Credit card checkout fees go up.

[Frügal]

"Stores in most states could start charging you a fee on Sunday when you buy something with credit cards, as a result of a Visa and Mastercard settlement last summer."

Using a credit card? Watch out for the 'checkout fee' - Jan. 27, 2013

[PrudentSaver]

I don't think this is going to be fun. But have you heard that WalMart is refusing to pass this on to consumers?

[PrudentSaver]

If WalMart is going to absorb the costs - this will be a new trend among stores and companies.

Well, let's put it this way: WalMart can afford it. Like anything else, it's the small companies that will suffer the most. I do applaud WalMart's intentions, however.

You see, WalMart for a very long time has been trying to get into finance. But we have a very tight-knit financial industry. Honestly, I'm sure they FEAR WalMart because WalMart is known to get into industries and simply TAKE THEM OVER.

WalMart is using this move to try to counter what they see as a ridiculous cost of transactions. If the laws in this country were more relaxed, WalMart would just be its own bank and give you ridiculous bonuses to shop there. I'd prefer that.

[Frügal]

Well, let's put it this way: WalMart can afford it. Like anything else, it's the small companies that will suffer the most. I do applaud WalMart's intentions, however.

You see, WalMart for a very long time has been trying to get into finance. But we have a very tight-knit financial industry. Honestly, I'm sure they FEAR WalMart because WalMart is known to get into industries and simply TAKE THEM OVER.

WalMart is using this move to try to counter what they see as a ridiculous cost of transactions. If the laws in this country were more relaxed, WalMart would just be its own bank and give you ridiculous bonuses to shop there. I'd prefer that.

You applaud Wal-Mart's intentions of making more money? Remember; by them absolving this extra fee, they are only ensuring future profit. Target has "vowed" to do the same.

I am worried about the small business owners, especially considering that I may be one in the coming years.

[Frügal]

Um, he didn't even suggest that. He was only stating that they're not losing money in the long run.

Read and check your facts.

Well, WalMart's intensions are not to save the consumer money...

[PrudentSaver]

Well, WalMart's intensions are not to save the consumer money...

That's actually quite wrong. WalMart's intentions are entirely to save the consumer money. The entire WalMart business model is providing goods at the lowest possible price. They do not win on margin. They win on volume.

[~bs]

Well, let's put it this way: WalMart can afford it. Like anything else, it's the small companies that will suffer the most. I do applaud WalMart's intentions, however.

You see, WalMart for a very long time has been trying to get into finance. But we have a very tight-knit financial industry. Honestly, I'm sure they FEAR WalMart because WalMart is known to get into industries and simply TAKE THEM OVER.

WalMart is using this move to try to counter what they see as a ridiculous cost of transactions. If the laws in this country were more relaxed, WalMart would just be its own bank and give you ridiculous bonuses to shop there. I'd prefer that.

Large stores such as walmart can probably negotiate favorable terms with credit card companies in regards to fees. Master/visa probably waived the fees for them as well. Last time I went to walmart, I made over $50 in purchases with my credit card, no signature required.

Small mom and pops are the ones that always pay the highest fees. They will likely counter this by attempting to pass it on to customers or requiring a minimum amount to charge (already happening)

[JoeP]

I use cash whenever possible, so if prices go up because a retailer decided to absorb the fees, I will be just a little irritated. After all, they're benefiting from not having to pay the fee for my transaction.

For big ticket items, I use often cash and have successfully gotten retailers to drop the 3% credit card fee to close the deal. Sometimes, this is after haggling.

[~bs]

I use cash whenever possible, so if prices go up because a retailer decided to absorb the fees, I will be just a little irritated. After all, they're benefiting from not having to pay the fee for my transaction.

For big ticket items, I use often cash and have successfully gotten retailers to drop the 3% credit card fee to close the deal. Sometimes, this is after haggling.

I have as well, usually for small businesses only though.

[Slug]

This will be a non-event. It doesn't affect AMEX at all since lawsuit was against VISA/MC and almost all large retailers operate in states where such charges are banned. Thus, it's unlikely that they would implement charges selectively. Most pride themselves on offering the convenience.

I see some Mom and Pop stores doing it though. They may lose my business or not depending on how bad I need what they have.

[Like2Plan]

If WalMart is going to absorb the costs - this will be a new trend among stores and companies.

my understanding is this is not an increase in fees, it is just that merchants are now allowed to pass along the CC transaction fee (that they have been paying all along) to the customers using CCs (Mastercard and Visa). I'm sure that prices in general already reflects this cost.

[herdjohnson]

The large retailers have been passing this along for a long time. It ends up as an overhead cost, they've budgeted for it, and they've included it in the mark-up. That's why they can "pass" on the service charge.

[marvholly]

Has anyoine actually been charged the new cc checkout fee??

I have not been so charged BUT I have several places that either do NOT take cc at all or have a minimum purchase requierment. Both practices were in place before the change in the law.

[ua_guy]

That's actually quite wrong. WalMart's intentions are entirely to save the consumer money. The entire WalMart business model is providing goods at the lowest possible price. They do not win on margin. They win on volume.

That assumption is a bit erroneous. Their only goal is to make as much money as possible. Period. If they absorb cc tx fees, they'll make it up somewhere else. By doing so, they're strong-arming and criminalizing other retailers into doing the same thing, since the general public is SO stupid to believe that Walmart is doing them a favor and places like Target, Costco, Home Depot, etc are *so evil* for passing that fee along.

Business is war, and, if you don't believe it, you're along for quite a ride.

[Texas Saver]

It's illegal to do so in Texas and a few other states. We are glad. But, they can always raise prices to cover processing fees.