The truth is retailers will continue to accept all debit cards from all banks. Visa and MasterCard each have the “Honor All Cards Rule.” The rules say if a retailer accepts any Visa debit card, the retailer must accept all debit cards under the Visa name. The same with MasterCard. If the retailer refuses, the card companies can fine the retailer or yank out the retailer’s card privilege. In addition, there is no automated way for a retailer to know at the cash register what fee is charged by a specific card, and it isn’t practical to keep a list of cards or to train thousands of sales associates on which card to accept. Finally, retailers simply aren’t going to turn away a customer with a shopping cart full of merchandise and risk having him or her walk out empty-handed.
Retail’s BIG Blog | Myth or fact? The truth about #swipefees