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Archives / 2008 / July

  • Google Knol - Shopping Merchant Account Rate Quotes

    July 28, 2008
    Check our post Shopping Merchant Account Rate Quotes on Google Knol for help on how to lower processing costs when accepting credit & debit cards.

    ALL merchants large and small can get an Interchange rate price structure to lower their costs. And many industries have incentive Interchange rates available. Merchants can eliminate monthly minimum fees, batch fees, AVS fees, annual fees, compliance fees, non-qualified surcharge fees, and other hidden fees. Read the fine print to find these charges and avoid 3 year contracts with cancellation penalties. Month-to-Month merchant accounts at Interchange pricing are available.

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  • Regulating Credit Card Interchange

    July 25, 2008
    The Credit Card Fair Fee Act (H.R. 5546) - creating an antitrust exemption for retailers allowing them to collectively negotiate agreements for the Interchange fees assessed on credit card sales - passed out the House Judiciary Committee on a 19 to 16 vote.  

    In a recent survey, consumers showed popular support for the Credit Card Fair Fee Act.   However the Federal Trade Commission stated its belief that this legislation will reduce competition and harm consumers.  The U.S. Department of Justice also presented a case against legalizing collusion among the nation's largest retailers at the expense of consumers.

    If a merchant cartel forces down how much they pay, it only stands to reason that the costs will get shifted to cardholders (for example increasing … more

  • Merchant Survey Reveals Purchase Behavior

    July 07, 2008
    Survey results show merchants least concerned about contract terms

    Merchants have sales people contact them almost every day offering "lower rates" and often switch only to find out they unknowingly signed a long-term contract with an early termination fee. Merchants have shared their experiences and report in the Vantage Card Survey that many do not properly consider the impact of contract terms and cancellation fees in the face of promised savings. Many merchants don't stop to think about cancellation fees before they sign, only after they try to get out of a contract because what was promised was not delivered.

    With over 11,000 merchants polled, contract terms ranked at the bottom with only 16.7% of merchants considering it an important factor when shopping for merchant services. … more

by Ty Hardison

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