New ask Hacker News story: Ask HN: Where can I learn about card processing fees?
Ask HN: Where can I learn about card processing fees?
2 by openbydesign | 0 comments on Hacker News.
Is there a comprehensive guide or course to understand the costs/mechanisms involved in card processing? My specific focus is on finding out about Foreign Transaction Processing fees - fees levied by bank when I use my card on a website which processed my card outside of my country (AU) but still takes AUD only as payment. --- Context: I bought airline tickets recently and used Paypal as the card processor. My bank charged me hefty foreign transaction fees for it because as per the bank Paypal processed the card outside of AU. They are not interested in taking a complaint and keep hanging up me claiming I agreed to the Cards T&C's which puts a 3% fee on such transactions, and bank cant help because it costs fees and so they must pass it on to me. The airlines denies they have anything to do with this as they only quotes and priced in AUD, had no one else complained about it, and directed me to PayPal. PayPal claims they processed it as they did before with my account. They are right as I never had such fees levied before when using PayPal + the same card. I am planning to reaching out to ACCC [1] and AFCA [2] about this and want to make sure I read and understand this space as much as I can before that to ensure I am well advised and not waste anyone's time. I could not find any material about it and if any are just marketing fluff by remittance services selling their products to avoid such fees. If you working in the Payment space or have any experience, can you please help. [1] https://ift.tt/ptXYRHS [2] https://ift.tt/8Y6GthL
2 by openbydesign | 0 comments on Hacker News.
Is there a comprehensive guide or course to understand the costs/mechanisms involved in card processing? My specific focus is on finding out about Foreign Transaction Processing fees - fees levied by bank when I use my card on a website which processed my card outside of my country (AU) but still takes AUD only as payment. --- Context: I bought airline tickets recently and used Paypal as the card processor. My bank charged me hefty foreign transaction fees for it because as per the bank Paypal processed the card outside of AU. They are not interested in taking a complaint and keep hanging up me claiming I agreed to the Cards T&C's which puts a 3% fee on such transactions, and bank cant help because it costs fees and so they must pass it on to me. The airlines denies they have anything to do with this as they only quotes and priced in AUD, had no one else complained about it, and directed me to PayPal. PayPal claims they processed it as they did before with my account. They are right as I never had such fees levied before when using PayPal + the same card. I am planning to reaching out to ACCC [1] and AFCA [2] about this and want to make sure I read and understand this space as much as I can before that to ensure I am well advised and not waste anyone's time. I could not find any material about it and if any are just marketing fluff by remittance services selling their products to avoid such fees. If you working in the Payment space or have any experience, can you please help. [1] https://ift.tt/ptXYRHS [2] https://ift.tt/8Y6GthL
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