We’ve been ticked off at credit card companies for a long time, haven’t we? The high interest rates, the late-payment fees, and the propensity to jack up the rates at the drop of a hat. Congress finally called the credit card companies to the carpet and forced them to reign in some of their practices—although critics have always maintained there will be other ways found to make up for any lost revenue.
And that’s just for us—the schmucks who use credit cards. What about the merchants?
Well, according to a proposed class action lawsuit filed Monday in Canada, merchants aren’t happy with the status quo, either…
Mary Watson is a retailer who operates a furniture store in British Columbia. She has since 1990. And like most merchants who sell big-ticket items, she can understand that most people would rather use plastic to buy that pricey leather sofa, than pull out a wad of hundred-dollar bills.
No, she’s okay with that. What Mary is upset about are all the fees charged to her business when a consumer uses plastic. The fees are hard to track. What’s more, she’s not allowed to promote, or suggest that her customers use an alternative form of payment, such as cash or debit.
She’s not exactly required to suggest her customers use their credit cards. But at the same time, Read the rest of this entry »