chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
It is about time. This burden is put on all products even if we pay cash.
Merchants held captive.
Fed's New Debit-Card Fee Rules Hit Hard; Issuers Howl - WSJ.com
This adjustment has been long over due. The world has shifted to electronic commerce and they have taken advantage of it long enough.
The new restrictions, most of which won't be made final until April 21, aim to cap the amount of money that debit-card issuers can charge merchants for so-called swipe fees. Banks would face a seven-to-12-cent-per-transaction cap on the interchange fees under either of the two proposals unveiled Thursday. That represents as much as an 84% drop from the current average of 44 cents. Analysts had been expecting a drop of up to 60%.
Merchants held captive.
The card companies don't actually collect swipe fees themselves, but the new proposed rules would loosen their control over the process and allow merchants to choose rival payment networks. Some analysts say banks will try to pass on some of their lost revenue by reducing what they pay the credit-card networks.
Fed's New Debit-Card Fee Rules Hit Hard; Issuers Howl - WSJ.com
This adjustment has been long over due. The world has shifted to electronic commerce and they have taken advantage of it long enough.