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.7 comments on this story
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.