Retailers tell US Senate that Visa and MasterCard are violating anti-trust rules

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Retailers tell US Senate that Visa and MasterCard are violating anti-trust rules

07-20-2006, 10:09 AM,

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mandy Offline

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Retailers tell US Senate that Visa and MasterCard are violating anti-trust rules

Quote: Visas and MasterCards practices in setting credit and debit card interchange rates violate federal antitrust laws and need to be addressed by Congress, a representative of the Merchant Payments Coalition told the Senate Judiciary Committee today.

Interchange is the percentage of each transaction that Visa and MasterCard banks collect from retailers every time a consumer uses a credit or debit card. The fee varies based on the type of card, merchant size and other factors, but averages about 2% for credit card transactions.

The collective setting of interchange fees represents on-going antitrust violations by the two leading payment card associationsVisa and MasterCard...

full article: http://www.internetretailer.com/dailyNews.asp?id=19279

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