Episode 5: Hollywood Goes ON STRIKE

I work in merchant support at a payment acquirer and, while there are many fees in place on merchants for card processing, I'd wager almost no business would change their prices if they have lowered rates on their credit card processing. I do think it's a good idea though. I'm biased due to not liking my job at all but the current system is extremely predatory on small businesses. Interchange fees are one thing but a lot of the issue lies in the payment acquirers. Most merchants with sales volumes less than millions per year have significant upcharges on interchange fees by the payment acquirers or partners on their merchant accounts. It's important to note that a payment acquirer essentially acts as a middleman between the card brands and the merchants. They have a lot of control over the actual fees a merchant sees and typically provide the payment terminals or gateways merchants use. I see merchants being charged double the cost (or more) of what their actual interchange fees are extremely regularly. I understand there being some additional fees due to the terminal support and services provided but overall, I'm personally disgusted by the lack of ethics in pricing. I have been with the company for less than a year and plan to get a new job soon. It makes me feel horrible seeing merchants being charged the rates they are and being powerless to affect meaningful change on it at my position. I won't name the company I work for but my main advice for small businesses is to use something like Square instead of traditional payment terminals, if at all possible. You will save thousands of dollars. Sorry for the rant but figured I'd add my first-hand experience since you all discussed the topic lol

Zach

They mentioned it on a past post! Just to keep engagement up outside of patreon, helps YouTube numbers and stuff so patron viewers still count there

still have no idea why these are posted here a week late, here's the current regular episode oinklings: https://www.youtube.com/watch?v=O6CIaynSqJs

glenstan