Comment by quickthrowman
5 hours ago
Unfair burden?? I think you’re blowing this out of proportion..
Credit card fees are 2-4%. Rounding to the nearest nickel costs at most $0.02 (1,2 round to 0; 3,4 round to 5)
It is cheaper for the merchant to round to the nearest nickel for any transaction of one dollar or more than it is to pay CC merchant fees.
It costs on average 2 cents because without legislative authority to round to closest the retailer must round down and eat up to 4 cents of difference.
Cash costs retailers money too. Safely transporting it to the bank, et cetera. For many, cash is more expensive than credit cards.
> Cash costs retailers money too. Safely transporting it to the bank, et cetera.
Yes, and now they won't have to incur that cost for pennies.
They can reprice items to minimize rounding