Reviews Are in on Fed’s Final Debit Rule: Thumbs Down from Both Retailers And Banks #SwipeFees


“I’m disappointed but I understand how wealthy the banking lobby is and how connected they are with the Fed,” Mitch Goldstone, president and chief executive of Irvine, Calif.-based ScanMyPhotos.com, tells Digital Transactions News.

Goldstone, however, still calls the final rule “a great first step” and says merchants will get a shot at a bigger target in September 2012, when their proposed antitrust class-action challenging credit card interchange goes to trial. ScanMyPhotos is a plaintiff in that suit pending in U.S. District Court in Brooklyn, N.Y. “The big number is credit cards,” he says.

via. Digital Transactions Magazine – http://www.digitaltransactions.net/news/story/3108

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