Visa and MasterCard announced, Tuesday, March 26, 2024, a settlement with U.S. merchants related to swipe fees, a development that could potentially save consumers tens of billions of dollars.Visa and MasterCard announced, Tuesday, March 26, 2024, a settlement with U.S. merchants related to swipe fees, a development that could potentially save consumers tens of billions of dollars.NEW YORK — Visa and Mastercard announced a major settlement with U.S.
"While this settlement is a step in the right direction and will provide a limited amount of short-term relief to small businesses, it does not solve the long-term anti-competitive rate-setting practices that are the root of this problem," said Jeff Brabant, vice president of federal government relations at the National Federation of Independent Business, a small-business advocacy group.
The settlement stems from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws.as part of the long-running suit filed by a group of 19 merchants. But the lawsuit then had two pieces that needed to be resolved: a dispute over the rules Visa and Mastercard impose to accept their cards, and the merchants who chose not to participate in the settlement.
She said swipe fees have become a particular problem since the pandemic, when the use of cash plummeted. Most people use cards now, which means the roughly 3% swipe fee she pays eats up a lot more revenue than it used to.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: AP - 🏆 728. / 51 Read more »
Source: dallasnews - 🏆 18. / 71 Read more »