Will Credit Card Settlement Bring Fee Relief to Merchants?

October 25, 2010  |  

(New York Times) — Last summer, the Senate, while debating what eventually became the Dodd-Frank Wall Street Reform and Consumer Protection Act, took a stab at reining in fees for debit and credit cards. The amendment, proposed by Illinois Democratic Senator package Durbin, would have ended the card networks’ practice of preventing merchants from using incentives to steer customers toward other credit cards and credit card brands. When the bill reached the president’s desk, however, that provision had been replaced by one that allows merchants to offer discounts only for certain forms of payment.

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