Square to no longer return processing fees when buyers are issued a refund

Re:Square to no longer return processing fees when buyers ar... by AussieWog93 on Thursday March 02, 2023 @03:37PM (#35001678)

That article is about businesses charging excessive surcharges to customers (e.g. Jetstar back in the day charging 5% extra for Visa/MasterCard, when it only cost them 0.7%).

There are no laws against high processing fees; Afterpay takes around 8% for example.

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Re:Square to no longer return processing fees when buyers ar... by closewith on Thursday March 02, 2023 @03:45PM (#35001778)

There is in the EU, at least:

> Specifically, the regulation:

> * caps interchange fees at 0.2% of the transaction value for consumer debit cards and at 0.3% for consumer credit cards;

From https://eur-lex.europa.eu/EN/legal-content/summary/fees-for-...

No cap on corporate cards, though.

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Re:Square to no longer return processing fees when buyers ar... by DanHulton on Thursday March 02, 2023 @03:52PM (#35001887)

That, too, could be solved with 1 piece of legislation.

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Re:Square to no longer return processing fees when buyers ar... by shakna on Thursday March 02, 2023 @04:16PM (#35002185)

There are, and both Visa [0] and MasterCard [1] have both recently been in trouble for it. Instead of it being a specific maximum, however, it must be "reasonable" and allow for competition. The network also chooses the cheapest routing, by default.

[0] https://www.accc.gov.au/media-release/visa-undertakes-to-add...

[1] https://www.accc.gov.au/media-release/mastercard-in-court-fo...

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