Notice to all retail and restaurant members: Are your credit card merchant rates increasing this October?
The Retail Merchants Association is gathering support to fight the increases, and your voice is needed. Here are the background details and a way for you to fight the increases.
The Story of Credit Card Rates* (source: Retail Merchants Assoc)
In just twelve months, credit card companies increased rates to retailers four times:
· RATE INCREASE October 2007: The interchange rate (that is, the percentage you pay to the credit card companies) for foreign-issued cards and domestic cards increased your costs.
· RATE INCREASE April 2008: A new credit card rate structure increased your costs.
· RATE INCREASE May 2008: Interchange rates on premium credit cards increased your costs. Some cardholders were reclassified as "commercial accounts," causing interchange rates to increase again.
· RATE INCREASE Coming soon - October 2008: In the coming weeks you'll hear from your credit card providers about another processing fee increase and new administrative charges that all retailers will have to pay. Be forewarned: the language that explains these new rates is difficult to understand. We'll do our best to make sense of it for you in the weeks to come.
How you can join the fight against unfair credit card fees
Retail BC has joined forces with 10 major retail associations to mobilize members, and like-minded businesses and associations from across the country to demand fair rates from credit card companies. Here's how you can help:
Visit www.retailbc.org and fill out our petition against credit card fees. Your response to five short questions will help us build a strong case against these unfair fees.
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