During a recent airing of Modern Marvels, supermarkets were profiled and provided a history of how technological and marketing advancements helped impact and enhance all our lives. Tim Hammonds, President and CEO of the Food Marketing Institute was prominently featured in the segment and he described many of the changes.
What was notably not discussed is what happens when consumers wheel their carts to the check out line. Consumers are forced to pay supracompetitive, uncontrollable and hidden interchange fees. Even as Visa® and MasterCard® are posting the myriad of rates on its websites, we challenge merchants to identify what their customers' are paying. Rocket science seems easier to understand. What is easier to understand is how cartels operate.
According to a recent FMI report, the Washington D.C.-based trade group explained that credit and debit card fees account for the 2nd greatest impact after energy costs on their members' businesses.
[Source: WayTooHigh.com via Modern Marvel]
