Merchants Angry About Interchange Fees
Convenience Store News reports on testimony given at Wednesday's US Senate Judiciary Committee hearing on credit card interchange fees citing the comments of National Association of Convenience Stores Executive Committee member and 2004-2005 Chairman Bill Douglass, CEO of Douglass Distributing Co. According to Douglass, “I want to emphasize that the market by which interchange fees are set is broken and something must be done to fix it. The courts have said that Visa and MasterCard have market power, and I will tell you that the agreements among their member banks to fix and charge the same fees are outrageous.”
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