CHICAGO – Payments processors that falsely inflate interchange fees are commiting fraud, and it's a big problem, according to Bob Carr, CEO for Heartland. Carr spoke Tuesday morning on the future of mobile wallets at the Mobile Payments Conference here at the Hyatt Regency McCormick Place.
"It's a hidden thing that is going on in our industry," he said.
The most common example of what Carr called deceptive trade practices are processors that attribute interchange fees to Visa and Mastercard in their statements to merchants, when in fact those fees are are being captured by processors.
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