Monday, November 27, 2006

"Rivalrous Interchange Postings Add Some Clarity" (The Green Sheet)

Excerpt: ...Mitch Goldstone, President of 30 Minute Photos Etc. and co-editor of, said the card Associations "have all their oars in the water now, but the current is too great," referring to the swell of merchant anger over discount fees. Goldstone is a plaintiff in the class-action lawsuit brought by merchants against Visa and MasterCard.

If I, myself, as the lead plaintiff have not a clue what these rates are, ... how are merchants going to figure it out?" Goldstone said. "The disclosure I want to see is the exact [interchange] fee on every credit card receipt."

Goldstone is advocating that bankcard receipts be imprinted with exact interchange fees per transaction by Nov. 24, or "black Friday," as it is known in retail circles for being one of the busiest shopping days of the year. "It would signal an important message to retailers that [the Associations] indeed are concerned about cardholders and retailers," Goldstone said.

[Source: via The Green Sheet]