Retailers Win $3 Billion Against Visa / Mastercard In Lawsuit Settlement
 

Ouch! Some law firms hit the jackpot today.

Visa and Mastercard agreed to settle out of court for $3 Billion.

http://story.news.yahoo.com/news?tmp...ebit_card_suit

I wonder who they're gonna squeeze to get some of those $$ back.
Keep an eyeout for the chargeback fines going up! hehe

thats pocket change for them

True, but it adds up, how much did they hit IBILL for recently.

I talked about this with a local McDonals employee once, he said that if I bought a $1 cheeseburger and payed with Visa, McD would have to pay almost the same amount to the card company. I haven't been able to validate this, does anyone here know??

I hope what is addressed next is the chargeback and fraud issues. As it stands right now, the card associations pass all online transactions that are chargebacks or fraud onto the seller. For most of us the cost is primarily bandwidth, but for those dealing in tangible goods like videos and magazines they get screwed out of the goods, the shipping, and they get a nice fee from the credit card companies on top of a complete revoke of the transaction. The credit cards companies lose nothing, and in fact they actually generate revenue from this fraud because of the extra fees they tack on. How can it be expected that they will get serious about online fraud if they pass all the loss to the sellers and then even make extra money when fraud occurs?

Well, at 15% a fucking pop the 3rd party billers should be eating all of this.

Well you should believe him, cause there's no one smarter than your local Mcdonalds employee

...especially adult webmasters....

bwahahaha... its like fighting satan, you win a huge settlement, they increase their cut to make money on paying out the settlement.

Actually I believe the retailers pay less on debit transactions than credit transactions -- however the ones who take ATM (not debit) for payment -- grocery stores, gas stations, etc -- still pay less taking a straight ATM card with no debit logo --

I think the total was actually 3.5 billion paid... I'd look for them to start figuring out how they can re-coup some of the money on the backs of merchants.