[2016-05-13] Visa and MasterCard Secretly Increase Processing Fees

[jdebunt]

It does not matter how consumers use their payment cards, though, as all types of debit transactions are subject to higher fees. Close to two-thirds of all payment terminals at smaller retailers are not set up correctly, as the installed software favours Visa and Mastercard debit-payment networks over competitors. For the merchant, this means the most expensive networks are available to consumers, rather than the cheaper options.

https://news.bitcoin.com/visa-mastercard-increase-fees/

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[Kprawn]

The blatant arrogance of these companies to increase their cost, in the face of disruption ...is actually mind boggling. It just shows you how much power these people have. Bitcoin will follow this

same route, once third party service providers in the Bitcoin scene have built up a big enough user base. These companies needs something like Bitcoin to break through their hold they have on

clients and for them to get real competition. If not Bitcoin, something else...   

[1Referee]

The blatant arrogance of these companies to increase their cost, in the face of disruption ...is actually mind boggling. It just shows you how much power these people have. Bitcoin will follow this

same route, once third party service providers in the Bitcoin scene have built up a big enough user base. These companies needs something like Bitcoin to break through their hold they have on

clients and for them to get real competition. If not Bitcoin, something else...   

These companies haven't been doing anything other than increasing their fee income throughout the years. What gets me the most is that a lot people using Visa and Mastercard don't even bother to complain or start showing their frustration by leaving these major companies and start jumping into Bitcoin.

[Evildrum]

Close to two-thirds of all payment terminals at smaller retailers are not set up correctly, as the installed software favours Visa and Mastercard debit-payment networks over competitors.

This is totally not what I have read in the news papers and on the news,they made it seem like all these merchants had the setup already established.
Merchants will be forced to pass on the cost to the customers,I recall a Asian corner store around my way that used to tell people that they had to purchase over
$5 to use debit,which was wrong but they where trying to cut fees.

But these issues go well beyond SME’s alone, as Wal-Mart is affected by this change as well. The retail giant filed a complaint in New York state court on May 10th.

I do find a little irony in this.

[eyeknock]

nothing new, they did it time to time and they will continue doing it for sure, this can be applied to anything related to banks, fiat transfer money etc etc, they increased fees and nothing happen, people will continue using it...

lets hope that people start to understand it and react.