Tuesday, July 17, 2012
Restaurant Merchant Processing Rates at Risk Under New Rules
Businesses recently sifted through the repercussions of a multibillion-dollar pay out with the major credit card companies, and there was small consensus about how things would work out. The initial deal would empower merchants to offer discounts to clients paying with cash or checks, and to levy fees when they pay with plastic. Stores can also negotiate directly with Visa and MasterCard over the rates they pay for merchant processing.
"This settlement doesn’t solve all problems, and we would call on the card companies to look at this as an opportunity to change their long-term practices and start a new dialogue with their merchant customers,” and Executive said. This is ambiguous news for restaurant merchant processing rates.