[UPDATE, original post on April 1st]
Based on the letter sent to Chase Paymentech customers, we were advised that the announced Visa and MasterCard interchange fee “adjustments” would take place on April 1 and be posted on their website. Well, it’s April 1st and Visa still has the old rates listed.
[Editors note, (April 3) We just checked back today and noticed that Visa's new fee schedule is now online, but try to figure out what each individual payment transaction charge is and why is Visa's only five pages when the MasterCard schedule is more than one-hundred?]
At least MasterCard complied and has the new 103 page rate schedule posted, but click here to see if you can guess what the heck is going on.
For us, the best part of MasterCard’s [April Fool's Day] posting was this gem: “… MasterCard has no involvement in acquirer and merchant pricing policies or agreements.” Good stuff, except when you understand that those that did were the thousands of banks, and with representation on MasterCard’s board of directors which owned MasterCard, prior to the IPO and still maintains a nearly 50% investment.
MasterCard U.S. and Interregional Interchange Rate Programs
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