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"The reforms achieved by this case and in this settlement will help shift the competitive balance from one formerly dominated by the banks which controlled the card networks to the side of merchants and consumers," said Craig Wildfang, lead Robins, Kaplan lawyer in the case for the merchants.
"Over time, the reforms induced by this case and in this settlement should help reduce card-acceptance costs to merchants, which in turn, will result in lower prices for all consumers."
But in a reaction, American Bankers Association president Frank Keating blasted the idea that consumers will benefit from the deal.
"Let's be clear - retailers, not consumers, benefit from today's resolution," he said.
"This settlement even provides merchants with the ability to impose 'checkout fees' on customers just for using credit cards." Full story...
Related posts:
"The reforms achieved by this case and in this settlement will help shift the competitive balance from one formerly dominated by the banks which controlled the card networks to the side of merchants and consumers," said Craig Wildfang, lead Robins, Kaplan lawyer in the case for the merchants.
"Over time, the reforms induced by this case and in this settlement should help reduce card-acceptance costs to merchants, which in turn, will result in lower prices for all consumers."
But in a reaction, American Bankers Association president Frank Keating blasted the idea that consumers will benefit from the deal.
"Let's be clear - retailers, not consumers, benefit from today's resolution," he said.
"This settlement even provides merchants with the ability to impose 'checkout fees' on customers just for using credit cards." Full story...
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- War and shopping - the extremism that never speaks its name...
- Culture of credit seducing Swiss youth and pushing them into debt...
- They got bailed out, we got sold out...
- Americans dumping credit cards, returning to good,old cash...
- Indian call centres selling credit card details and medical records...
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