A group of large retailers, including Walmart, Target and Kroger, is seeking reductions in the so-called transfer fees that must be pay each time a customer uses their credit card to make a purchase.
This group of companies has given its full support to a couple of bipartisan projects that are in the Congress of the United States that seek to reduce the so-called sliding fees.
In addition to large retail brands, convenience stores and supermarkets are also joining the effort independent, who, they say, are also affected by what they consider to be high commission collection percentages.
Transfer, swap or swipe fees are commissions that companies must pay each time a customer swipes their credit card when you make a purchase.
The higher in industrialized countries
Transaction fees generate high costs, say companies seeking change; which have indicated that the amounts they must pay are significantly higher than those paid in other economies.
“Credit card transfer feesare higher in the United States than anywhere else in the industrialized world, more than seven times higher than in Europe”, they pointed out in a letter they sent to Congress last week.
Current rates range between 1% and 3% which is calculated based on the final price of a sale, according to current data, in a market that is controlled by a 60% by VISA and Mastercard.
Inflation triggers
The escalation of prices due to inflationary pressures is one of the challenges that retailers have overcome in recent months in the United States.
To the harmful effects of inflation, companies in these markets add the co bro of commissions such as those of transaction by operation, finally ends up feeding inflation.
They explain that the high rates of up to 3% end up being transferred as higher prices for consumers , which could contribute as an additional inflationary factor.
The amounts of the transaction fees vary by factors such as the amount of the operation, the type of credit card used and the bank, according to a report by CNN.
According to a Nielsen report, retailers in the country paid $138 $1 billion in credit card swipe fees.
VISA and Mastercard defend charges
The two big players in the credit card collection networks, VISA and Mastercard, assure that the transfer fees have benefits for the market.
Both companies have indicated that with these amounts it is possible to finance rewards programs and banking services, in addition to reducing the risks of fraud for sellers.
VISA and Mastercard abounded that the legislation discussed in Congress will not have the effect of improving or reducing prices for final consumers and that, on the contrary, would affect them by limiting the scope of reward programs.
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