Businesses fight credit card companies on a hidden consumer tax
NEW YORK (CNN/Money) –
Merchants are calling into question the more-than-$20 billion in transaction fees a year charged by credit card companies, alleging that the practice amounts to price-fixing, collusion and conspiracy, a newspaper report said Thursday.
Craig Wildfang, lawyer in a recently filed lawsuit against “interchange fees,” told the Wall Street Journal
These fees amount to at least a $20 billion annual tax on merchants and the economy, raising prices for consumers on almost any product they buy,”
What do Visa and MasterCard have to say about all of this?
No big surprise. Visa is spinning things in the opposite direction with this statement-
We believe the merchants in this suit are seeking to shift their normal costs of doing business onto someone else — the consumer
The consumer?
I have the feeling the consumer is going to be left holding the bag no matter what…