[whipoodle]

It's just a slight misunderstanding. Visa (or Amex/Mastercard/other card networks) don't take 3%, but payment processors take a slice which is in that ballpark. To a business, all that really matters is when you accept a credit card payment you kiss a few percentage points goodbye, so it's easy to misconstrue as the card network taking that cut.

[mprev]

If you look at Square or Stripe, for example, the fees are way south of 3%. Sure the banks, processors and gateways take a fee but it's nowhere near a total of 3% these days. That was more my point.

[ForHackernews]

Yeah, I don't know how that fee is divided up between processor/payment network/bank, but it's a fair chunk of change, all told.

[StudentStuff]

The lions share is going back to whoever issued you a credit card. If its say an airline card, that'd be rewards 2 which ranges from 1.65% + $0.10 per transaction all the way up to 2.7% + $0.10. Then you add on network & platform fees (0.1% + $0.06 per transaction) and whatever minuscule profit margin your ISO/MSP can get and your at 1.5% to 2% on average.

Visa Interchange Rates: https://usa.visa.com/dam/VCOM/global/support-legal/documents...

[ForHackernews]

Amex seems to charge between 2.3 and 3.5% [0]. There's no bank in the loop there.

[0] https://www.cardfellow.com/american-express-discount-rate/#P...

[StudentStuff]

Rarely will a business get the 2.3% rate, that is purely a temporary promotion for supermarkets that are new to American Express. Also, Amex acts as the bank, with the same rewards programs and incentives to retain customers.

[bpicolo]

> Visa (or Amex/Mastercard/other card networks) don't take 3%

The banks get it. It's the interchange fee