Cashless society

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Cost of processing card transactions can vary from business to business, it depends on what was negotiated and even then, just like insurance hikes, rates can go up if you don't keep an eye on it.

In "Ye olden days" debit cards were charged a flat 50p or thereabouts + percentage hence why the habit of "Minimum £10 transaction" signs at shops. Credit cards were usually just a percentage so more accurately it should have been "Min. £10 on Debit Cards."

Contactless blew all this out of the water. Banks were very keen - and I mean very keen - to promote them and so the flat fees went out the window along with reducing the percentage rate. Anyone still doing "Min. £10" now is a moron: either they on archaic rates or they don't understand the rates they run on

On top of this there are "anomalies." Rates on American Express and Diners cards are twice or even three times as much as anything else so businesses rarely except those. Refunds cost money! Businesses will pay charges on the original transaction and on the refund. Fraud: this is expected and depending on the type of business you run you may be expected to chip in (much like the compulsory excess on insurance.) Finally defrauding people is obviously criminal but disputes that go as far as charge backs incur hefty fees.

tl;dr it's a minefield!
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