| Peer review: Merchants pay fees for sales that use plastic
A You have heard correctly: Merchants pay fees when you use your plastic for purchases. Those charges are called "interchange fees," although there may be some fees with other names built in as well. The system is fairly complicated, but the fact is that if you spend $100 using plastic when shopping, the merchant likely will see only $98 or $99 of it. Credit-card and debit signature transactions typically cost merchants between 1 percent and 2 percent of the purchase amount in fees, depending on the type of card and the banks involved. Debit transactions using a PIN cost the merchants much less, around 0.2 to 0.5 percent. These fees are divided among the bank that issued the card, the credit-card network (Visa, MasterCard, etc.), and the merchant's account provider. Some have called those fees an implicit tax, because merchants pass the costs on to customers in the form of higher prices.
Illinois' Bright Start(R) 529 College Savings Program Announces a New ...
SPRINGFIELD, Ill., Jan. 2 /PRNewswire/ -- The Illinois Bright Start College Savings Program announced today the availability of the Bright Start Futuretrust MasterCard, available nationwide. For the first time, holders of a 529-linked credit card will automatically receive a $25 contribution to their Bright Start account after the first use of their Bright Start Futuretrust MasterCard. Participating account owners will also earn a minimum of 1% every time they make a purchase with the Bright Start Futuretrust MasterCard. In addition, members earn up to 15% in additional college savings when they shop at thousands of partners in the Futuretrust Preferred Merchant Network consisting of major retail chains, catalogs, restaurants and on-line merchants. For every $25 of rebates accumulated, the money will automatically be invested into a linked Bright Start 529 account.
AllState merchant Service, LLC. www.allstatevmc.com 866.541.8472 ...
We will begin training and hiring for the Brooklyn New York AllState Merchant Service (AMS) February 15th, 2008. In 2008 we intend to hire a minimum of 400 new account managers which will build relationships, grow their customer base and will provide proper customized vehicles for merchants which accept or want to accept Visa, MasterCard, American Express, Discover, debit cards, electronic checks etc' We are committed to reliability, customer service and assure each merchant of a dedicated account representative for quality account management. AMS also offers a variety of credit card processing terminals, pos systems, web based processing systems for retail, mail/ phone order, internet based, and home based and service related industries. AllState Merchant Service, LLC. guarantees customer satisfaction and discounted rates.
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