Online Credit Card Processing 365 - For as long as credit cards have existed, merchants have had to pay certain fees every time they process a customer's credit card during a transaction.
These fees are called interchange fees, and merchants are tired of paying outrageous rates for them. In 2008 alone, interchange fees amounted to $48 billion.
Currently, Congress is considering three different bills that would regulate the amount banks can charge merchants. The bills were inspired by Barack Obama's signing of a previous law that regulated credit card practices.
The merchants hit the hardest by interchange fees are small businesses that typically have narrow profit margins. They claim that these fees erode their profits so much that they have to charge higher prices.
These fees are called interchange fees, and merchants are tired of paying outrageous rates for them. In 2008 alone, interchange fees amounted to $48 billion.
Currently, Congress is considering three different bills that would regulate the amount banks can charge merchants. The bills were inspired by Barack Obama's signing of a previous law that regulated credit card practices.
The merchants hit the hardest by interchange fees are small businesses that typically have narrow profit margins. They claim that these fees erode their profits so much that they have to charge higher prices.
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