Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Shoppers Could Soon See Higher Fees for Credit-Card Purchases · 10 Mar 2022 podcast

We're going to charge you extra for this because you're paying with a credit card and we don't want to have to ultimately be the ones to pay this fee. voice-verified

That would appear on a receipt. voice-verified

And generally what this fee will equal, it varies, but it's not supposed to surpass the cost of accepting the credit card for the merchant. voice-verified

Interchange fees vary widely, but generally they're around the 2% to 3% range. voice-verified

They can be lower or higher depending on how generous or not the rewards programs are on a credit card. voice-verified

So in a typical receipt, it would show voice-verified

okay, an item was purchased for $50 and below that where it lists taxes, it would have the taxes and then there would be a surcharge or credit card line item that would say, you know, plus 2% or X dollar amount voice-verified

equals the $50 then factors in obviously taxes plus the surcharge equals the consumer's total amount. voice-verified

But when there isn't a surcharge, then no, it's not a fee that consumers would see because as far as the consumer is concerned, they're not paying for it. voice-verified

The question becomes whether the merchant has embedded their costs of card acceptance within the sticker prices that people are paying for them. voice-verified

I mean, the fact is that this has been an ongoing area of friction and contention between merchants and card companies. voice-verified

This is a decades-long issue, and merchants on an ongoing basis flag the issue to lawmakers, to regulators. voice-verified

More and more people over the years, somewhere around 2015 and on, more and more people turn to using voice-verified

rewards credit cards for shopping. voice-verified

Debit cards in the US for the most part really do not offer rewards programs. voice-verified

So the incentive for many people really was with using credit cards to pay for that future trip or to get cash back. voice-verified

The more generous a credit card is to a consumer, the higher the fee is that the merchant pays, that interchange fee is. voice-verified

So even if we were to not address the increases in the fees that networks are implementing and just look at the shift in consumer spending and the increase in availability of more generous rewards cards, voice-verified

That in itself is a big contributor to the fact that the overall dollar amount of fees that merchants are paying are rising. voice-verified

Look, in the end, it's a difficult decision for merchants to make. voice-verified

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