Originally Posted by
Dadaluma83
There already is competition in the credit card processing area.
Some but MasterCard and VISA's contracts both require the merchants to accept all of their cards, or none. Their market share makes it less practical to decline all MasterCards or all VISA cards than to decline American Express or Discover. Allowing merchants to reflect transaction cost differentials should create
greater competition. Having some is good, having more will be better.