Furniture World News By Nic Ledoux on 5/10/2021
The National Retail Federation welcomed the recent announcement by the Federal Reserve that it plans to clarify that banks must allow retailers to decide where to route online debit card transactions for processing the same as they do with in-store debit transactions.
“When Congress said routing was up to merchants, that meant wherever the purchase was made, not just in stores,” NRF Vice President for Government Relations, Banking and Financial Services Leon Buck said. “With the accelerated shift to online spending during the pandemic, this issue is more important than ever. The lack of routing ability has cost retailers billions of dollars, and that’s an added expense small businesses can’t afford as they work to recover from the economic impacts of COVID-19. NRF has raised this issue with the Fed repeatedly, and we are glad to see the Board of Governors take actio
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NATIONAL REPORT Visa Inc. and Mastercard Inc. are postponing plans to boost the fees U.S. merchants pay when consumers use credit cards, pushing back the changes another year to April 2022 due to the ongoing COVID-19 pandemic.
The plan included higher fees for the card networks most prominent programs and for many online transactions, with estimated increases of $768 million a year for Visa and $383 million for Mastercard, according to payments consulting firm CMSPI. Recognizing U.S. businesses are still facing many challenges posed by the COVID-19 pandemic, Visa has decided to significantly modify its planned April 2021 business release to delay the implementation of a number of interchange rate changes, the company told
Dive Brief:
Mastercard on Monday announced a pilot of its Cloud Tap on Phone service where smartphones can be used as point-of-sale technology, according to a company press release. Mastercard is partnering with NMI and Global Payments, along with independent IT services provider Computer Engineering Group on the effort.
Tap on Phone allows smartphones or tablets to accept contactless payments, thus minimizing the need to invest in hardware terminals or extra features, per the release.
Mastercard will make its pre-certified Cloud POS software development kits openly available in order to encourage solution providers, fintechs, processors and acquirers to co-create new cloud-first products.