You're mixing up a credit CARD with a credit TRANSACTION,' what happens with the card in the machine, not the type of card.
It isnt. But when used contactless, its still a credit TRANSACTION on a debit card and the merchant gets charged the credit transaction fee, not the much lower fee that debit cards incur.
Same applys with ApplePay and GooglePay too.
Again, mangled. The extra time involved in dealing with that dime is a trivial part of the total time involved in handling all the other cash. The only real extra marginal time cost is the time to make change with the cash transaction which doesn't have to be done if that transaction had been done electronically instead.
My lab nicked an eater egg full of chockys once and he went a bit mad for the rest of the week, running round the place, but he was OK after that.
Bill
Still don't make any sense. A debit card does not extend credit to me
- it removes money from my bank account.
If you are using "credit" in an accounting context you are half right. It is both a debit and a credit - depending who's account you are talking about, and which account. Buying something increases my assets while decreasing my equity - and increases the store's equity while decreasing their assets. so buying something with a "debit" card debis my asset account and credits my equity account while crediting the store's assets and debiting their equity accounts.
More accurately, as I learned in my "accounting for management" course
40+ years ago at university, a debit is anything in the left column of the ledger, and a credit is anything on the right.A debit increases an asset and reduces a liability.A credit increases income or revenue accounts and decreases expense accounts.
Said in another way a credit increases a liability or equity account and decreases an asset or expense account
Not in the Canadian banking system. No difference between swipe, (magnetic) insert (microchip contact) or "TAP (contactless).
There IS a difference between the charges on a credit card treansaction and a debit card transaction.
From CIBC (one of Canada's Charterd Banks) in the Toronto Star Personal Finance section a while back:
You may not realize that merchants pay for every swipe of clients? cards ? whether they?re using an Interac debit card or a Visa, MasterCard or American Express credit card.
Interac Association is a non-profit company owned by Canada?s financial institutions. It charges about three to five cents per debit transaction and doesn?t calculate fees as a percentage of the sale price. Paying with debit cards or cash is one small way to help small businesses, says the Canadian Federation of Independent Business (CFIB).
Each time you pay with a credit card at a business, the credit card company takes a cut of the transaction, ranging from 1.7 per cent to 3 per cent ? enough to wipe out the entire profit margin of many small stores.
Fees for premium credit cards, such as Visa Infinite and World MasterCard, are even higher. And these fees are completely hidden from merchants until they receive their monthly statements.
Processing fees for a $400 item can be more than 100 times higher with credit cards than debit, and if that item is returned, the merchant has to pay fees on the refund, too,
>
What other cash??? If they don't accept cash there IS no cash.
Fraid so.
Again, you are confusing a credit CARD with a credit transaction. A credit TRANSACTION with a debit card extends no credit, it JUST moves money from your bank account.
A credit TRANSACTION doesn't do that, its just one of the two types of electronic transaction done with cards.
I am in fact completely right.
That's not what the flag in the electronic transaction indicates. ALL it indicates is whether the system used for credit cards is used, or the alternative. The system allows the credit card system to be used by debit cards.
All irrelevant to the electronic system that is used for the TRANSACTION.
All irrelevant to the electronic system that is used for the TRANSACTION.
All irrelevant to the electronic system that is used for the TRANSACTION.
Yes, in the Canadian banking system, because that transaction standard is universal, not specific to individual countrys.
Wrong again with the type of TRANSACTION.
Again, that's the CARD, not the TRANSACTION system used.
In fact they pay a different merchant fee depending on the type of card used.
And that is an entirely different operation to the credit card operators like Visa and Mastercard.
Hardly. Very few have such a small profit margin.
All irrelevant to the fact that when a contactless card is used, the TRANSACTION is done using the credit card electronic system, even with a debit card.
The other cash transactions.
If they don't accept cash, there is no marginal cost for any cash transaction.
We were discussing the MARGINAL cost of an EXTRA cash transaction, not the cost of any cash transactions.
The debit card system is NOT universal. Canada uses the Interac system. I cannot use my Canadian debit card for purchases in USA, and you cannot use yours in Canada. You CAN use it at a bank machine, but not at a retail register
Nope. I've been in business in Canada for 29 years.
Virtually all debit (and credit) cards in Canada are contactless AND Chip & PIN.
ALL Canadian debit card transactions are "fixed fee" while ALL Credit card transactions are charged a percentage (and some also have a fixed fee component)
Only differnt between Credit and DEbit
Yes and No, They work together. I can get an advance on my credit card or a withdrawal from my bank account depending which card I use at an Interac ABM.
In Canada they do. The Canadian banking system is MUCH different, and more advanced, than the US "system"
NOT in Canada.
I believe it was YOU said
"There arent all that many operations that have no cash transactions at all and those that do just don't accept any cash transactions, so the marginal cost is still zero."
My reply was to THAT. IF cash is accepted there IS a "marginal" expense, and it increases with the amount of cash accepted (although not inany kind of a linear relationship)
Yes it is in the sense that all first and second world country have one.
I can my Australian debit cards world wide and in the USA.
Yes I can, all of them.
Wrong. They work fine world wide.
Yep.
I've been in business in Australia for a hell of a lot longer than that.
Irrelevant to how the TRANSACTION is processed electronically with contactless transactions.
Irrelevant to how the TRANSACTION is processed electronically with contactless transactions.
Wrong, again.
Yes, and Yes.
But when used contactless, it's processed by the credit card system.
But when used contactless, it's processed by the credit card system.
Bullshit.
I'm not talking about the US system.
Wrong.
Yes. But that's not what was being discussed with the marginal cost of an extra cash transaction with operations that do accept both cash and electronic transactions.
That's not what marginal means.
Only really with the extra time needed to make change, as I said.
Never said anything about that.
Of course it can. It doesn't work by doppler shift at all. It detects speed by the rate of change of the timing of the return pulse. If a car is stationary it records the speed as zero.
Bill
This just gets down to the relationship banks have with each other. My Bank Of America card worked everywhere in New Zealand that honored WestPak bank there because they were partners. Obviously that was still limited by the card type and the hardware the merchant has. I had to use the chip or mag stripe since my card is not RF and most of the time it processed as a credit transaction unless I used the PIN.
BTW I do have one "tap" card and I just used it today at Costco for a few hundred bucks, tap and go.
Have you used a US debit card as a debit card in Canada????? Not talking about at a ATM.
Yes on the Canadian side of Niagara Falls at the Marriott Hotel. It sailed right through. It never occurred to me that it wouldn't. I also used it at a store west of there because I did not have any colored money. Your comment about debit and credit cards is not exactly right either. I have several debit cards with a Visa or Master Card logo on them and the machine asks me how I want to process that transaction. If I want cash back I say debit, otherwise I do credit.
Bill Wright wrote
That's not how the radar on traffic lights works, it works by doppler shift. It doesn't focus on individual car returns. And can't work out the difference between a car and a building. That's why it uses doppler shift, you likely have noticed that buildings don't actually move very fast.
wrote
No it does not. Most of our debit cards are issued by Visa or Mastercard and that's why they work world wide.
My debit cards work anywhere where any cards are accepted by any retail operation.
Not with our cards.
Ditto. Ours all accept all the card types, mag stripe, chip and pin and all but the real dinosaurs, contactless too. And ApplePay and GooglePay and SamsungPay too. There are a few that cant do Amex on a phone but very few of those now.
As I said.
Ours and the NZ terminals get you to select check or saving or credit on the terminal when you swipe or insert the chipped card, and default to a credit transaction with contactless transactions because there is no way for the card holder to select anything with a contactless transaction.
All of mine are contactless but I hardly ever use them at all now, I do all transactions using ApplePay. I did one transaction with one card a few days ago because I had left the phone in the car and it was easier to get the card out of the wallet and wave it at the machine than go and get the phone out of the car in the carpark.
Buildings don't appear in the camera's view. If the image has changed, it knows there's a car. And presumably it can also remember seeing the movement of the car 20 seconds earlier. If the lights have been red since then, the car is probably still there.
Wrong, as always.
Wrong, as always. They don't image like a video does.
But has no idea if its long gone or stopped there.
Your cards are issued by a bank and Visa or Mastercard clears the transactions, simply as an agent.
You are right. I was thinking ATM sorry
If your card does not have an RF transponder, it will not "tap". Those still have not really caught on here. A lot of terminals do not have the hardware either. Some are just getting around to the chip.
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