Copperhead
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This has been a HOT topic on another thread so lets hope that this Settlement will bring about some relief in our merchant fees in the future... Here are some important excerpts from the article:
"Visa, MasterCard and the nation's biggest banks have agreed to pay $7.3 billion to millions of merchants to end a seven-year dispute over credit card “swipe” fees. The settlement includes at least $6.05 billion in payments to some 7 million merchants...."
" "Over time, the reforms induced by this case and in this settlement should help reduce card-acceptance costs to merchants, which in turn will result in lower prices for all consumers," said K. Craig Wildfang, a partner at Robins, Kaplan, Miller & Ciresi, and co-lead counsel for the plaintiffs."
"The settlement agreement also would give merchants new rights to impose a surcharge on credit transactions, ..... “Really it’s a discount that the merchants are now allowed to offer for the less expensive form of payments,” he [attorney Martin Lueck] said. He also said merchants would for the first time be allowed to disclose how much it costs them to accept credit cards."
And in another article I read on the same topic, it provided this bit of information:
According to the National Retail Federation, the nation's largest retail group, swipe fees costs for stores total about $30 billion per year.
I believe this is more for RETAIL stores but I do think this sends a message that CC companies need to rethink how they are gouging merchants. Lets hope the hear the message LOUD and clear!
"Visa, MasterCard and the nation's biggest banks have agreed to pay $7.3 billion to millions of merchants to end a seven-year dispute over credit card “swipe” fees. The settlement includes at least $6.05 billion in payments to some 7 million merchants...."
" "Over time, the reforms induced by this case and in this settlement should help reduce card-acceptance costs to merchants, which in turn will result in lower prices for all consumers," said K. Craig Wildfang, a partner at Robins, Kaplan, Miller & Ciresi, and co-lead counsel for the plaintiffs."
"The settlement agreement also would give merchants new rights to impose a surcharge on credit transactions, ..... “Really it’s a discount that the merchants are now allowed to offer for the less expensive form of payments,” he [attorney Martin Lueck] said. He also said merchants would for the first time be allowed to disclose how much it costs them to accept credit cards."
And in another article I read on the same topic, it provided this bit of information:
According to the National Retail Federation, the nation's largest retail group, swipe fees costs for stores total about $30 billion per year.
I believe this is more for RETAIL stores but I do think this sends a message that CC companies need to rethink how they are gouging merchants. Lets hope the hear the message LOUD and clear!