07-13-2012, 06:35 PM
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Confirmed User
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Join Date: Oct 2004
Location: In a refrigerator box by the tracks.
Posts: 4,790
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Interesting Read: NACS Rejects Proposed Antitrust Settlement With Visa and MasterCard
Interesting read.
Quote:
ALEXANDRIA, Va. ? The proposed settlement of longstanding antitrust litigation between merchants and the credit card industry was rejected by NACS, a class plaintiff in the lawsuit.
Because the proposed settlement does not introduce competition and transparency into the broken credit card swipe fee market, the NACS Board of Directors, comprised of more than two dozen merchants, unanimously rejected the proposed settlement agreement.
"Not only does the proposed settlement fail to introduce competition and transparency into a clearly broken market, it actually provides Visa and MasterCard with the tools to continue to shield swipe fees from market forces," said NACS Chairman Tom Robinson, president of Santa Clara, Calif.-based Robinson Oil Corp. "This proposed settlement allows the card companies to continue to dictate the prices banks charge and the rules that constrain the market including for emerging payment methods, particularly mobile payments. Consumers and merchants ultimately will pay more as a result of this agreement ? without any relief in sight."
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Link to Article. |
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