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A battle is brewing. Citing security issues, giant retailer Walmart has brought a lawsuit against Visa. At the end of June, 2016, Visa filed a countersuit. The news has spread like wildfire, and misconceptions are also spreading fast. Let’s take a look at what the lawsuit is actually about and address some of the incorrect info going around.
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Effective March 1, 2016, Tennessee became the first state in the nation to pass a law about processing fee disclosures.
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At some point in business ownership, you’ll probably find yourself needing to cancel your merchant account for credit card processing. When you do, will you be stuck with cancellation fees? Can you be personally held responsible for ongoing costs, like chargebacks that occur after cancellation?
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It seems like there’s been a flurry of lawsuits and investigations in the payments industry lately, with Northern Leasing sued for racketeering, Mercury Payment Systems defending against a second lawsuit for deceptive pricing, and Vantiv embroiled in the DraftKings fantasy sports lawsuit mess.
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Northern Leasing Systems is garbage. It defies logic that a company with a reputation as horrendous as Northern Leasing is still in business. It shouldn’t be.
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Two businesses have filed a lawsuit against Colorado-based Mercury Payment Systems, claiming the company adds hidden fees when charging businesses for credit card processing.
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Visa, Mastercard and several of the nation’s largest banks settled an antitrust suit with a group of seven million retailers.
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In 2018, the Supreme Court ruled in South Dakota v. Wayfair that states can require businesses to collect sales tax in states where they don’t have a business presence.
