Thanks Reuters, We Too think Visa’s IPO is in Question

January 25, 2008

Welcome to our growing number of daily readers around the globe. 

While our company’s blog site [Tales from the World of Photo Scanning] enjoys readership around the country, WayooHigh.com with its nearly three-years of news and commentary updates on Visa, MasterCard and its member banks’ schemes is read internationally.

Today’s Reuters story on Visa’s IPO follows our WayTooHigh.com posting after the European market crash earlier this week.  We too think the Visa IPO may be in question. 

Following the presentation to the International Consumer Electronics Show on Jan 8th, next week in Las Vegas, for the International Photo Marketing Association, we again will be addressing a major industry. This time, talking on topics about innovation and public relations.  We will again look forward to hearing more stories from people also impacted by the credit card cartel’s market power as they too are forced to fund the banks’ other fiscal misadventures. 

The photo industry intemiately understands how technology and innovations has helped to lower costs and boost savings, while the credit card associations still maintain nearly 100 separate fees which should, effectively cost just pennies per transaction, but instead grab a share of each total charge for most credit card transactions.


“Visa IPO Hit by Unexpected Snag–Recession Fears” (Reuters)

January 25, 2008

Click here to read Reuters article.


“EU Payments Scheme Gets Boost” (Guardian)

January 25, 2008

Click here to view the article via Reuters.


“Peer Review: Merchants Pay Fees for Sales That Use Plastic” (StarTribune.com)

January 24, 2008

Thanks to the Star Tribune (Jan 24) and their article on debit vs. credit cards.  According to the paper (and we agree), “[y]ou have heard correctly: Merchants pay fees when you use your plastic for purchases. Those charges are called “interchange fees,” although there may be some fees with other names built in as well. The system is fairly complicated, but the fact is that if you spend $100 using plastic when shopping, the merchant likely will see only $98 or $99 of it. Credit-card and debit signature transactions typically cost merchants between 1 percent and 2 percent of the purchase amount in fees, depending on the type of card and the banks involved.”

Click here to view the entire article.


Most Popular Recent (WayTooHigh.com) Credit Card Interchange Report Postings

January 24, 2008
  

 Want to know more about lead plaintiff ScanMyPhotos.com?  Click here and read their daily blog: Tales from the World of Photo Scanning


“BofA Boosts its NASCAR Incentives”

January 24, 2008

Bank of America might not seem worried by the billions from a sub prime mortgage meltdown or its recent quarterly results and instead, we quip, could be using cash reaped from cash cows like its merchant interchange fees to speed forward with marketing projects.  Or, are they just so focused on their huge cash inflow from potentially unloading part of their stake in Visa, Inc?  Either way, spending they are doing.

According to The Charlotte Observer (Jan 23), the bank [which is a defendant in our antitrust price-fixing litigation] is speeding forward and that “[a] sharp drop in profits isn’t keeping Bank of America from pursuing NASCAR fans as new customers.  The Charlotte-based bank on Tuesday announced it was more than doubling the number of drivers featured in race-themed accounts.  The bank also will boost its NASCAR rewards program…”

Click here to view the entire article.