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Could you verify that it is indeed a law? I keep on hearing different reports about this: some say that it is a law, some say that it is not a law, just a claus
by YuriNiyazov 14y ago
Could you verify that it is indeed a law? I keep on hearing different reports about this: some say that it is a law, some say that it is not a law, just a clause in the contract that the merchant and the CC network agree to.
- djloche 14y agoMastercard & Visa v (Merchants) recently settled an antitrust lawsuit regarding this practice. >http://www.bloomberg.com/news/2012-07-13/visa-mastercard-settle-merchants-antitrust-swipe-fee-suit.html http://www.bloomberg.com/news/2012-07-13/visa-mastercard-set... >The agreement, which provides for a temporary reduction in rates for merchants and allows them to impose surcharges on customer purchases, follows a seven-year legal battle with U.S. retailers that accused the two largest payment networks of conspiring with banks to fix swipe fees, or interchange.
- deleted 14y ago[deleted]
- brigade 14y agoIn the US, there was never such a law. It was a term of credit cards' merchant agreement that merchants couldn't charge extra for credit card use. However, the recent Dodd-Frank Act limits that - merchants can give a discount for using cash and allows them to set a minimum amount for credit cards up to $10.