
How does this even work?
I came across an ad claiming you could get instant cash from swiping your credit card, but with some interest involved.
Made me wonder, I’ve noticed shops with solid cash flow and POS machines sometimes push this.
A couple things I’m unclear on:
Is it fully legal and above board?
What’s the upside for the merchant? Just their swipe fees, or does it get booked as normal sales for other reasons?
Beyond the instant cash, why would anyone do it as a customer? You’re covering merchant fees plus bank interest too, right?
Anyone with real-world experience or insights on the mechanics?