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Interchange Fee
An interchange fee is a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the " issuing bank"). In a credit card or debit card transaction, the card-issuing bank in a payment transaction deducts the interchange fee from the amount it pays the acquiring bank that handles a credit or debit card transaction for a merchant. The acquiring bank then pays the merchant the amount of the transaction minus both the interchange fee and an additional, usually smaller, fee for the acquiring bank or independent sales organization (ISO), which is often referred to as a discount rate, an add-on rate, or passthru. For cash withdrawal transactions at ATMs, however, the fees are paid by the card-issuing bank to the acquiring bank (for the maintenance of the machine). Overview These fees are set by the credit card networks, [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merchant Acquiring Bank
An acquiring bank (also known simply as an acquirer) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. The acquirer allows merchants to accept credit card payments from card issuers such as Visa, MasterCard, Discover, China UnionPay, American Express. The acquiring bank enters into a contract with a merchant and offers it a merchant account. This arrangement provides the merchant with a line of credit. Under the agreement, the acquiring bank exchanges funds with issuing banks on behalf of the merchant and pays the merchant for its daily payment-card activity's net balance — that is, gross sales minus reversals, interchange fees, and acquirer fees. Acquirer fees are an additional markup added to association interchange fees by the acquiring bank, and those fees vary at the acquirer's discretion. Risks The acquiring bank accepts the risk that the merchant will remain solvent. The main source of risk to the acquiring bank is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price-fixing
Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. The intent of price fixing may be to push the price of a product as high as possible, generally leading to profits for all sellers but may also have the goal to fix, peg, discount, or stabilize prices. The defining characteristic of price fixing is any agreement regarding price, whether expressed or implied. Price fixing requires a conspiracy between sellers or buyers. The purpose is to coordinate pricing for mutual benefit of the traders. For example, manufacturers and retailers may conspire to sell at a common "retail" price; set a common minimum sales price, where sellers agree not to discount the sales price below the agreed-to minimum price; buy the product from a supplier at a specified maxi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Services Directive
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations of payment providers and users. The key objectives of the PSD2 directive are creating a more integrated European payments market, making payments more secure and protecting consumers. Overview The SEPA (Single Euro Payments Area) is a self-regulatory initiative by the European banking sector represented in the European Payments Council, which defines the harmonization of payment products, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neelie Kroes
Neelie Kroes (; born 19 July 1941) is a retired Dutch politician of the People's Party for Freedom and Democracy (VVD) and businessperson who served as European Commissioner from 22 November 2004 to 1 November 2014. Kroes studied Economics at the Rotterdam School of Economics obtaining a Master of Economics degree. Kroes worked as a researcher at her alma mater from September 1963 to April 1968, and as a corporate director for a transport company in Delft from April 1968 until August 1971, and for the chamber of commerce of Rotterdam from July 1969 until August 1971. Kroes became a Member of the House of Representatives shortly after the election of 1971 on 3 August 1971, and served as a frontbencher and spokesperson for Transport and Education. After the election of 1977 Kroes was appointed as State Secretary for Transport and Water Management in the Cabinet Van Agt–Wiegel taking office on 28 December 1977. After the election of 1981 Kroes returned to the House of R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informally known as "commissioners") corresponding to two thirds of the number of Member state of the European Union, member states, unless the European Council, acting unanimously, decides to alter this number. The current number of commissioners is 27, including the president. It includes an administrative body of about 32,000 European civil servants. The commission is divided into departments known as Directorate-General, Directorates-General (DGs) that can be likened to departments or Ministry (government department), ministries each headed by a director-general who is responsible to a commissioner. Currently, there is one member per European Union member state, member state, but members are bound by their oath of office to represent the genera ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Durbin Amendment
The Durbin amendment, implemented by Regulation II, is a provision of United States federal law, , that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a senator from Illinois, after whom the amendment is named. After the rule to limit fees, 12 C.F.R. §235, went into effect, a coalition of merchants sued the Federal Reserve. The rule was upheld when the Supreme Court denied petition for certiorari in 2014. Background Interchange fees or "debit card swipe fees" are paid to banks by acquirers for the privilege of accepting payment cards. Merchants and card-issuing banks have long fought over these fees. Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. Merchants lobbied heavily for a rule to limit debit card swipe fees. They accomplished this wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Conyers
John James Conyers Jr. (May 16, 1929October 27, 2019) was an American politician of the Democratic Party who served as a U.S. representative from Michigan from 1965 to 2017. Conyers was the sixth-longest serving member of Congress and the longest-serving African American member of Congress in history. After serving in the Korean War, Conyers became active in the civil rights movement. He also served as an aide to Congressman John Dingell before winning election to the House in 1964. He co-founded the Congressional Black Caucus in 1969 and established a reputation as one of the most left-wing members of Congress. Conyers joined the Congressional Progressive Caucus after it was founded in 1991. Conyers supported creation of a single-payer healthcare system and sponsored the United States National Health Care Act. He also sponsored a bill to establish Martin Luther King Jr. Day as a federal holiday, and was the first congressperson to introduce legislation in support of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Judiciary Committee
The U.S. House Committee on the Judiciary, also called the House Judiciary Committee, is a standing committee of the United States House of Representatives. It is charged with overseeing the administration of justice within the federal courts, federal administrative agencies, and federal law enforcement entities. The Judiciary Committee is often involved in the impeachment process against federal officials. Because of the legal nature of its oversight, committee members usually have a legal background, but this is not required. In the 119th Congress, the chairman of the committee is Republican Jim Jordan of Ohio, and the ranking minority member is Democrat Jamie Raskin of Maryland. History The committee was created on June 3, 1813, for the purpose of considering legislation related to the judicial system. This committee approved impeachment resolutions/ articles of impeachment against presidents in four instances: against Andrew Johnson ( in 1867), Richard Nixon ( in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Micropayments
A micropayment is a financial transaction involving a very small sum of money and usually one that occurs online. A number of micropayment systems were proposed and developed in the mid-to-late 1990s, all of which were ultimately unsuccessful. A second generation of micropayment systems emerged in the 2010s. While micropayments were originally envisioned to involve very small sums of money, practical systems to allow transactions of less than 1 have seen little success. One problem that has prevented the emergence of micropayment systems is a need to keep costs for individual transactions low, which is impractical when transacting such small sums even if the transaction fee is just a few cents. Definition There are a number of different definitions of what constitutes a micropayment. PayPal defines a micropayment as a transaction of less than £5 while Visa defines it as a transaction under 20 Australian dollars. History The term was coined by Ted Nelson, long before the inventi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Gates
William Henry Gates III (born October 28, 1955) is an American businessman and philanthropist. A pioneer of the microcomputer revolution of the 1970s and 1980s, he co-founded the software company Microsoft in 1975 with his childhood friend Paul Allen. Following the company's 1986 initial public offering (IPO), Gates became a billionaire in 1987—then the youngest ever, at age 31. ''Forbes'' magazine The World's Billionaires, ranked him as the world's wealthiest person for 18 out of 24 years between 1995 and 2017, including 13 years consecutively from 1995 to 2007. He became the first centibillionaire in 1999, when his net worth briefly surpassed $100 billion. According to ''Forbes'', as of May 2025, his net worth stood at US$115.1 billion, making him the thirteenth-richest individual in the world. Born and raised in Seattle, Washington, Gates was privately educated at Lakeside School (Seattle), Lakeside School, where he befriended Allen and developed his computing interests ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norm Coleman
Norman Bertram Coleman Jr. (born August 17, 1949) is an American politician, attorney, and lobbyist. From 2003 to 2009, he served as a United States Senate, United States Senator for Minnesota. From 1994 to 2002, he was mayor of Saint Paul, Minnesota. First elected as a member of the Minnesota Democratic–Farmer–Labor Party, Democratic–Farmer–Labor Party (DFL), Coleman became a Republican Party of Minnesota, Republican in 1996. Elected to the Senate in 2002, he was narrowly defeated in his 2008 reelection bid. To date, he is the last Republican to have represented Minnesota in the U.S. Senate. Born in New York City, Coleman was elected mayor of Saint Paul, Minnesota's capital and second-largest city, in 1993 as a member of the Democratic Party. A liberal Democrat in his youth, Coleman shifted to conservatism as an adult. After conflicts with the Democratic Party over his conservative views, Coleman joined the Republican Party. He was reelected mayor a year later as a Rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chris Dodd
Christopher John Dodd (born May 27, 1944) is an American lobbyist, lawyer, and Democratic Party (United States), Democratic Party politician who served as a United States senator from Connecticut from 1981 to 2011. Dodd is the List of United States senators from Connecticut, longest-serving senator in Connecticut's history. He previously served in the United States House of Representatives from 1975 to 1981. Dodd is a Connecticut native and a graduate of Georgetown Preparatory School in Bethesda, Maryland, and Providence College. His father, Thomas J. Dodd, was also a United States Senator from 1959 to 1971. Chris Dodd served in the Peace Corps for two years prior to entering the University of Louisville School of Law, and during law school concurrently served in the United States Army Reserve. Dodd returned to Connecticut, winning election in 1974 to the U.S. House of Representatives from Connecticut's 2nd congressional district and was reelected in 1976 and 1978. He was electe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
