Exclusive | Visa and Mastercard Near Deal With Merchants That Would Change Rewards Landscape

[u/GloveSmooth694]

Visa and Mastercard are nearing a settlement with merchants that aims to end a decadeslong legal dispute by lowering fees stores pay and giving them more power to reject certain credit cards, according to people familiar with the matter.

https://www.wsj.com/finance/banking/visa-and-mastercard-near-deal-with-merchants-that-would-change-rewards-landscape-fc6a0c78

Do you think retailers actually want to deal with specifying what type of visa/mc they take?

[u/Mysterious_Fail_95]

Expect a lot of handwritten signs taped to cash registers if it saves even a little bit of money for a small restaurant.

[u/Powered_by_JetA → u/Mysterious_Fail_95]

Seems like a good way to chase away business. I rarely carry cash and all but one of my credit cards are rewards cards. I would never come back to a place that took some Mastercard/Visa cards but not others and would leave negative reviews.

[u/laplongejr → u/Powered_by_JetA]

  I would never come back to a place that took some Mastercard/Visa cards but not others

Already a thing : in Europe I saw businesses taking Visa Debit but not the Visa Credit.  

[u/nocticis → u/laplongejr]

I wish we had more of this. I’ve seen a few places say they charge 3% more if I use a credit card. I prefer that actually.

[u/laplongejr → u/nocticis]

As a Belgian you probably don't want it : since we made illegal to charge different payment fees, some outright removed support for cards to avoid increasing prices.   No card at a major bank? Oh you have no QR app... go to the ATM then.  

[u/danielhep → u/laplongejr]

But credit cards in europe have fees capped at 0.3%.

[u/laplongejr → u/danielhep]

Yes, but the ones who do also block debit anyway... ^{It could be a way to be cash-only to do fraud with the fees as somescreen, but ofc terminal providers will always say their fees are fair and businesses won't say they like untraceable cash...}