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That article is about businesses charging excessive surcharges to customers (e.g. Jetstar back in the day charging 5% extra for Visa/MasterCard, when it only co
by AussieWog93 4y ago
That article is about businesses charging excessive surcharges to customers (e.g. Jetstar back in the day charging 5% extra for Visa/MasterCard, when it only cost them 0.7%).
There are no laws against high processing fees; Afterpay takes around 8% for example.
- closewith 4y agoThere is in the EU, at least: > Specifically, the regulation: > * caps interchange fees at 0.2% of the transaction value for consumer debit cards and at 0.3% for consumer credit cards; From https://eur-lex.europa.eu/EN/legal-content/summary/fees-for-card-based-payments.html https://eur-lex.europa.eu/EN/legal-content/summary/fees-for-... No cap on corporate cards, though.
- DanHulton 4y agoThat, too, could be solved with 1 piece of legislation.
- shakna 4y agoThere are, and both Visa [0] and MasterCard [1] have both recently been in trouble for it. Instead of it being a specific maximum, however, it must be "reasonable" and allow for competition. The network also chooses the cheapest routing, by default. [0] https://www.accc.gov.au/media-release/visa-undertakes-to-address-competition-concerns-over-debit-card-payments https://www.accc.gov.au/media-release/visa-undertakes-to-add... [1] https://www.accc.gov.au/media-release/mastercard-in-court-for-alleged-misuse-of-market-power-over-card-payments https://www.accc.gov.au/media-release/mastercard-in-court-fo...