Over 10 Years in Business Since 2001, Collective Point of Sale Solutions has been Canada’s Choice for payment processing services and secure point of sale solutions. We have served more than 11,000 businesses across Canada and processed more than $1 billion in debit and credit card transactions.
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Earlier in July, the retail and payment processing industries were significantly affected by the announcement of a settlement in a legal debate that had gone on for seven years. Visa and MasterCard, who had been on the receiving end of the suit from a class action group of merchants and consumer advocacy groups, agreed to settle the case, which stemmed over credit and debit card processing fees the retailers considered unfair. The credit card companies are offering $7.25 billion, according to Finextra.
The news source reports that despite this, numerous retailers are disappointed with the decision and believe it is not indicative of an actual solution. Walmart, one of the biggest retail corporations in the world, is among the discontented. Its sheer presence in the debate coupled with its outspoken opposition to the decision of the credit card companies, could end up being a major influence in how the issue continues to play out.
Walmart is not the only major retail presence that has voiced strong opposition to the settlement. Target, too, has publicly stated that to accept a settlement as the final outcome would be detrimental to consumers and businesses alike in the long run and rob the companies of any further legal recourse.
In a statement explaining its point of view, the multinational retail corporation proposed that a settlement couldn't "structurally change the broken market or prohibit credit card networks from continually increasing hidden swipe fees, which already cost consumers tens of billions of dollars each year."
For its part, Visa appears untroubled by the issue. According to Bloomberg Businessweek, the company's adjusted net income for this fiscal year's third quarter experienced a year-over-year gain that brought its stock to $1.56 a share, amounting to $1.06 billion.
Mobile methods of payment processing have already pervaded nearly every expenditure in our daily lives, from our online shopping binges to our first cup of coffee in the morning. Now, mobile payments are entering an unexpected realm - video games.