Merchant Credit Card Processing Fees Slated to Skyrocket
Many businesses will face substantial rate hikes instead of rate reductions under a new law set to go into effect soon, according to merchant rights advocate Robert Livingstone, president and founder of IdealCost.com, a consulting firm that reduces credit card acceptance fees for merchants without switching their existing provider. The Durbin Amendment of the Dodd-Frank Act is supposed to substantially reduce card acceptance fees for merchants across America, according to IdealCost.com. Visa and MasterCard have already announced historically high credit card processing rate increases to begin in October. Credit card processors acting as brokers between Visa/MasterCard and businesses will receive the rate reduction, many of which intend to pocket the difference.