sometimes more than 4 times higher than in Europe or Australia.
@XVXC-M8
Жыл бұрын
@@TGX03Why would European bars and clubs be doing tax fraud
@TGX03
Жыл бұрын
@@XVXC-M8 Cause it saves money? Not paying VAT of over 20% and income taxes of 20-40% is definitely a nice save
@marcogenovesi8570
Жыл бұрын
@@XVXC-M8 why would European bars and clubs NOT be doing tax fraud?
@joelspaulding5964
Жыл бұрын
Accepting cash isn't fraud.
@brosch91
Жыл бұрын
You would think this would violate some antitrust law somewhere, but more and more it looks like banks and corporations are above the law. And when they aren't above the law, they simply find a loophole to exploit. Sad days indeed.
@classicalextremism
Жыл бұрын
Frankly, it needs to be law that all credit card or service fees should be added as a line item at the end of the transaction, just like taxes. And for that matter, break out gas taxes as a line item as well while we are at it.
@rick5078
Жыл бұрын
It's the only logical outcome of having a government with institutionalized bribery called lobbying. Those with the most money rule the country.
@yosefmacgruber1920
4 ай бұрын
@@classicalextremism I would like to see that info on my receipt at the pay-at-the-pump convenience. But instead, I often have to walk inside the convenience store and request a receipt, because the stingy fuel pump refuses to give it to me. Poor maintenance, ever running out of receipt paper. Because apparently computers can not estimate when it is time for somebody to change the paper, and underpaid cashiers at convenience stores have no time to maintain anything. There was a time in which "service stations" actually offered service, before they got all bought up by the corporate giants. Some fuel stations charge more for credit card usage, but I try to avoid those, because I thought that they charge more anyhow. But some things I prefer to pay in cash, if it is some place that I don't normally shop at, or for small transactions. I don't think that my credit card info should be in thousands of corporate databases. What could possibly go wrong with everybody having that info?
@TheCod3r
Жыл бұрын
The worst part for me about these chargebacks is the fact that the customer even gets their postage back too. Not only do we have to eat the fees and pay "fines" for chargebacks, we also eat the cost of postage every time we ship something to a customer whether or not we can prove we sent their order or returned their device. It's things like these which are making me want to switch to bank transfers only. Of course that adds an inconvenience to the customer too 🙄
@jayjaybob2
Жыл бұрын
Not to mention lots of people aren't comfortable with that because if they get screwed by the seller it's a major problem to try and get that money back. Charge backs are important for customers to feel safe buying things online, but then you have these dill weeds ruining it by abusing it.
@TruthLives-ee6sf
Жыл бұрын
U guys wanted masks and heart attack shots and the banks to rule you forever so you deserve the consequences
@pauljs75
Жыл бұрын
Europe has a better deal with how their EFT system is set up too (much easier and less limited), but we can't have something nice like that in the U.S. because the politicians here are bought out by all the grifters in the the financial services industry. They have to get their cut for doing practically nothing.
@TheCod3r
Жыл бұрын
@pauljs75 oh of course they do something, don't be mean! It's hard work making false promises and counting all that extra money 💰 🤑 🤣
@maclypse
Жыл бұрын
Remember when people still used cash? That was expensive shit! Just replacing the bills due to wear and tear was a costly affair, but add on security transports, safes, robberies, etc, money was expensive - and the banks had to cover the costs. Then with the appearance of cards, suddenly I had to pay a yearly fee for the privilege of using a card and making sure they don't need to deal with cash any more. My card was cheaper than the cash, but they still billed me for it; that didn't seem fair. And then they charged the business too. They have been double dipping ever since. Fuck us for saving them money I guess. We should have lined the bankers up against a wall in the 90s.
@0LoneTech
Жыл бұрын
And of course an extra fee for having not been helped by a teller, too.
@cornelious2
Жыл бұрын
This is he answer I was looking for, people forget how much extra money was spent for cash. Counting the registers, managers double checking the counts, doing bank runs, increased liability from being at risk of being robbed.
@erinmcdonald7781
Жыл бұрын
I think we missed that other opportunity in 2008-2009. Unfortunately, I believe we'll get another chance sooner than later when one of the overburdened, overpriced areas goes bust. Will it be housing, loans, tech, insurance....? Who knows, but I expect the next one to be at least as big as the Dot-com collapse, if not the burst housing bubble....if not actually another housing bubble burst. We need big monopolies out of our government.
@brodriguez11000
Жыл бұрын
They haven't stopped.
@DeshGp
Жыл бұрын
Let me point out that in Sri Lanka the governement intorduced a new system called LankaQR and LankaPay, a QR and payment system in which it directly connects with the central bank of Lanka, the bank provider and the merchant, essentially eliminating the middleman like VISA and Mastercard. You should have seen the pushback to this day VISA is doing by mounting so many discounts and offers to try to murder the system into oblivion.
@aravindkm2012
Жыл бұрын
UPI in India did it too and Visa & MasterCard whined to their cronies in the US
@AZKJunaid
Жыл бұрын
this should be highlighted, this is brilliant
@MichelleHell
Жыл бұрын
If the state apparatus were truly run like a business, it WOULD do things like this. In the US they lie, say they are going to run government like a business, and then sabatage state enterprise. They don't want state competition, and that's why they are so ideologically charged for capitalism and the private sector. Not that these things can't be useful, but that the primary motivator has nothing to do with your personal freedom, and language serves their selfish desires. If capitalism, the private sector, and no government interference in the economy appeal to you, that still works towards monopoly interests, because you're justifying the fact that they won and deserve to win in perpetuity.
@brodriguez11000
Жыл бұрын
@@aravindkm2012 What were they going to do? Invade India? Cronies have no jurisdiction. Did I mention India has nukes.
@dontdoxmebro
Жыл бұрын
I wouldn’t trust the Sri Lanka’s government they literally sold your major port to a communist country.
@SuperSmashDolls
Жыл бұрын
Related note: there's actually a proposal going around in Congress to cap credit card interchange fees. The way I heard about it? An astroturfing campaign. The credit card companies are telling people that they'll lose their rewards points if they don't get to steamroll businesses on swipe fees. This is absolutely stupid because the 2% rewards you get come out of one of the following: 1. Paying more than you get on the actual product 2. Poor people who don't get the high-end card with 2% rewards 3. People who pay cash at businesses that don't offer cash pricing In other words, it's entirely bullshit dollars, ala a mobile game, designed to make it hard to tell you're being ripped off. Credit card companies are absolute champions at obfuscating the cost of their existence, even moreso than tech platform companies.
@g7297
Жыл бұрын
capping fees is bad, the best solution is to allow merchants to charge an additional fee based on the payment method a customer chooses, so a customer can see ACH transfers, debit, and cash are cheaper than credit cards.
@MonkeyJedi99
Жыл бұрын
The CC companies don't want small businesses charging customers for charge-backs or for the increasing fees for purchases... because that money is not funneling into the CC company.
@SuperSmashDolls
Жыл бұрын
@@g7297 Capping fees may be bad, but your proposed alternative is already off the table. There already was an antitrust lawsuit about swipe fees and SCOTUS sided with the credit card companies. So long as the credit card companies have the power to obfuscate and defraud customers about the cost of their payment method then there needs to be a cap.
@uzlonewolf
Жыл бұрын
@@MonkeyJedi99 Except it is. They get 3%-5% of whatever additional fees the small business charges.
@MonkeyJedi99
Жыл бұрын
@@uzlonewolf But they want it ALL!
@Asubatsu
Жыл бұрын
I have never assumed it was the place of business being greedy when it came to card fees. I always thought the bank was being greedy.
@gokublack8342
Жыл бұрын
Nope I don't agree I shouldn't be punished for the business and CC companies dispute that's between them and all this nonsense will do is make me not shop there
@CptJistuce
Жыл бұрын
@@gokublack8342You're being punished either way. You just can't see it one way.
@CreativityNull
Жыл бұрын
Having tried to truthfully file chargebacks on my cards (items didn't show up or literally wasn't as ordered and the company refused to refund) I can tell you they legitimately make it annoying at times and then lock you out for that transaction until you have to call someone anyways because you didn't press the right prompt when none of them fit your situation in the first place. That being said, it's still easier usually. I wish most people would take it seriously when they file a charge back, but that is never going to happen. Also charging the business $25 or so for the privilege of getting a chargeback, win or lose, is stupid. Force whoever loses yo pay that if they really want that. It would deter people from filing fraudulent chargebacks.
@Wooksley
Жыл бұрын
The right of the people to keep and bear Arms (and glass cleaners), shall not be infringed.
@Zanzoltan
Жыл бұрын
I love that the first thing he says "There's a fly, and I intend to kill it"... That's how much some flies and mosquitoes get to your nerves...
@creativeheadroom
Жыл бұрын
If you can't charge people for using a credit card, just give them a 3% discount for using any method of payment that is NOT a credit card. You'll still lose less than with the 3.4% fees and at least you know that the 3% is staying in a happy customer's wallet, instead of going to a bunch of greedy billionaires.
@adr2t
Жыл бұрын
Checks can be just as bad too sadly. Cash is really the only real one that makes sense.
@creativeheadroom
Жыл бұрын
@@adr2t just for clarification: I live the Netherlands, my business is located here and I mostly have clients within the EU. We mostly use debit cards instead of credit cards for in-store purchases. Cash is still an option, although it's becoming less common. I don't think checks are accepted in NL anymore. If I remember correctly those were phased out decades ago.
@adr2t
Жыл бұрын
@@creativeheadroom Yea the US is vastly different than the EU laws - so this video might not really relate to you. I wish honestly we had some of their laws in place.
@apersonontheinternet8006
Жыл бұрын
@@creativeheadroom card skimming is a serious issue here in the States. A few years back I lost all of my money to a skimmer and didn't have two pennies to rub together for nearly two weeks until I got paid. That was the thing that got me to move over to using the credit card as my primary choice for transactions.
@19TheFallen
Жыл бұрын
Many of the businesses where I live provide such a discount to their customers. And guess which method of payment I see those businesses receiving instead of credit cards as a result.....Especially at the gas stations that provide that discount! In this day and age where prices have skyrocketed, every cent a person can save is a compulsion to use cash versus card.......
@AndySatterwhite
Жыл бұрын
My local small town hardware store has a handwritted sign up for the extra percentage they charge on credit card transactions. The number of times they have had to cross off the old number to update their current fees necessitated an additional piece of paper above it. I want them to stick around as long as possible so I make every effort to pay with cash but when I inevitably have to swipe my card that extra 2.9% is still cheaper than the gas to drive an extra 20 miles to a big box store and I pay it happily.
@yosefmacgruber1920
4 ай бұрын
Sounds like they are trying to keep their prices low. What a concept!
@heavymetalelf
Жыл бұрын
My business is hanging on by a thread and I'm scared to increase my prices because I'm worried I'll lose the remaining customers I have after all this inflation. I feel like I'm stuck between the rock of sucking it up and the hard place of losing even more customers. Damned if I do and damned if I don't
@simonspacek3670
Жыл бұрын
What is your business? When I saw your username I thought "hey, I want to help this guy", so what can you tell me heavy metal elf? And I mean it, what do you do and what do you think is the problem, I think we can figure out something.
@heavymetalelf
Жыл бұрын
@@simonspacek3670 I do lawn care. My company has hemmoraged customers since last July. People don't want to pay bills and when I discontinue service they leave negative reviews. I haven't raised prices in years. At first, I held prices steady through covid in 2020 and 2021 and had plenty of work. I didn't want to over burden people while we were all struggling. I waived late fees and let people slide for several months on past due invoices since times were hard. Last year I started cracking down, both because lock down was over and I needed to get the money flowing regularly. At this point, I'm down from about 120 weekly clients to something like 20 - 30, I have around $20,000 in unpaid invoices from people just stiffing me and hurting for money enough that I'm on the edge of folding. I need to raise prices by probably at least 20% but I've already had such an exodus of customers, I am worried that the cost increase will drive the last of them away. I'm already not really pulling in enough to pay my bills, so it looks like the end of the line.
@triforcelink
Жыл бұрын
They want credit cards to look just as good as cash (or better), and still make a nice profit, the only way they can do that is if they hide the real costs from customers. These companies can burn in hell
@martharetallick204
Жыл бұрын
Poor hell. What did it do to deserve this?
@daddyattitude
Жыл бұрын
Makes you wonder who is really pushing for a cashless society....
@TheChcam
Жыл бұрын
It's also super convenient. I'll push for it. If we can just do it via blockchain or what not with no fee.
@matthewpepperl
Жыл бұрын
@@TheChcam problem is the block chain has fees too
@TheChcam
Жыл бұрын
@@matthewpepperl bet there is a way around it with some sort of thing idk just spit balling here
@Technaci0us
Жыл бұрын
@@TheChcam "Sorry citizen, we have determined you havent been quite antiracist enough this past week, and have disabled you FedPay from any further food purchases for the week. - The Government." Still wanting to push for it now?
@TheChcam
Жыл бұрын
@Technaci0us silly guy, i never said anything about centralized currency. Plus, i always offer cash discounts, i want more trade work in the world tbh.
@TravisNewton1
Жыл бұрын
Preach it! As an online service provider, I have no choice but to accept electronic payments. I love my business customers that insist on paying by check - I actually welcome it. I'd allow everyone to pay by check, because I'd rather process hundreds of checks manually than deal with the BS from the credit card companies and PayPal. When I get hit with a chargeback by an angry customer who had their service terminated for spamming, it really gets under my skin because now I have to prove theft of service AND I have to pay massive fees on top of it! I don't charge surcharges because I believe in up-front pricing, but I'm totally for raising prices and adding a "Screw big finance" discount to offline payment methods.
@HobbyOrganist
Жыл бұрын
Checks are going by the wayside rapidly, the only thing I ever use a check for any more is the water bill. Checks bounce, they are also forged and stolen. If someone has to MAIL a check like the old days then you have to find an envelope and a stamp, fill it out, put it together, drop it in the mailbox and wait several days for it to arrive and a couple more to "clear" The stamp costs more money every year, I don't bother with the US Mail except on very rare instances, so I dont buy and store stamps, which means if I need one I have to make a special trp to the post office to get one. Yes, the supermarket has some stams, but you have to pay for them with cash separately, same for lottery tickets, so I get paid via electronic deposit, so I don't even cash a paycheck any more and havent in over 2 years, so I rarely ever see cash
@ellenorbjornsdottir1166
Жыл бұрын
Consider accepting wire for large sums. Not sure how small sums should work.
@uzlonewolf
Жыл бұрын
@@ellenorbjornsdottir1166 Services like Zelle would work for smaller sums. Your bank may still take a tiny bit but it's a fraction of what the credit card companies charge.
@brodriguez11000
Жыл бұрын
@@ellenorbjornsdottir1166 COD is still a thing.
@jmanakajosh9354
Жыл бұрын
Is there a reason you can't use Zelle?
@InfestedTemplar
Жыл бұрын
I work for a small business in Australia and we accept card payments through our bank directly. When setting up the EFTPOS machine there was an option to add the percentage fee on top automatically - we didn't choose it so I don't know exactly how it works but the bank did give us the option.
@nobody8717
Жыл бұрын
"build your credit" they said... "go to college" they said... i don't think our grandparents were as wise to what is going on as they thought.
@iggyboo
Жыл бұрын
Interesting that as soon as credit cards have become pretty much a monopoly they decide to start doing this. Kinda makes the point it's time to find new types of payment processing
@marcogenovesi8570
Жыл бұрын
this is one of the reasons for using crypto. But that bridge was burned a while ago by scammers and whatnot so I guess we need something different again
@joannleichliter4308
Жыл бұрын
Or utilize the old ones we already have...
@marcogenovesi8570
Жыл бұрын
@@joannleichliter4308 cash does not work to pay stuff online
@joannleichliter4308
Жыл бұрын
@@marcogenovesi8570 Too true, alas.
@Calvin_Coolage
Жыл бұрын
@@marcogenovesi8570I don't think the solution to moving away from funny money is a new form of funny money. Then again, isn't all currency funny money at the end of the day?
@HectorRodriguez-li9vm
Жыл бұрын
Great subject. As a customer, I was unaware of all this risk by taking cards. One thing I think everyone should be aware of and likely linked to this subject is if you have a major job (tree service, lawn care, home repairs, auto repair).. Inquire on potential cash price. I find I get 10-15% discount using cash in most cases. Of course I also generally do not pay in full until the job is done. Normally large jobs require 1/3 to 1/2 up front.
@casparhughey5651
Жыл бұрын
how about they pay their own bills
@JaimeWarlock
Жыл бұрын
@@casparhughey5651 Money management fees can often surpass profits. When I was selling on Ebay, my markup was just over 20%. Between PayPal and Ebay, they took around 16% of sales, leaving only 4% profit, not to mention chargebacks. I could actually offer a 20% discount if someone paid with crypto.
@mystery_pond
Жыл бұрын
Unfortunately, here in the UK, it is outright illegal to charge extra fees when taking payments by card. This is an EU-wide law from 2018 which is also still in effect in most of Europe. The cost of processing card payments is therefore distributed by higher overall costs, including those paying cash who do not use the payment processors' networks. It seems like a racket that VISA and Mastercard get this privilege enshrined in law.
@PCDelorian
Жыл бұрын
That was done to counter-balance the heavy restriction on credit cards the EU and incorporated UK law, it is also to discourage people offering to cut the VAT on untraceable cash payments.
@PhilipMarcYT
Жыл бұрын
VAT = Value Added Tax (or just think of it as... Tax)
@NadeemAhmed-nv2br
Жыл бұрын
Just have a cash discount
@mystery_pond
Жыл бұрын
@@NadeemAhmed-nv2br This is covered under the same law and is explicitly illegal.
@springvice
Жыл бұрын
@@mystery_pond including some form of cashback or points (which actually can be exchange for cash)?
@clefsan
Жыл бұрын
Two things: 1) Only the owner of a business should have a say in their pricing models (obviously within the framework of applicable laws, if there are any). 2) in cases of disputes over credit card charges, any fee for dealing with the matter demanded by the credit card company should be paid by the party in the wrong.
@stevecooper7883
Жыл бұрын
I would go so far as to say the owner should even be allowed to price gouge, as long as he understands the social implications of being considered a target by looters the next time there is unrest on that street.
@clefsan
Жыл бұрын
@@HedgehogsAreBetterThanYou Visa should be able to decide their pricing models without interference FROM OTHER BUSINESSES (statement 1). I stand by that. However, defending that right does not prevent me from disagreeing with an existing pricing model and suggesting "improvements" (statement 2). It's like defending someone's right of free speech while also disagreeing with what they are saying. It's not a contradiction at all.
@FabiWann
Жыл бұрын
There should be no framework of laws in pricing models. Fixing prices is a communist thing.
@rrmackay
Жыл бұрын
I disagree, any charges relating to resolving a dispute should be the cost of doing business for the CC companies.
@NoMoneyG
Жыл бұрын
I agree 1000%. When is enough PROFIT enough? It's PURE CORPORATE GREED & it's never enough.
@RoDeatheye
Жыл бұрын
When the us supreme court decrees that the only responsability of a company is not only to their shareholder.
@bastiat691
Жыл бұрын
Here is something you may not know about the EU, in the EU it is illegal to surcharge to use card payment. All a merchant can do here is stop receiving card payments. Regulators have a huge incentive to try to force us all to use credit cards so that they can gather more data about our spending more easily.
@ljackattack
Жыл бұрын
Please don't forget the fact, that the EU limits the fees a credit card company can charge the merchant to 0,3 percent in local businesses and 1,5 percent in online transactions. So the situation is quite a bit different to the US.
@MashZ
Жыл бұрын
Yeah but the card companies are also regulated to charge a fixed percentage of the transaction. So this problem doesnt exist to begin with. EU is way more regulated that the US but their regulations tend to be more fair and cover everyone while the US always favors big corporations over small businesses and individuals (side effect of having legal bribing aka lobbying)
@Christoff070
Жыл бұрын
Cash is king, I always pay with cash
@OldManBadly
Жыл бұрын
This is also the law in many places. EU isn't the only one.
@torinireland6526
Жыл бұрын
So have a cash/cheque discount, whereas card users pay the list price? It's not a surcharge.
@rightwingsafetysquad9872
Жыл бұрын
Makes me wonder if these companies are just trying to grasp every last dime they can before CBDC comes and completely upends their business model. In turn their bad behavior is going to lead people to ask for CBDC. People like to talk about "late stage capitalism" a lot. But this is what it actually looks like. Companies have run out of places to add value, but shareholders continue to demand increasing profits. If you can't attract new customers and can't convince existing customers to use your service more, the only option remaining is to increase prices. You can do that transparently (like Samsung raising prices) or deceptively (like every financial services company). It's not like there isn't competition, the whole industry has reached the same conclusion. I fully support a market economy, but once companies like these reach the scale they've reached, they're no longer merchants; they're infrastructure providers and they need to be heavily regulated and price controlled.
@Dan-gs3kg
Жыл бұрын
This is corporate socialism, and usury. You cannot live with it, and the only thing you can do is lie about the numbers until you get caught, or everything burns to the ground, like China.
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