Last November 2012, Judge John Gleeson of the U.S. Eastern District Court of New York gave preliminary approval to a proposed $7.25 billion antitrust settlement claim against Visa and MasterCard. This class action lawsuit brought on behalf of 7 million U.S. merchants alleged that the card networks artificially inflated interchange rates charged for credit and [...]
As part of the settlement between the card networks (Visa and MasterCard) and merchants, the card networks are allowing merchants in the U.S. to impose a “surcharge” for using a credit card. This rule went into effect on January 27, 2013. Most large retailers have stated that they will NOT impose a “surcharge” on their customers [...]
Anand Goel will co-present Nuances of the Game: Strategies to Manage Card Interchange at this year’s AFP annual conference in Miami.
Visa and MasterCard have reached a settlement with merchant groups alleging antitrust violations in the setting of interchange fees for credit cards. The proposed $7.3 billion settlement provides one-time financial relief to merchants and allows them to apply a surcharge for credit card transactions. This article analyzes merchant impact from this settlement.
Published in AFP Payments Newsletter July 2012 The cost of processing low value debit card sales (transactions less than $15.00) has dramatically increased for merchants since the implementation of the Durbin amendment on October 1, 2011. While this new regulation caps the debit interchange fees for regulated transactions and has saved billions of dollars for [...]
Anand Goel was added as a Payments Expert on Proformative for his unique insights into the electronic payments industry.
Optimized Payments Introduces Free Online Calculator to Help Merchants Estimate Their Monthly FAN Fee
Visa's Fixed Acquirer Network Fee (FANF) will be passed on to merchants beginning April 1st. The calculation of this fee is extremely complex and large merchants with many locations, multiple MCCs and mix of card present and card not present sales are having a difficult time calculating the impact of this fee to their organization. [...]
Most merchants in the U.S. are about to repay some of the savings they realized from the Durbin amendment that became effective October 2011. Starting April 2012, Visa and MasterCard are implementing new fees and increasing some interchange rates that will cost most merchants from a few dollars to a few hundred thousand dollars per [...]
Visa had a “brief” authorization network outage on Sunday lasting for about 45 minutes as reported CNET. This is the longest outage in memory, perhaps, in Visa’s history given their redundancy systems are over seven layers deep. Although unprecedented and surprising, it will have nominal long term impact, unless we experience further outages. […]
Anand Goel presents Using Analytics to Manage Payment Acceptance Costs at the 2012 Annual MRC (Merchant Risk Council) Conference in Las Vegas, NV.