To be fair, banks have always been charging businesses with fees for everything, and handling cash is no difference. But what made a difference are two things: first of all, the merchant didn’t connect directly with VISA, but had a contract with their bank or another payment processor, who originally preferred to charge a fixed “transaction fee” per payment plus a percentage from the total. If you’re paying a 2€ total by card and the payment processor starts collecting the merchant a fixed fee of 20 cents per transaction plus another 4% in interchange fees, he’ll be collecting a whopping 14% of your entire payment. Most shops in the cash-oriented Europe didn’t have that margin and so preferred other options or came up with “minimum purchase value of 10€ for card payments”. Do that’s part of the reason why smaller shops (and in Germany most supermarkets) didn’t accept credit cards at all for a very long time. Then two things changed in EU-Europe: some countries forced card processors to negotiate reasonable rates. Otherwise, stores would have to increase their prices by what the card processors were asking for - and in the interest of consumers and due to a fierce competition between especially supermarkets, this didn’t happen. But negotiations did change that pricing scheme to focus less on card fees from individual transactions, but generate a higher volume of transactions at a reduced rate, which in total still paid off for the card companies. Next was an EU legislation (also mentioned in the video) which capped interchange fees down to 0.2% for debit and 0.3% for credit cards issued to consumers. Just for reference: VISA in the EU does still charge around 2% interchange fees for any business-issued cards, but has reduced rates for petrol stations or supermarkets - to 0.8%ish. Most EU countries did also have their own national debit card systems, who were affected by this - but at a much lesser impact, as they’ve been more competitively priced. Of course, the card networks also cried out that such a legislation to cap their fees would force them out of business or at least out of Europe. A few years later, they noticed that the lower rates made card payments more convenient for retailers and drastically broadened the range of businesses using their services, resulting in a significant increase in volume of transactions and a higher profit in total. Today, most smaller retailers use card processors that just use flat percentage based rates, which are in the same range than the total cost of handling cash. What kind of cash handling fees: pay for change in cash, have some safe deposit in the store, to routinely move excess cash from the store register into (which is interrupting work of the cashier) to avoid being robbed of the total day’s payments, arrange secure transfer to the bank, pay for having the cash sorted and counted. Plus the fact that cashiers may occasionally err in change and often cannot be reimbursed for that, but this introduces another risk. Cash payments often also take slightly more time for the cashier than card payment, and so thus does also add up. And so in total, accepting cash can easily cost a percent or so in total. Which isn’t that far off from a cheap card processing service.

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