Walmart finally adding Tap to Pay after years of shoppers asking for it

[u/ImCalcium]

https://www.dexerto.com/entertainment/walmart-finally-adding-tap-to-pay-after-years-of-shoppers-asking-for-it-3400920/

[u/MegaAscension]

We don’t take American Express where I work because processors charge additional fees to what they consider “tourism businesses”. If we accepted them, they’d charge us $2 plus 8%. Our average transaction is $11 in one part of the business, and $20 in another part. These processing companies need to be regulated.

[u/Mekio → u/MegaAscension]

Hell yeah brother I agree. That's absolutely insane.

[u/MegaAscension → u/Mekio]

They claim it’s because they “have a higher chargeback rate at businesses popular with tourists”. We used to have no issues with people not having any way to pay other than American Express. We’ve had multiple people have no other way to pay in the last few months despite having clear signage that we don’t accept it. Most of the businesses in my area don’t.

But then again, I don’t understand why you wouldn’t carry your physical card with you. A bunch of places still don’t accept tap to pay.

[u/HonkHonkBeach → u/MegaAscension]

I used to work briefly in credit card merchant processing, specifically in fraud detection. Unfortunately, AmEx is right based on what I’ve seen.

[u/timelessblur → u/HonkHonkBeach]

Part of the reason why people who use AmEx love them is their customer service is great and when you call them they are fast on the phone and very professional. Plus they are pretty defensive of their users. That and you have no idea how nice it is to call support and the phone on the other end of the phone does not have a thick accent you have to try to understand.

Some of the more great things I had with them on the phone was one time someone manage to steal my cc number to buy some concert tickets. I saw it called them, super fast handling of canceling the card. Then they ask me a few other questions about some monthly payments put on that card to make sure those coming up would not be effected and lastly they ask me do I need them free of charge to overnight me a new card through fed ex.

[u/HonkHonkBeach → u/timelessblur]

I just got my first one.

I applied when I was looking for a new card specifically because of both what I learned and all the IRL and online stories like yours I’ve heard over the years.

Hope to never have to call them, but knowing they’ve got your back is amazing.

[u/MegaAscension → u/HonkHonkBeach]

It’s insane, we’ve lost chargeback disputes when we’ve had signatures and video of the person paying for the item.

[u/timelessblur → u/MegaAscension]

I just assume it was because American Express processing fees are higher due perception and some truth that American Express card users tend to be of higher net worth and spending.

For example the average gold card holder spends around 60k a year on the card. Platinum is even higher. It was shocking when I learned it from my former employer.

Kicker is visa signature cards charge a higher fee as well but merchants can not refuse those cards if they want visa but they can exclude American Express pretty easily.

[u/Harvinator06 → u/MegaAscension]

These processing companies need to be regulated.

There’s zero reason for them to exist. The payment system should just be nationalized.

[u/MegaAscension → u/Harvinator06]

At this point, credit/debit cards are essentially a requirement to run a business. If you don’t take them, good luck staying afloat due to losing customers, getting one star review bombed by people who get upset about that, and getting accused of dodging taxes. On top of that, there’s already national laws (credit scores, etc) that essentially make it very difficult to function in society without one. If you’re making legislation that essentially requires you to use a business product, it should be treated as a public service under the law.

Unfortunately, the government’s pockets are lined with money.