At the end of October, the congress passed the new law on payment methods, which will enter into force in January and which, among other things, established that businesses could pass on to their customers part of the commissions they had to bear when they pay with credit cards. credit.
The truth is that I know that it is a law that the consumer catches back, and it is simple.
Nobody likes to be charged for something that for a long time has seemed free.
When I comment the play with acquaintances I always say the same thing, there is a very easy solution, to take cash. The fact is that you have to make a small analysis of what are the advantages for the consumer when paying by credit card with respect to payment in cash and the same for businesses.
The consumer essentially has the following advantages:
- Saving time not having to go get money.
- Greater availability : if you enter a store and want to buy something, you will be able to do it immediately, and you will be able to pay 24x7x365.
- Possibility of having more money than there is in the checking account . Indeed, the credit cards work like this, until the end of the month they don’t charge you the receipt.
- Reduction of the risk involved in going with the portfolio overflowing with money, risk of losing it, of suffering a robbery, etc.
It seems that the consumer benefits a lot from the fact that they have credit cards, so it makes sense to assume a part of their cost.
On the other hand there is the trade that also receives some advantages:
- Reduction of the risk of theft by employees themselves or by strangers (who is interested in a card receipt?).
- Time savings going to and from the bank to make income with the risks involved, as well as time savings associated with the availability of exchange.
- Facilitate payment to customers , even those who do not have sufficient balance in their accounts (associated with the third point of consumer benefits).
In return, to date, businesses must assume the total cost of this means of payment .
In my modest opinion, it should never have been regulated that the price could not be different with or without credit cards . Looking ahead, I am sure that as this market evolves part of the cost of the transaction will be passed from trade to consumer . However, what worries me most is how it is going to indicate what part of the cost is going to be charged to the consumer since it gives me that it will play a lot, even more thinking that Latin countries are the kingdom of picaresque.