Stores might start charging fees every time customers pay with credit cards, according to the Wall Street Journal.
Visa and Mastercard don't allow merchants to have such surcharges as part of the rules retailers have to follow in order to accept their credit cards, according to the article. The ban is expected to be altered or done away with due to a potential settlement of longstanding lawsuits merchants have filed against credit card networks and banks that issue their cards.
For years, retailers have tried to obtain the right to charge extra to customers who pay with credit cards, according to the article. Retailers say such a right would help cover costs for credit and debit cards. Merchants currently pay transaction fees every time a credit or debit card is swiped.
"Merchants prefer complete flexibility, and in their eyes relaxing some of these rules like surcharging (is) something that will be permanent," Glenn Fodor, a Morgan Stanley analyst, told the Wall Street Journal.
Companies such as Kroger Co., Payless ShoeSource and Safeway Inc. have filed lawsuits against the credit card companies saying the card companies engage in anticompetitive behavior with the fees, according to the article.
- BYU grad strikes gold teaching via online...
- San Diego Comic-Con tells Salt Lake...
- Healing souls, healing a mountain
- Dave Ramsey says: Don't leave an estate with...
- Plan to simplify 2015 health renewals may...
- Does getting married really increase wealth...
- Fast food workers vow civil disobedience
- Balancing act: Survey says lack of balance,...
- Renewable energy advocates decry... 19
- Fast food workers vow civil disobedience 13
- San Diego Comic-Con tells Salt Lake... 11
- BYU grad strikes gold teaching via... 10
- Dave Ramsey says: Don't leave an estate... 9
- Does getting married really increase... 8
- Balancing act: Survey says lack of... 4
- 3 ways you can save money on movie... 3