Wouldn't that be a voilation of Interstate Commerce Laws?
2007-09-05 06:22:08 · 5 answers · asked by Bill C 3 in Politics & Government ➔ Law & Ethics
Actually, the agreements with the credit card issuers do generally prohibit setting a minimum, but many merchants do it anyway, as they have to pay a fee on transactions. They get away with it because nobody reports them. If reported, they are more likely to pay a fine to the issuer rather than have their acceptance rights taken away.
2007-09-05 06:38:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
How would that violate the interstate commerce laws? Just like a business can set a minimum order, they can set a minimum amount that they will accept a credit card for.
2007-09-05 06:28:33 · answer #2 · answered by Michael C 7 · 2⤊ 0⤋
no, it is perfectly ok.
the terms under which a business may accept a credit card are set by contract between the business and its bank, and by the agreements among all banks that form VISA/MC.
Another example: credit cards are ok for repairs at auto dealerships, BUT you can not buy a car with one even if your credit line is large enough. At most dealerships, there's even a sign that tells you this.
Interstate Commerce Laws have nothing to do with it.
2007-09-05 06:30:45 · answer #3 · answered by Spock (rhp) 7 · 1⤊ 0⤋
I think it's ok because the business has to pay a percentage of each sale to MC/Visa, so the amount of the charge better be worth their while.
2007-09-05 06:28:01 · answer #4 · answered by Flatpaw 7 · 2⤊ 0⤋
There shouldn't be any laws FORCING you to take a loss on a purchase.
2007-09-05 06:28:33 · answer #5 · answered by smellyfoot ™ 7 · 2⤊ 0⤋