Both the National Grocers Association and the National Association of Convenience Stores say they will oppose the agreement on the basis that the agreement does not address how Interchange is set or the complexity of Interchange fee schedules. Target and Wal-Mart are not plaintiffs in this case, but have criticized the proposed settlement for similar reasons and … more
However, according to analysis of the proposed settlement, the ability to surcharge customers includes numerous restrictions and requirements:
The surcharge amount will be limited by a cap established by Visa and MasterCard and by card type (debit card surcharge allowances to differ from credit card surcharge allowances)
Merchants will be required to notify Visa and MasterCard before surcharging begins.
Merchants post signs notifying customers that they surcharge
Merchants must include the surcharge amount of any fee on receipts
Merchants are not allowing a surcharge on Visa and … more
According to Reuters, it has been announced that Visa and MasterCard along with their card issuing banks have agreed to settle the Payment Card Interchange Fee and Merchant Discount Antitrust Litigation case with U.S. retailers for $7.25 billion. If approved by the judge, it would be the largest antitrust settlement in U.S. history.
According to reports, the settlement will include provision to allow stores to surcharge customers extra in an attempt to steer customers toward less expensive payments (although certain states laws prohibit the practice), will pay stores $6 billion and will lower interchange fees by the equivalent of … more
The PCI SSC Releases its P2PE SAQIn May the PCI Security Standards Council (SSC) published a fact sheet to offer guidance for merchants evaluating technology to accept payments using a smartphone or iPad/tablet. The fact sheet explains how a point-to-point encryption (P2PE) solution can be leveraged to secure mobile payments.
As a next step in its P2PE program, the SSC has released a P2PE Self-Assessment Questionnaire (SAQ). The new, reduced SAQ (SAQ P2PE-HW) is similar to SAQ … more
