Visa and Mastercard Near Settlement with Merchants That Would Lower Fees |
The deal would cut swipe rates and give small businesses more control over the types of cards they accept.
BY REUTERS
MasterCard and Visa cards. Photo: Getty Images
U.S. payment firms Visa and Mastercard are nearing a settlement with merchants by lowering fees stores pay and giving them more power to reject certain credit cards, the Wall Street Journal reported on Saturday, citing people familiar with matter.
Visa and Mastercard would trim interchange fees, typically 2 percent to 2.5 percent per transaction, by an average of about a tenth of a percentage point over several years, the Journal reported citing sources. The companies would also ease rules that........