> Two years ago, the European Union capped the fees retailers pay at 0.2 percent for debit cards and 0.3 percent for credit cards.
How is it possible that retailers in the U.S. and Canada pay 2-3% for credit card usage, or ten times greater than legally permitted in Europe? I have to assume that 0.3% is profitable, otherwise the credit card companies would simply stop operating in Europe. Could this be a misprint in the original article or are Americans and Canadians being horribly ripped off?
How is it possible that retailers in the U.S. and Canada pay 2-3% for credit card usage, or ten times greater than legally permitted in Europe? I have to assume that 0.3% is profitable, otherwise the credit card companies would simply stop operating in Europe. Could this be a misprint in the original article or are Americans and Canadians being horribly ripped off?