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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 ...
American Express Co. (2018), merchants filed a class action lawsuit against American Express and claimed that charging high fees to merchants is a violation of the Sherman Antitrust Act. [ 110 ] [ 111 ] According to the lawsuit, American Express charges significantly higher fees than other credit card providers.
An acquiring bank (also known simply as an acquirer) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. [ 1] The acquirer allows merchants to accept credit card payments from the card-issuing banks within a card association, such as Visa, MasterCard, Discover, China UnionPay, American Express .
These fees are typically from 1 to 6 percent of each sale but will vary not only from merchant to merchant (large merchants can negotiate lower rates [91]), but also from card to card, with business cards and rewards cards generally costing the merchants more to process. The interchange fee that applies to a particular transaction is also ...
The company cited "unacceptably high" processing fees as the reason. eBay says it will stop accepting American Express as a form of payment starting in August. The company cited "unacceptably high ...
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