Visa, MasterCard Agree to $6.2 Bill Settlement for Hiking Fees

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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 the breaking news here.

The original lawsuit was filed in 2013 by millions of merchants who alleged that Visa, MasterCard, and card issuers JPMorgan Chase & Co, Citigroup and Bank of America were engaged in a conspiracy to fix interchange fees, also known as swipe fees. The lawsuit “…accuses 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 payments.” Card companies unfairly interfered with merchants rights to offer the kind of cash-discount programs that Rate Lock Zero is based upon.

Auric wants to make commerce easy for everyone and provide our merchants with a choice they didn’t know was possible. Break away from expensive processing fees and take advantage of new programs that can reduce 80% of your credit card processing costs.

Auric Rate Lock Zero at $99 flat-dollar per month for qualified applicants. To find out more about our flat-dollar solutions, contact one of our New Account Advisors at info@thinkauric.com or 855-679-7300.

AURIC Idea Team