The missing "catalyst"
"This is only going to accelerate the mass usage of cryptocurrency or digital currency. … I think this is the catalyst everyone's been looking for," said Chris Ligan, vice president of acquisitions for Auric, a credit card processing company. "JPMorgan Chase made their big announcement, and that had barely any effects. This, this is huge." Added Ligan: "Particularly with Facebook's marketing announcements. … You see a lot of speculators getting back in the market."
How Do You Get an Invite for an Exclusive Credit Card?
Details are few because issuers are tight-lipped about these cards. Anecdotal data shows you might need millions in private banking assets or the means to charge six figures each year.
"You've got to spend more than what (the vast majority) of Americans earn in a year to qualify," says Chris Ligan, vice president of acquisitions at Auric, a credit card processing company. US News & World Report
You might need more than deep pockets, too. You may need to be a royal family member or have celebrity status.Read More
Kroger is responding to the growing popularity of premium cards, which come with higher swipe fees for merchants, Chief Financial Officer Mike Schlotman said in an interview. Banks including JPMorgan Chase & Co., American Express Co. and Citigroup Inc. have been offering ever increasing rewards on their high-end credit cards as a way to entice affluent customers.
“Premium-rewards cards carry significantly higher fees, and they entice the customer to use those,” Schlotman said. “When you’re in a business that has a margin of 2 percent or less, a 1 percent higher fee has a meaningful effect to the bottom line.”Read More
(Reuters) - Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions from this April, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Recently, the two companies along with several U.S. banks, had to pay over $6 billion to settle a lawsuit brought by merchants who accused the credit card companies of violating federal antitrust laws by forcing merchants to pay swipe fees and prohibiting them from directing consumers toward other methods of payment.Read More
Repeal Day! New York is one more state that builds upon cash discount programs by repealing an outdated law that prevents merchants from applying a surcharge to credit card transactions.Read More
For hemp growers and CBD-product manufacturers the big news is hemp will no longer be equated under drug laws with its psychotropic cousin, marijuana. Under the new laws, hemp would be managed by Department of Agriculture as a crop rather than by the Justice Department as an illegal substance.Read More
The retailers are trying to end the card networks’ “honor all cards” rule, which requires merchants that accept Visa- or Mastercard-branded credit cards to take all of them. If merchants could pick and choose among Visa or Mastercard credit cards, those with the highest merchant fees—and most generous rewards—likely would be on the chopping block. Some 92% of all U.S. credit-card purchase volume is currently charged on rewards credit cards, up from 86% in 2013 and 67% in 2008, according to estimates from Mercator Advisory Group Inc., a payments research and consulting firm.Read More
REUTERS : “Visa Inc, Mastercard Inc, and a number of U.S. banks on Tuesday agreed to pay $6.2 billion to settle a long-running lawsuit brought by merchants over the fees they pay when they accept card payments.”Read More
US Payments: In the US, P2P and retail payments combined will still be less than a quarter of the size of the B2B payments market by 2023 ($6.3 trillion vs. $27.3 trillion).Read More
Auric's flat-dollar strategy of cash discount pricing supported by smart terminal hardware is made possible due to advancements in merchant processing solutions by Total Systems Services (NYSE: TSS).Read More
SMALL BUSINESS WIN! SUPREME COURT SAYS BANNING SURCHARGE UNCONSTITUTIONAL
Business owners of the Golden State's $2.3 trillion economy can finally be relieved of rising credit card fees using Rate Lock Zero by Auric. Although government, utilities, and gas stations have been imposing surcharges on cardholders for years, independent business owners can finally do so without worrying about the ambiguity of its legality.