Cardholders Are Not Alone When it comes to Increased Fees
| July 24, 2009 |
Across America, the cries of increased credit card fees can be heard by millions of credit cardholders, and now those same cries are being are being heard by those who accept credit cards as a form of payment. That’s right, retailers are now getting hit with fees that could very well change the way you use your card when you shop. At the moment, the service that is in the forefront of this is known to many shoppers as the “PayWave” contactless payment.
The problem started a few weeks back when Visa dramatically increased the fees they charge retailers when a shopper uses a Visa contactless card. Now retailers are seeing a sharp difference in the amount of money they are able to keep after each purchase. In many cases, retailers have expressed that the fees don’t account for the value that is perceived, and for the most part have not been overly impressed.
Many experts see these changes by credit card branders a sign of the times. Like issuers, Visa may be trying to make up for lost money that they anticipate will happen through new laws and regulations. In the long run, if retailers see these fees continue to rise they are limited to the amount of options they may take. Either they will not use the PayWave as a form of payment or they will be forced to increases prices to offset any losses.
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