Quote:
Originally posted by Kimmykim
Yep, you are confused, unless your sister is running a store selling some sort of product that falls into the high risk category.
It's not a tax, it's a simple fee they require in order to do business with them in the high risk category... if you don't want to pay it, then don't take Visa is the way they look at it... and given the number of Visa cards in the world, I'd say they have a point.
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Then I wasn't wrong... you mentioned 'high risk', So there is a difference. The fee constitutes 'mandatory insurance'. I just quickly checked with Wells Fargo Online. No mention of the $750 fee.
Not accepting VISA isn't that simple. VISA holds over 45% of the card marketplace. VISA is currently being sued by retailers for 'monopolistic/oligopolistic practises' (forced debit card acceptance).
From what I remember from my college days, VISA, MasterCard, et al. cannot by law - as banking institutions- refuse transactions based on product or service (unless that product or service is illegal).
Oh well. Just dreaming.