SAN FRANCISCO — Visa USA is arguing to lawmakers that competition already exists when it comes to credit card interchange.
In a July 18 letter to Rep. John Conyers (D-Mich.) and Rep. Steve Chabot (R-Ohio), the chairman and ranking member of the House Judiciary Committee's Antitrust Task Force, Visa contended competition exists in two areas, the relationship between the merchant and its acquiring institutions and the freedom merchants have to steer consumers to cash or not to take Visa at all.
"All merchants have the opportunity to affect the price they pay to accept Visa cards in the search for, and negotiations with, their acquiring bank," Visa wrote. "The price offered by an acquirer is clearly stated to the merchant in their contracts and their monthly statements, and we encourage merchants to work with acquirers that will offer them the most attractive terms for their businesses. There are literally thousands of them in the U.S. willing to compete for merchants' business."
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