News about Merchant fees.
June 13th, 2016
Retail giant Walmart will stop accepting Visa credit card transactions in Canada from mid-July due to “unacceptably high” transaction fees. “Visa and Walmart have been unable to agree on an acceptable fee for Visa transactions,” Walmart Canada says. “We will no longer accept Visa in our stores across Canada, starting with our stores in Thunder Bay on July 18, 2016. This change will then be rolled out in phases across the country.” The decision follows Walmart filing a lawsuit against Visa last month for forcing the retailer to let customers use signatures when paying with chip cards.
June 17th, 2015
Almost one in six US consumers (15%) have used a mobile wallet in the past six months, up from 9% in the same period in 2013, and an additional 22% are likely to adopt mobile…
March 10th, 2015
Sweden-based mobile payments provider Seamless is offering users of its Seqr mobile payments service up to 3% cashback on their purchases, “valid on all purchases and effective on top of any other loyalty program or discount.” The offer is designed to persuade more consumers to adopt mobile payments, CEO Peter Fredell has told NFC World, and is financed via a mixture of revenue streams.
November 12th, 2014
The Canadian government is preparing to give merchants the ability to refuse to accept a particular NFC payment service if it attracts higher than usual fees — should that situation ever arise in the future, a document obtained by the WSJ reveals. “Should fees set by the payment card networks in respect of contactless payments made from a mobile device increase relative to card-based contactless payments, payment card networks will develop the technical specifications to ensure that merchant acceptance of contactless payments made from a mobile device can be cancelled at the point-of-sale without disabling other forms of contactless payments acceptance,” the document states.
April 11th, 2013
Seqr does not require merchants to install new hardware and promises to cut transaction fees in half by bypassing the traditional payments networks. McDonald’s, Axfood and Kjell & Company have already adopted the system in Sweden.
November 26th, 2012
The NFC World team has identified ten pressure points that suggest the arrival of mobile payments will result in a fundamental change in the overall cost of processing payments and the way in which merchants transaction fees are calculated — and we’d like to hear from anyone who is working on ways to use mobile technology to cut the cost of processing transactions at the point of sale.
September 24th, 2012
The Austrian bank’s CardMobile service allows low value transactions to be aggregated, removing the need for each transaction to be authorised individually while still keeping a full audit trail of purchases made.