Battle Between Merchants and MasterCard, Visa Gets Uglier

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00010567-battle-between-merchants-and-mastercard-v/

Merchants are calling into question the more-than-$20 billion in transaction fees a year charged by credit card companies, alleging that the practice amounts to price-fixing, collusion and conspiracy, a newspaper report said Thursday.

In an expanding credit card fight, more stores are accusing banks of working with Visa and MasterCard to illegally fix prices, the Wall Street Journal said, adding that some stores have already won large, undisclosed settlements.

“These fees amount to at least a $20 billion annual tax on merchants and the economy, raising prices for consumers on almost any product they buy,” Craig Wildfang, a lawyer in a recently filed lawsuit against “interchange fees,” told the Journal.

For this complete story, please visit Businesses to Visa: “No more fees”.

Battle Between Merchants and MasterCard, Visa Gets Uglier

Unknown Author

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