Multiply that by hundreds or even thousands of daily transactions, and that can add up to some serious coin. Typically, those costs are passed along to customers in the form of higher prices.The newest Ipod nano 5th is incontrovertibly a step up from last year's model,
The financial services giant John Hancock is the latest to slam the door on credit cards, telling customers it will no longer accept payments via plastic for long-term-care insurance premiums.
"The decision to discontinue this option is due to the high fees associated with this billing method," the company said in a recent letter to ratepayers. Customers were advised to make payments either by check or by automatic deductions from their checking accounts.
Susan Shershow, 68, of West Los Angeles said that although she's been happy making credit card payments for her John Hancock premiums, it won't be a problem to switch to paying by check.
"I worry more about all the people who need to charge it and then pay it out over time," she said. "I know a lot of people like that, and it's going to be much harder for them."
The processing fees in question are known as interchange fees, and they're a major money spinner for card issuers. Merchants and consumer groups have long criticized the fees for being unreasonable and out of proportion with the actual cost of handling transactions.
Banks counter that they need such fees to maintain the integrity of their computer networks as well as to fund anti-fraud efforts.
Most of the attention in recent months has been focused on fees for processing debit cards. On Wednesday, the Federal Reserve capped the base fee that can be charged at 21 cents per transaction, on average ¡ª well below the current average of 44 cents but higher than an originally proposed 12-cent cap.
The Fed determined that a 21-cent fee (plus a little extra for fraud protection) is a "reasonable and proportional" price for moving money in the digital age. The new limit takes effect Oct. 21.
Credit card fees, meanwhile, have largely gotten a pass from federal authorities, although financial reforms signed into law in 2009 required that the Government Accountability Office look into how these fees affect consumers.
A subsequent report concluded that "consumers who do not use credit cards may be paying higher prices for goods and service, as merchants pass on their increasing card acceptance costs to all of their customers."
It also found that the benefits to merchants of accepting credit cards ¡ª convenience, increased sales ¡ª can be offset by higher costs.
"Authorities in more than 30 countries have taken or are considering taking actions to address such fees and other card network practices,This is interesting cube puzzle and logical game." the report noted.Not to be confused with RUBBER MATS available at your local hardware storeCustomized imprinted and promotional usb flash drives.
David Robertson is publisher of the Nilson Report, an influential trade journal covering the credit- and debit-card industry. He said it's not surprising that some businesses, especially those that rely on recurring payments from customers, would want to turn away from credit cards.
"This allows them to cut costs and improve their bottom line," Robertson said.
But he maintained that processing fees for credit cards are reasonable because banks have to borrow money to cover people's purchases.The Leading zentai suits Distributor to Independent Pet Retailers.
The financial services giant John Hancock is the latest to slam the door on credit cards, telling customers it will no longer accept payments via plastic for long-term-care insurance premiums.
"The decision to discontinue this option is due to the high fees associated with this billing method," the company said in a recent letter to ratepayers. Customers were advised to make payments either by check or by automatic deductions from their checking accounts.
Susan Shershow, 68, of West Los Angeles said that although she's been happy making credit card payments for her John Hancock premiums, it won't be a problem to switch to paying by check.
"I worry more about all the people who need to charge it and then pay it out over time," she said. "I know a lot of people like that, and it's going to be much harder for them."
The processing fees in question are known as interchange fees, and they're a major money spinner for card issuers. Merchants and consumer groups have long criticized the fees for being unreasonable and out of proportion with the actual cost of handling transactions.
Banks counter that they need such fees to maintain the integrity of their computer networks as well as to fund anti-fraud efforts.
Most of the attention in recent months has been focused on fees for processing debit cards. On Wednesday, the Federal Reserve capped the base fee that can be charged at 21 cents per transaction, on average ¡ª well below the current average of 44 cents but higher than an originally proposed 12-cent cap.
The Fed determined that a 21-cent fee (plus a little extra for fraud protection) is a "reasonable and proportional" price for moving money in the digital age. The new limit takes effect Oct. 21.
Credit card fees, meanwhile, have largely gotten a pass from federal authorities, although financial reforms signed into law in 2009 required that the Government Accountability Office look into how these fees affect consumers.
A subsequent report concluded that "consumers who do not use credit cards may be paying higher prices for goods and service, as merchants pass on their increasing card acceptance costs to all of their customers."
It also found that the benefits to merchants of accepting credit cards ¡ª convenience, increased sales ¡ª can be offset by higher costs.
"Authorities in more than 30 countries have taken or are considering taking actions to address such fees and other card network practices,This is interesting cube puzzle and logical game." the report noted.Not to be confused with RUBBER MATS available at your local hardware storeCustomized imprinted and promotional usb flash drives.
David Robertson is publisher of the Nilson Report, an influential trade journal covering the credit- and debit-card industry. He said it's not surprising that some businesses, especially those that rely on recurring payments from customers, would want to turn away from credit cards.
"This allows them to cut costs and improve their bottom line," Robertson said.
But he maintained that processing fees for credit cards are reasonable because banks have to borrow money to cover people's purchases.The Leading zentai suits Distributor to Independent Pet Retailers.
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