HomeIndustriesVisa Enforces Protection Against Excessive Customer Charges

Visa Enforces Protection Against Excessive Customer Charges

Visa has begun enforcing changes to how it deals with merchants that charge its credit card users extra fees when using a Visa card at their establishments. The company decided to lower the maximum amount that retailers are able to charge customers that use Visa cards while also sending in-person auditors to stores in order to ensure compliance.

The world’s largest payment network decided to take action after a growing number of small businesses began charging higher surcharges to customers as a way of recovering from the high fees they pay to banks and credit card companies. Visa took note of this trend, with Chief Executive Officer Ryan McInerney suggesting that the company took action in order to protect consumers.

“We’re just making sure that when consumers do get surcharged, it’s something that’s fair and equitable,” McInerney claimed. “We don’t feel great that consumers get surcharged. But, of course, in certain jurisdictions in the US and around the world, merchants have the ability to do that.”

Customer surcharges have become commonplace at small businesses across the United States, with around 23% of small businesses admitting to charging a surcharge to customers, a survey by Strawhecker Group found.

Home Sales Plummeted in August According to Pending Data

Pending home sales for August were down 7.1% from the previous month, data from the National Association of Realtors revealed. This far outpaces the...

Stocks Fall After the Release of GDP Data

U.S. stocks declined on Thursday as investors digested the latest round of GDP data. Estimates on Thursday showed that the U.S. economy's GDP for...

Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk

Hyundai and Kia are in the process of recalling over 3.4 million vehicles in the United States due to a fire risk. Both automakers...