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MasterCard to Cap Interchange Fees for Gas Stations, Publish Fee Schedule Online

by Peter Andrew

MasterCard

to Cap Interchange Fees for Gas Stations, Publish Fee Schedule

Online

In response to unhappy merchants who have both sued and lobbied

Congress over fees they pay to credit card companies, MasterCard

announced Wednesday it would begin publishing its interchange

fee schedule on its Web site at mastercardmerchant.com.

In addition, MasterCard announced a cap on interchange charges

for fuel purchases that it said could reduce fees by up to 21%

on some consumer gas purchases.

Interchange

fees are charges that merchants pay to accept credit cards in

their stores. The fees are paid to merchants' banks and companies

such as MasterCard and Visa. Each credit card transaction includes

a charge to the merchant of anywhere from one to three percent

plus a small flat fee.

Last

month, merchant groups testified

to the Senate Judiciary Committee that MasterCard and Visa

were unfairly raising interchange fees, citing the fact that

most merchants must accept credit cards to survive and thus

must swallow whatever fees MasterCard and Visa mandate. MasterCard's

move may have been a preemptive strike to avoid having Congress

stick its nose any further into the situation. Merchants also

have filed lawsuits over the same issues, with several currently

making their way through the court systems.

Published 09/06/06 (Modified 05/07/12)


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