It's true, most people are completely unaware of the fees they're charged. This was a great hearing that unfortunately will be seen by less than .01% of the population. Americans do not pay attention to what is going on around them.
I offer layaway, but what happens if they use that card several times within the six-month period? Layaway is utilized three or four times until it is fully paid. But I go through with it. And it's frustrating.
Its amazing, the merchant leading the charge does less than $250k annually in sales, and pays only $9k annually in fees at his claimed 3.89% cost. Meanwhile as some who works in the indsutry I have clients that pay 50-100k in fees and their rates are in the low 2%. Simply he has a bad processor thats fleecing him.
No since amex is both bank and processor, in theory visa and mastercard only want businesses to accept those two and nothing else, and since 80% of cards are theirs, they control the market.
@@jamesbyrne9312 Absoloutly, over 80% of banks and users cards are issued by visa or mastercard, unless they directly get restricted to operate in certain markets, they will continue to be the industry leader
The BANKS should be the ones in this hearing since they are the ones working with the merchants, not the payment networks. It's the BANKS that are setting the fees that the merchants pay, and they are the ones charging the merchants.
@Adjudicator246 I didn't say that they do, but they are passing the interchange fees onto merchants rather than absorbing them despite being the ones also profiting big time off cardholders paying exorbitant interest rates (it made zero sense why Hawley was even asking about that when Visa and Mastercard have nothing to do with it). They primarily make money off interchange, the annual fees it charges issuing and acquiring banks for the use of the network and its products/data, and the fees for processing and currency conversion on international transactions. Don't talk to me like I'm stupid, I worked for Visa for over a decade, I know the business model. Visa only charges an annual fee to merchants in order for them to be able to accept Visa cards and use/maintain the network. "Merchants do not pay interchange reimbursement fees-merchants negotiate and pay a “merchant discount” to their financial institution that is typically calculated as a percentage per transaction."
@Adjudicator246 "The biggest piece of the fee and rate pie is eaten up by interchange fees, which are collected by credit card issuers. These fees are often presented as some percentage plus an additional fixed amount. Interchange fees vary widely based on a number of factors, including the credt card network (such as Visa or Mastercard), whether the card is a debit or credit card, how the payment is processed and the merchant category code." It's the banks that are passing on the interchange costs to merchants while also collecting all of the money for the interest charged to consumers. V and MA have nothing to do with interest rates so Hawley even grilling them about it made zero sense. V and MA DO NOT ISSUE CARDS. Don't talk to me like I'm stupid, I know the business model. I was in the industry for over a decade.
@supmeng, your arguments lack logic and reasoning. Regardless of the payment mechanism, the banks and merchants profit from the transactions-that’s not the issue. Your working with in Visa is also irrelevant, as is your unsolicited comment about your stupidity. Once again, I urge you to listen. Merchants and banks are compelled to bear the cost of your employment by these unreasonable credit card companies, as well as their profits, at the merchants' own expense. It’s really that straightforward.
The fact that my comments are being deleted tells me there's merit to them that someone doesn't want the public to see. I'm through with this one-sided conversation.
It's true, most people are completely unaware of the fees they're charged. This was a great hearing that unfortunately will be seen by less than .01% of the population. Americans do not pay attention to what is going on around them.
Thank you 🙏. Please stop all monopoly
THANK YOU
I offer layaway, but what happens if they use that card several times within the six-month period? Layaway is utilized three or four times until it is fully paid. But I go through with it. And it's frustrating.
Yeah how about that person returns that item 2 weeks later. Another fee
Its amazing, the merchant leading the charge does less than $250k annually in sales, and pays only $9k annually in fees at his claimed 3.89% cost.
Meanwhile as some who works in the indsutry I have clients that pay 50-100k in fees and their rates are in the low 2%.
Simply he has a bad processor thats fleecing him.
Monopoly! It used to be monopoly was illegal in this country.
I like what durbin said at about 40 mins in
Is Amex effected by the proposals?
No since amex is both bank and processor, in theory visa and mastercard only want businesses to accept those two and nothing else, and since 80% of cards are theirs, they control the market.
@845alx6 do you think visa and mastercard stock can continue to perform if these bills were passed? Thanks for the reply
@@jamesbyrne9312 Absoloutly, over 80% of banks and users cards are issued by visa or mastercard, unless they directly get restricted to operate in certain markets, they will continue to be the industry leader
Linda lying her ass off; she can still get it though...
A bunch of nothing!!! Cap interest rates at 10% but you won’t
Lol the intro is wrong...27 cents?
No... a $10 transaction plus 2.6%, 10x .026= 26 cents plus n 10 cents, 36 cents. Not 27. What an idiot.
The BANKS should be the ones in this hearing since they are the ones working with the merchants, not the payment networks. It's the BANKS that are setting the fees that the merchants pay, and they are the ones charging the merchants.
@supmeng, banks do not set 'swipe' fees. Please try to listen and understand. Claiming the opposite as fact is misinformation.
@Adjudicator246 I didn't say that they do, but they are passing the interchange fees onto merchants rather than absorbing them despite being the ones also profiting big time off cardholders paying exorbitant interest rates (it made zero sense why Hawley was even asking about that when Visa and Mastercard have nothing to do with it). They primarily make money off interchange, the annual fees it charges issuing and acquiring banks for the use of the network and its products/data, and the fees for processing and currency conversion on international transactions. Don't talk to me like I'm stupid, I worked for Visa for over a decade, I know the business model. Visa only charges an annual fee to merchants in order for them to be able to accept Visa cards and use/maintain the network.
"Merchants do not pay interchange reimbursement fees-merchants negotiate and pay a “merchant discount” to their financial institution that is typically calculated as a percentage per transaction."
@Adjudicator246 "The biggest piece of the fee and rate pie is eaten up by interchange fees, which are collected by credit card issuers. These fees are often presented as some percentage plus an additional fixed amount. Interchange fees vary widely based on a number of factors, including the credt card network (such as Visa or Mastercard), whether the card is a debit or credit card, how the payment is processed and the merchant category code."
It's the banks that are passing on the interchange costs to merchants while also collecting all of the money for the interest charged to consumers. V and MA have nothing to do with interest rates so Hawley even grilling them about it made zero sense. V and MA DO NOT ISSUE CARDS. Don't talk to me like I'm stupid, I know the business model. I was in the industry for over a decade.
@supmeng, your arguments lack logic and reasoning. Regardless of the payment mechanism, the
banks and merchants profit from the transactions-that’s not the issue. Your working with in Visa is also irrelevant, as is your unsolicited comment about your stupidity.
Once again, I urge you to listen. Merchants and banks are compelled to bear the cost of your employment by these unreasonable credit card companies, as well as their profits, at the merchants' own expense. It’s really that straightforward.
The fact that my comments are being deleted tells me there's merit to them that someone doesn't want the public to see. I'm through with this one-sided conversation.