Friday, November 04, 2005

"Green Friday" for Consumers, "Blue" Friday for Merchants

The goal of GREEN FRIDAY is to draw attention to the $25-billion annual hidden tax that consumers pay to the banks -- they own Visa and MasterCard.

Ecommerce businesses are excluded from GREEN FRIDAY because they are already forced to accept credit cards. We should know. Our national online boutique photo service, also must pay whatever rates the banks dream up in order to accept MasterCard and Visa charge cards.

Whatever color the busiest shopping day of the year turns out be, one thing is certain. November 25th will be another "blue" day for merchants who again will be forced to submit to the banks' illegal price-fixing schemes.

An objective of is to draw attention to the fact that businesses in most other industrialized nations pay a tiny fraction of the interchange fees charged in the U.S. If you remember the old credit card imprinters and carbon paper receipts, then you understand why the interchange fee was established. It was cost-based to cover the charges for transacting business. But today, it's all electronic, faster, smaller and less costly, yet the banks charge more?