According to MasterCard’s presentation at the Goldman Sachs US Financial Services Conference on Dec 8, retail sales are showing positive signs – relative to card payment usage. They cited November as the third consecutive month of growth since July, 2008. They attributed the growth to changes in consumer attitudes. Consumers are focusing more on quality […]
The credit card companies have been hard at work coming up with programs to entice consumers to spend more and travel more this holiday season. With the uncertain economy, shoppers are holding on to every penny and looking for the best deal possible. It’s no wonder that the credit card companies and banks have begun […]
Housing Rescue Bill Today’s economy gives new meaning to the phrase what goes around comes around. The new Housing Rescue Bill has turned into the Salem Witch trials for merchants and the payment processing industry. The Housing and Economic Recovery Act of 2008 was intended to help homeowners on the verge of bankruptcy and foreclosure and […]
In 1730, the first advertisement for credit was placed allowing furniture to be purchased over time. Almost 200 years later, Western Union issued a metal plate to their employees instead of a paycheck. Of course this card was only good in company owned stores. It was not until the 1950s that Bank of America issued the first […]
In recent news, Discover Financial Services has been going round and round in a lawsuit with Visa Inc. and MasterCard Inc. Discover claims restrictions were placed by Visa and MasterCard – the world’s two largest card companies – on banks to stifle competition and violate antitrust laws. Visa and MasterCard argue that Discover simply has […]
Interchange Rates There are many third-party processors out there that benefit when the Bank Card Associations, Visa and MasterCard, raise their rates. They look at this as an opportunity to make an additional profit from their merchants. Merchant services providers get to decide how they will pass the various increases and decreases through to the […]
