Foes of swipe-fee deal look to Congress

  • Article by: JENNIFER BJORHUS , Star Tribune
  • Updated: September 20, 2012 - 11:09 PM

Retailers' groups said a settlement proposal doesn't fix problems.

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  • 1 - 7 of 7
justaxnspendSep. 20, 12 8:00 PM

I stopped taking credit and debt cards 12 months ago. Cash or business checks only, no problems!

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coldrestartSep. 21, 12 7:57 AM

@justaxnspend: I don't know what business you're in, but by refusing credit card payments, you demonstrate that you're more interested in making money than offering your customers convenience. Unless you're the only show in town, that likely means you're going to lose customers. Given the choice between a business that accepted credit cards and one that didn't, I would patronize the one that accepted them simply because they show that they're willing to absorb credit card fees for the convenience of their customers.

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mydh12Sep. 21, 1210:29 AM

A merchant always has the option of charging more for people who choose to use credit cards. It's his choice of whether or not to accept credit cards and whether or not to charge the same as cash. We live in a free country, with a free market (at least for now). Let people choose.

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rnvhillSep. 21, 1210:44 AM

The best solution for the consumer is to make the charges a line item for the consumer on the bill of sale. Now I can choose convenience with a fee or not. The store is still incented to negotiate lower fees to out compete competing stores in the line item, alternate credit processing firms still can exist and compete - and best of all I can choose to get cash to pay and keep the difference for whatever - even 1% of everything you shop for as cash back - it would add up fast for those willing to make the effort.

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boris123Sep. 21, 12 1:45 PM

Pay cash or pay for the convenience of credit. If someone really thinks the merchant absorbs the fee rather than passing it on then that person is also looking to buy the Brooklyn Bridge. Econ 101 - the consumer eventually pays all the cost of goods and services plus the profit margin or the the merchant goes bankrupt and the consumer loses a source for the goods and services - driving cost up due to fewer choices but same demand.

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twspt7Sep. 21, 12 4:31 PM

"One of the key elements of the proposed settlement is a provision that would bar all merchants -- including those not a party to the lawsuit and those that have not even been established yet -- from ever again suing Visa or MasterCard over swipe fees" This provision alone is reason enough to scuttle the deal. If this one gets implemented, there will be no way to hold Visa and Mastercard accountable in the future.

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swatisedSep. 21, 12 4:47 PM

I still just love it that they are called "Swipe" fees. How honest is that.

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