26 Jan '13, 9pm

Merchants Will Be Able to Pass on Credit Card Fees Starting Sunday #bitcoin

Merchants Will Be Able to Pass on Credit Card Fees Starting Sunday #bitcoin

Under the terms of a $7.2 billion class action settlement that a US federal judge approved in November, starting this Sunday, merchants will gain the legal right to charge credit card-paying customers extra to make up for their processing fees. Currently, every time a customer makes a payment with a credit card, merchants are charged about $0.25 + 2.9% for the transaction, and for many years, major credit card companies have included a term in their merchant agreements forbidding merchants from using surcharges or discounts to encourage their customers to pay with cash instead. The result has been what antitrust theorists would call a market failure: credit card companies encourage their customers to use credit cards through appeals to convenience, a consumer-biased chargeback system, and, in many cases, credit card companies bribe users directly with a 1% rebate on all pu...

Full article: http://bitcoinmagazine.com/merchants-will-be-able-to-pass...

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