what are the fines for merchants breaking agreement rules from Visa or Mastercard?

dionx

Diamond Member
Mar 11, 2001
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i tried to make a purchase with a visa credit card and the store wanted to impose a $1.00 fee for not meeting their minimum credit card purchase. they say their store policy supercedes Visa/Mastercard agreement but when i called Visa, they said that was false. so does anyone know how much the store gets fined?
 

EvilPaper

Member
Mar 1, 2004
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They can have their merchant account taken away eventually.


Edit: Also, the best way to report an issue like this is to contact YOUR bank (who issued the card) and report the information.
 

Zenmervolt

Elite member
Oct 22, 2000
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Anyone who knows isn't going to tell you over an internet forum. Such things are kept confidential because the CC companies really don't want anyone to know about them. Just like they don't want people to know how much they charge merchants to use their services. If CC companies never collected interest again they would still get a good amount of money just from the fees they charge retailers.

ZV
 

jpeyton

Moderator in SFF, Notebooks, Pre-Built/Barebones
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Aug 23, 2003
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2-3% x Trillions of dollars = $$$$$$ For CC companies
 

DeviousTrap

Diamond Member
Jul 19, 2002
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Originally posted by: EvilPaper
They can have their merchant account taken away eventually.

Yup, they might not be fined, they can just easily loose their merchant account.

 

dionx

Diamond Member
Mar 11, 2001
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i had already reported it to my bank and visa. they filed a report. i just want the store merchant to eat it in fees over a $1 issue.
 

dionx

Diamond Member
Mar 11, 2001
3,500
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81
Originally posted by: Zenmervolt
Anyone who knows isn't going to tell you over an internet forum. Such things are kept confidential because the CC companies really don't want anyone to know about them. Just like they don't want people to know how much they charge merchants to use their services. If CC companies never collected interest again they would still get a good amount of money just from the fees they charge retailers.

ZV

i think visa and mastercard charge 3% fees to the merchant and amex charges 6%. i'm not too confident on those figures and the fees may be tiered depending on how much was spent. i do know that amex charges higher, thats why amex isnt as widely accepted as visa/mastercard
 

dionx

Diamond Member
Mar 11, 2001
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Originally posted by: Zenmervolt
Why not just use a debit card and be done with it?

ZV

with debit, i don't earn rewards points and its harder to dispute charges. i pay off my bills in full, but i like the idea of deferred debit card when using my credit card. i did have cash on hand, but i hate change in coins and again i dont earn rewards points.
 

Kenazo

Lifer
Sep 15, 2000
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Is there any kind of list of these rules? For example in different countries I know it is more common to charge for using a CC. Does it vary by country?
 

EvilPaper

Member
Mar 1, 2004
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Originally posted by: dionx
Originally posted by: Zenmervolt
Anyone who knows isn't going to tell you over an internet forum. Such things are kept confidential because the CC companies really don't want anyone to know about them. Just like they don't want people to know how much they charge merchants to use their services. If CC companies never collected interest again they would still get a good amount of money just from the fees they charge retailers.

ZV

i think visa and mastercard charge 3% fees to the merchant and amex charges 6%. i'm not too confident on those figures and the fees may be tiered depending on how much was spent. i do know that amex charges higher, thats why amex isnt as widely accepted as visa/mastercard

The fees vary by which bank the merchant account is with. The basic ones are a per item charge, a charge based on a certain % of the transaction (refered to as the 'discount rate'), a monthly statement fee, and an annual fee. As you said, Amex costs more than Visa/MC.