Search results
Results From The WOW.Com Content Network
Surcharge (payment systems) A surcharge, also known as checkout fee, is an extra fee charged by a merchant when receiving a payment by cheque, credit card, charge card or debit card (but not cash) which at least covers the cost to the merchant of accepting that means of payment, such as the merchant service fee imposed by a credit card company. [1]
The Act applies to all contracts made in Quebec between a consumer and a merchant, in its capacity of conducting its business. The contract can be either for a product or a service. The main purpose of the act is to level out inequalities in bargaining power between the consumer and the merchant. [1]
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank"). In a credit card or debit card transaction, the card ...
Payment processor. A payment processor is a system that enables financial transactions, commonly employed by a merchant, to handle transactions with customers from various channels such as credit cards and debit cards or bank accounts. They are usually broken down into two types: front-end and back-end. Front-end processors have connections to ...
Thanks to The Kansas City Star for an excellent overview of the credit card swipe fee legislation proposed by Kansas Sen. Roger Marshall. (Dec. 2, 1A, “Marshall wants businesses to pay less for ...
Credit card fraud. A fake automated teller slot used for "skimming". Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. [ 1] The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal.
Introduced in the Senate at the end of July by Senators Dick Durbin (D-IL) and Roger Marshall, M.D. (R-KS), the Credit Card Competition Act of 2022 calls on the Federal Reserve System to prohibit ...
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...