Comment Re: Holup (Score 1) 132
Credit card processing fees are high in the US, typically 2.5% . Merchants prefer to use less costly payment methods. Unfortunately, for instant payments, there is no standard for electronic payments, just a patchwork of various systems or businesses like Zelle, FedNow, Venmo PayPal. You just never know which merchant or customer has which. Whereas almost everyone has a debit or credit card. I still write a ton of checks for this reason. Not because I like them, but because of the fragmentation of electronic payment methods, and because many businesses prefer them. Obviously, not at checkout lines.
If credit card fees were lower, as they are in the EU, I think checks would likely disappear.
Even in the UK/EU where merchant service fees are capped, once you start ordering in the 10's of thousands of Euro/Pounds... merchants start insisting on non-card payments because that 1% starts hurting at that volume.
Back in the day (early 00's) I ran a shop in Australia and I had to maintain accounts with my suppliers that needed to be paid off monthly. I did this via bank transfer (including a line of credit I could use for bank transfers). My card fees for sales would sometimes dwarf my staffing costs and this was 20+ years ago when a lot of people still used cash exclusively even when paying a few hundred bucks.