Credit Card Companies To Feel Merchants’ Heat
Filed Under (Credit Cards Blog) by creditblogger on 02-04-2009
Credit card companies have been in trouble for a while. A lot of these companies have had to increase their rates on their poor customers, and a lot of them have had to cut employees to save costs. The Congress hasn’t been kind to the credit companies either. These companies will now have to deal with customers in a more appropriate fashion when the consumer-friendly laws go into effect in 2010. But consumers are not the only ones who are fed up with credit card companies tactics and misc fees.
Merchants are also feeling the heat. There is no question that credit card companies make a lot of money off of their merchant services. Now merchants are fighting back by lobbying th Congress to allow them to negotiate their fees with the card issuer.
There is no question that the Congress has been very friendly to banks and financial institutions in the past, and these measures have failed to gain traction before. But with the current state of the economy and with small businesses hurting, it wouldn’t be out of the realm of possibility to see Congress take some action here. Let’s hope we will see those changes happen for the sake of small businesses and consumers alike.
