Discussion Is Visa taking 2% out of all my transactions? Today I got an email from Upwork telling me that I now have to pay a 5% fee on top of the payments to freelancers.What cought my eye is that I can reduce that 5% to 3% if I pay via bank account billing instead of credit card.Is that because Visa is charging 2% for every transaction?Isn't that insanely hight? Do they provide anything in return? Or is it just because they have somewhat of a monopoly?Upwork is processing about $1B of payments per year. While still not making any money on it.Meanwhile, Visa is taking $20M out of that? 15 points TekMol 4 years ago 48 comments
What cought my eye is that I can reduce that 5% to 3% if I pay via bank account billing instead of credit card.
Is that because Visa is charging 2% for every transaction?
Isn't that insanely hight? Do they provide anything in return? Or is it just because they have somewhat of a monopoly?
Upwork is processing about $1B of payments per year. While still not making any money on it.
Meanwhile, Visa is taking $20M out of that?